Romania reports biggest economic growth of GDP in EU in Q2

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With a record high economic growth of 9.3% Q2 this year as against the same period one year ago, Romania ranks the first place in the 27 members of the European Union, according to preliminary estimates carried on Sept.3 by the Statistical Office of the European Commission (Eurostat).
 
In the EU 27, the gross domestic product (GDP) reported a 1.6% growth in annual pace and in the case of Euro Area 15 the rise was of 1.4%. The United States reported a rise in the Gross Domestic Product of 2.2% in annual pace and Japan a growth of 1%.
 
Among the 27 EU member states, according to preliminary information presented by Eurostat, the first place is held by Romania with a GDP rise of 9.3% in annual pace, followed by Slovakia with a rise of 7.6%, and Poland with 6.1% rise. In exchange, Estonia’s GDP shrank 1.4% in Q2 this year in annual pace, whilst Italy reported zero growth.
 
As regards the GDP rise in the second quarter of the ongoing year, compared to the previous quarter, in the euro area and in the European Union alike, the figures are going down. The European Union’s gross domestic product fell 0.1% and in the Euro Area the GDP went down by 0.2%. In the first quarter of the year compared to the previous quarter, the GDP of the European Union went up 0.6% and in the case of the Euro Area the rise was of 0.7%.
 
According to Eurostat, not less than five EU countries registered shrinkage in the GDP in Q2 this year compared to Q1. The five countries are Germany, France, Italy, Estonia and Latvia.
Other two European states, Sweden and the UK reported zero growth in the gross domestic product compared to the previous quarter.
 
As for Romania, according to figures presented on Sept. 1 by the National Statistical Institute (INS), the Gross Domestic Product (GDP) was of 109.019 billion lei current prices in the second quarter of the year, up 9.3% in real terms compared to the same period of the previous year.
In the first six months of 2008, the GDP reached the value of 195.764 billion lei.
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