INS: Gross domestic product increases 2.5 percent in 2011

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The gross domestic product (GDP) estimated for 2011 was more than 578.551 billion lei in current prices, up in real terms by 2.5 percent from the year 2010, according to the provisional data published by the National Institute of Statistics (INS) on Tuesday.

The economic growth in 2011 was significantly determined by the increase in the volume of activity and, consequently, in the gross added value in agriculture, forestry and fishing (11.3 percent), industry (5.0 percent) and in the performing, cultural and recreational activities, the repairs of household goods and other services (4.8 percent). Relatively less important growths of the volume of activity were registered in constructions (2.7 percent), followed by wholesale and retail trade, motorcar and motorcycle repairs, transports and storage, hotels and restaurants (1.2 percent).

In point of the GDP use in 2011 the domestic demand grew by 3.1 percent from the year 2010. The cut in the expenses for the final consumption of the public administrations (3.5 percent) was made up for by the increase in the expenses for the final consumption of homesteads (1.4 percent) so that the total final consumption stayed approximately constant in 2011 when compared with the previous year.

The gross formation of the fixed capital saw a 6.3 percent growth.

According to the latest estimates made by the International Monetary Fund (IMF), the Romanian economy will register a 1.8 percent progress this year, down from the latest predictions, which indicated a 2 percent increase in the GDP in 2012. The IMF said that, for 2012, the prospects for Romania’s economic growth considerably worsened and that future negative shocks could not be excepted.

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