INS: Romania’s economy grows 0.7 percent in 2012; GDP, estimated at 587.499 billion lei

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Romania’s economy in 2012 grew 0.7 percent in real terms from 2011 and the Gross Domestic Product (GDP) was estimated at 587.499 billion lei current prices, according to the provisional data (2) released by the National Institute of Statistics (INS) on Wednesday.

In the first provisional data of March 6, 2013, INS announced a 0.3 percent advance in real terms compared with 2011.

According to INS, the Gross Domestic Product estimated for the fourth quarter of 2012 stood at 172.107 billion lei current prices, increasing – in real terms – by 1.1 percent from the fourth quarter of 2011.

Compared with the first provisional version released by INS, the GDP dynamic in 2012 as against 2011 advanced 0.4 percentage points, from 100.3 percent to 100.7 percent, mainly on the grounds of the significant improvement in the contribution to the GDP growth of the industry and wholesale and retail trade sectors.

Therefore, industry registered, from a -0.6 percent decline in provisional version (1), an increase to -0.3 percent in provisional version (2), following the modification of the activity volume by 1.1 percentage points (from 97.9 percent to 99.0 percent). In the wholesale and retail trade, repairs of cars and motorcycles, transports and storage, hotels and restaurants, from a 0.0 percent stagnation, a slight 0.2 percent increase was registered, following the modification of the activity volume by 1.2 percentage points (from 100.3 percent to 101.5 percent).

‘The total gross added value, which in provisional version (1) had a negative contribution to the GDP increase (-0.2 percent), in provisional version (2) it registered a 0.4 percent contribution to the GDP growth, while the net fees per product reduced their contribution by 0.2 percentage points,’ the INS release reads.

From the GDP employment viewpoint, significant alterations of the contribution to the GDP growth between the two estimations were registered in the household final consumption expenditure, from 0.4 percent to 0.6 percent, following the modification in its volume by 0.4 percentage points (from 100.6 percent to 101.0 percent) and the gross fixed capital formation, from 1.0 percent to 1.3 percent, following the modification in its volume by 0.9 percentage points (from 104.0 percent to 104.9 percent).

The net export of goods and services increased its negative contribution to the GDP growth by 0.1 percentage points.

According to the explanations supplied by INS, the revision of the GDP estimated for 2012 was grounded on the additional data, referring to the fourth quarter of 2012, which became available after the release of the provisional data (1) and a significant impact consisted of the modification of the data concerning the ‘Public Administrations” sector.

Moreover, the GDP revision was also grounded on the value index series, the volume and the price indices, recalculated following the change, starting with January 2013, of the reference year used in the calculation of these indices (from 2005 to 2010).

The reference year change determined the corresponding recalculation and revision of the series of data previously made public and supposed the rescale of the indices to a new reference year, as well as the recalculation of the indices with the new weighting system, starting with January 2010 until present. The employment of these series of recalculated data determined the adjustment of the estimated GDP for all the quarters of 2012.

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