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Romania’s Q1 GDP rises 6.5% y/y

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Romania‘s economy rose 6.5% year-on-year in the first quarter of 2022, compared to a 2.4% annual increase in the previous year, the National Institute of Statistics (INS) said on Tuesday, citing non-adjusted flash data, according to See News.

Romania’s GDP grew by 5.2% in the three months through March 2022, following a 1% increase in the fourth quarter of 2021.

INS said it has revised the data for the first quarter of 2021 to 1.1% quarterly growth, down from previously estimated 1.9%, and the data for the second quarter of 2021 to 3.3% quarterly growth, up from 1.6%.

GDP data for the third quarter of 2021, as compared to the previous quarter had been revised to a 2.9% contraction from a previously estimated 0.4% growth. Also, results for the fourth quarter of 2021, as compared to the previous quarter, had been revised to a 1% growth from a 0.1% contraction.

Romania’s economic output increased by 5.9% in 2021, after contracting by 3.7% in the previous year.

Romania’s economic output will rise by an estimated 2.9% in 2022, finance ministry analysts said in April, lowering their previous forecast for 4.3% growth.

On Monday, the European Commission said that Romania’s economy is expected to expand by a real 2.6% in 2022, as compared to 4.2% growth rate projected in February.