Thursday, September 5, 2013

Bloomberg: Romanian Second-Quarter GDP Grew 1.5%, Beating Initial Estimate

By Irina Savu - Sep 4, 2013
Romania’s economy expanded more than initially estimated in the second quarter, boosted by industry and exports as consumption struggled.

Gross domestic product grew a seasonally unadjusted 1.5 percent from a year earlier, compared with a preliminary 1.3 percent reading on Aug. 14, the National Statistics Institute in Bucharest said today by e-mail. GDP grew 0.5 percent from the previous three months compared with a 0.3 percent initial reading and a 0.6 percent increase in the first quarter.

As the end of the euro region’s record-long recession buoys export demand, Romania’s economy will expand 1.9 percent this year, according to the government, which raised its forecast in July from 1.6 percent previously. Economists surveyed by Bloomberg are more optimistic, predicting 2.6 percent growth in an Aug. 29 poll.

Final consumption rose 0.1 percent from a year earlier in the second quarter after a 0.2 percentcontraction in the previous three months, according to the statistics institute.

Industry grew 1.4 percent in the second quarter, agriculture advanced 0.6 percent, while construction declined 0.5 percent, it said. Net exports grew 6 percent in the second quarter, according to the statement.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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