Romania’s economy grew by 6.5% year-on-year in the first quarter of 2022, compared to a 0.1% annual contraction over the same period last year, the statistical board said on Wednesday, citing non-adjusted provisional data that confirms earlier flash estimates, according to See News.
Final household consumption volume rose by 7.2% on the year in the first three months of 2022, INS said in a statement.
The agricultural sector’s output edged up by an annual 0.9%, while gross fixed capital formation increased by 1.7%. The output of the industrial sector shrank by 0.3%, while the construction sector grew by 4.7% on the year.
The imports of goods and services increased by an annual 8.7%, while exports grew by 9.8% year-on-year during the first quarter of 2022.
On a seasonally adjusted annual comparison basis, Romania’s gross domestic product (GDP) between January and March grew by 6.5% compared to a 0.1% real contraction in the first quarter of 2021.
Compared to the previous quarter, the GDP grew by 5.2% in the first quarter of 2022, following a 1% increase in the fourth quarter of 2021.
Romania’s economic output will increase by an estimated 2.9% in 2022, finance ministry analysts said in April, revising their previous forecast for 4.3% growth.
The country’s economy grew by 5.9% in 2021, compared to a 3.9% contraction in the previous year.