Financial News: Romania GDP Growth Revised Higher In Q3

Romania GDP Growth Revised Higher In Q3

(RTTNews) - Romania's economic growth improved slightly more than initially estimated in the third quarter, the latest data from the statistical office showed on Friday.

On an unadjusted basis, GDP expanded 1.7 percent annually in the September quarter, following a 0.3 percent rise in the preceding three-month period. Further, this was the strongest expansion in one year.

In the previous estimate, the rate of growth was 1.6 percent.

The expenditure breakdown showed that final consumption expenditure of households grew 0.5 percent, while government consumption dropped by 0.4 percent. Gross fixed capital formation advanced 1.6 percent from last year. Net foreign demand showed a 0.6 percent increase, as exports grew faster than imports.

Meanwhile, seasonally adjusted GDP growth moderated to 1.5 percent from 2.2 percent in the previous quarter. In the second estimate, GDP showed an increase of 1.4 percent.

Compared to the previous quarter, the seasonally adjusted GDP contracted 0.2 percent, as estimated, reversing a 1.1 percent growth in the second quarter.

Separate official data showed that Romania's retail sales fell 4.0 percent annually in November, following a 4.1 percent drop in October. It was the fourth successive decline in a row.

Sales of food items plunged 5.1 percent from last year, and those of non-food products decreased 3.3 percent.

Monthly, retail sales edged up 0.1 percent, reversing a 1.2 percent fall in October.

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