Financial News: Romanian GDP Growth Revised Higher, Trade Deficit Widens

Romanian GDP Growth Revised Higher, Trade Deficit Widens

(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.

Separate official data showed that the foreign trade gap increased in November as imports grew much faster than exports.

On an unadjusted basis, GDP expanded 1.2 percent annually in the September quarter, following a 0.9 percent rise in the preceding three-month period. In the previous estimate, the rate of growth was 1.1 percent.

The expenditure breakdown showed that final consumption expenditure of households grew 3.3 percent, while government consumption dropped by 0.1 percent. Gross fixed capital formation advanced 0.2 percent from last year. Net foreign demand showed a 1.8 percent decline, as exports fell amid an increase in imports.

Meanwhile, seasonally adjusted GDP declined 0.1 percent versus a 0.8 percent expansion in the previous quarter. In the flash estimate, GDP showed a decrease of 0.3 percent.

Compared to the previous quarter, the seasonally adjusted GDP remained flat, revised from a 0.1 percent decline, after rising 0.1 percent in the second quarter.

Romania's foreign trade deficit widened to EUR 2.84 billion in November from EUR 2.32 billion in the corresponding month last year. Exports rose 1.6 percent annually, while imports grew at a comparatively faster pace of 6.2 percent.

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