Services, IT&C, construction, main contributors to Romania’s 2.4% GDP growth in Q1

Romania’s gross domestic product (GDP) rose by 2.4%, in real terms, in the first quarter of the year (Q1) compared to the same period last year. The quarterly GDP thus reached RON 216.3 billion (EUR 45.1 bln) at current prices, according to the detailed data released by the statistics office INS and quoted by Romania-Insider.com.

Domestic consumption eased significantly, but net imports rose sharply, and massive amounts of inventory piled up – in what seems to be an effect of the sudden interruption of economic activity in mid-March.

The added value generated by industry contracted by 5.9% in year-on-year terms, while the construction sector expanded by 23% and IT&C by 14.1%.

The 5.5% advance in the sector of services to households, which includes wholesale, retail, car repair, transport, hotels, and restaurants, made the most significant contribution to the overall growth – 1.1 percentage points. IT&C contributed by 0.9 pp and construction – 0.8 pp, followed by professional activities, administrative and support services – 0.7 pp.
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