FinMin Citu: Massive investment contribution to Q1 economic growth confirmed by statistics authority

Autor: Ioana Necula, Redactor
Publicat: 07-07-2020 19:18

The National Institute of Statistics (INS) revised upwards from 0.9 to 2 percent the contribution of investments to Romania's economic growth in Q1, Finance Minister Florin Citu wrote on Facebook on Tuesday.

According to him, investments contributed a record high 74 percent to the 2.7 percent YoY advance of the economy in Q1 2020.

"The INS confirms the massive contribution of investments to economic growth in the first quarter of 2020. The statistics authority revised upwards from 0.9 to 2 percent the contribution of investments to economic growth in the first quarter of 2020. Economic growth in the first quarter this year was 2.7 percent (investments accounted for 74 percent - a record high contribution). The economic recovery plan is focused on investments. It is the only solution, a liberal solution whereby we can guarantee well-being for all the Romanians in the future," Citu emphasized.

According to INS data released on Tuesday, Romania's real-term Gross Domestic Product in the first three months of 2020 was up 0.3 percent over Q4 2019, and 2.4 percent over Q1 2019 and even 2.7 percent when seasonally adjusted.

"In terms of the use of the GDP, significant changes in the contribution to the GDP growth between the two estimates were reported in individual and collective final consumption of the public administration expenditure, from +0.2 percent to +1.0 percent, as a result of an increase in their volume of activity from 100.9 percent to 105.0 percent; gross fixed capital formation, from +0.9 percent to +2.0 percent, as a result of a change in its volume of activity from 105.9 percent to 113.1 percent; net exports, from -3.2 percent to -2.2 percent," INS said in the release.