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Expenses for household consumption up 5.3 pct, increasing GDP by 3.3 pct at 9 months

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INS - Institutul Naţional de Statistică

Expenses for the final consumption of the population's households increased by 5.3 pct in first nine months of this year, contributing to a 3.3 pct growth of the GDP, while the gross formation of fixed capital (investments) recorded an increase in volume of 18.1 pct and a contribution of 3.8 pct, according to data published on Wednesday by the National Institute for Statistics.

In the third quarter, the consumption of households contributed 2.6 pct to the increase in the GDP while investments had a contribution of 5.9 pct.

A negative impact on the GDP growth was done, in the first nine months, by net exports (-1.7 pct), a consequence of the increase by 3.9 pct of the export of goods and services correlated with a higher advance of the volume of imports of goods and services (7.3 pct), as well as stock variation (-2.4 pct). In Q3 the negative impact of exports was of -1.6 pct.

Last year, in the first nine months, the economic growth recorded in Romania was of 4.2 pct, both in gross series, as well as in seasonally-adjusted series, comparable with the similar period of 2017.

The INS mentions that the seasonally-adjusted series of the quarterly GDP was recalculated following the revision of estimates for Q3 2019, but there were no differences recorded as compared to the variant published in Press Release no. 290 of November 14, 2019.

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