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Household consumption remains main engine of economic growth during first nine months of 2018

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INS - Institutul Naţional de Statistică

Household consumption was the main engine of the economy's growth during the first nine months of this year, with a contribution of 3.1 percent, while exports and investment continue having a negative impact of minus 1.5 percent, namely 0.2 percent, according to the provisional data released by the National Institute of Statistics (INS) on Friday.

INS kept the figures unchanged regarding the growth of the Gross Domestic Product (GDP) for both the first nine months of this year, as well as for the third trimester.

The GDP - seasonally adjusted data - estimated for the third quarter of 2018 was 239.765 billion lei in current prices, and for the first nine months it was 699.37 billion lei in current prices.

For the gross series, the estimated GDP for the third quarter was 263.74 billion lei in current prices, and for nine months - 663.20 billion lei in current prices.

According to the INS data, during the third quarter of 2018, the economy's advance was of 4.3 percent the gross series and 4.1 percent the seasonally adjusted series, in comparison with the similar period of last year. As opposed to the second quarter of this year, the GDP recorded a growth of 1.9 percent in real terms.

Furthermore, during the period of January - September 2018, the GDP grew by 4.2 percent, for both gross and seasonally adjusted series, from the similar period of last year.

"From the GDP using viewpoint, the growth was mainly due to the final consumption spending of households, the volume of which grew by 5 percent, contributing +3.1 percent to the GDP's growth. A negative impact to the GDP's growth was recorded in: the final consumption of public administrations's spending, with a contribution of -0.2 percent, a consequence of reducing its volume by 1.4 percent; the gross forming of the fixed capital, with a contribution of -0.2 percent, a consequence of slashing its volume by 1.1 percent; the net export (-1.5 percent), as a result of the growth of the exported goods and services, correlated with a higher increase of import volume of goods and services (9.1 percent)," the INS specifies.

Almost all branches of the economy contributed to the GDP's growth, January into September, more important positive contributions coming from the industry (+1.1 percent), with a weight of 23.6 percent in the GDP and whose activity volume increased by 4.4 percent, retail and wholesale commerce, repairing automobiles and motorcycles, transport and storage, hotels and restaurants (+0.6 percent), with a weight of 18.4 percent in the GDP and whose activity volume increased by 3.1 percent, and agriculture, forestry and fishing (+0.6 percent), with a reduced weight in the GDP (5.5 percent), but registered a significant growth in its activity volume (10.6 percent).

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