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The National Institute of Statistics (INS) has revised upwards the economic growth in the first quarter of this year, to 0.2%, from 0.1% as previously estimated, and compared to the same quarter of 2022, the Gross Domestic Product grew 2.4% on gross series and 2.9% on seasonally adjusted series, according to provisional data the National Institute of Statistics (INS) published on Friday.
The Gross Domestic Product, seasonally adjusted data, estimated for the first quarter of 2023 was 394.379 billion lei at current prices, up, in real terms, 0.2% compared to the fourth quarter of 2022 and 2.9% compared to the first quarter of 2022.
On the seasonally adjusted series, the difference from the provisional version (1) is 5.224 billion lei and 0.1 percentage points. Also, compared to the corresponding period of the previous year, the difference is 0.1 percentage points, from 2.8% to 2.9%.
On gross series, the Gross Domestic Product estimated for the first quarter of 2023 was 318.557 billion lei at current prices, increasing - in real terms - 2.4% compared to the first quarter of 2022. The difference compared to the provisional version (1) is 6.464 billion lei, and compared to the corresponding period of the previous year the difference is 0.1 percentage points, from 2.3% to 2.4%.
Compared to the provisional version (1), GDP growth increased 0.1 percentage points and gross value added decreased 0.1 percentage points.
The volume of gross value added by branch of activity showed larger changes between the two estimates, as follows: Construction, with an increase in the volume of activity of 0.3 percentage points; entertainment, cultural and recreational activities; repair of household goods and other services, with an increase in the volume of activity of 0.3 percentage points; information and communication, with an increase in the volume of activity of 0.2 percentage points; public administration and defence; public social security; education; health and social assistance, with an increase of 0.2 percentage points; wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants, with a decrease in activity volume of 0.7 percentage points. Net taxes on products increased their volume by 1.6 percentage points.
From the point of view of GDP use, significant differences in the contribution to the change in GDP between the two estimates were recorded by: individual and collective final consumption expenditure of public administrations, from +0.7% to +1.6%, due to the increase in volume of activity from 103.8% to 108.7%; gross fixed capital formation, from +2.4% to +1.9%, due to the decrease in volume of activity from 113.2% to 110.4%.
