Romania’s Gross Domestic Product (GDP), recorded a growth of 7% in 2017 in real terms, to RON 856.35 billion (EUR 187.5 billion), according to National Institute of Statistics (INS).
Almost all industries contributed to the GDP increase in the year 2017 as against 2016. Significant
positive contributions had the following industries:
– Industry (+1.9%), with a share of 24.2% in GDP, whose activity volume increased by8.0 %;
– Wholesale and retail; motor-vehicles and motorcycles repair; transport and storage; hotels and restaurants (+1.6%), with a share of 18.7% in GDP, whose activity volume increased by 8.4%;
– Agriculture, forestry and fishing (+0.7%), with a smaller share in GDP (4.4%), but which recorded a significant increase in activity volume (18.3%);
– Professional, scientific and technical activities; activities of administrative services and support services (+0.7%), with a share of 6.9% in GDP, whose activity volume increased by 9.9 %;
– Net taxes on products (+0.7%), with a share in GDP of 9.7%, which recorded an increase in activity volume by 6.5%.
The growth rate recorded in 2017 is the highest since 2008 for Romania and is due mainly to government-led increase in households consumption. From GDP uses standpoint, the increase was, mainly, due to:
– final consumption expenditure of households whose volume increased by 10.3% contributing by 6.4% to the GDP growth rate;
– gross fixed capital formation, with a contribution of +1.2%, as a consequence of the increase by 5.4% of it’s volume.
Romania is still the second-poorest EU country if we look at the more relevant GDP/capita index, with less than EUR 10,000 per inhabitant in 2017.