Draft law: Tax regime for foreign companies’ profits obtained in Romania is changing

The Ministry of Public Finance (MPF) will propose to the Government another emergency ordinance for amending the Tax Code and the Tax Procedure Code, after… Mai mult

Ups! EU economy is slowing down, and that will inevitably affect us

The economy of the European Union recorded in the second quarter of 2019 the worst evolution of the last five years, with a quarterly increase… Mai mult

How we stand compared to Eurozone. Differences between economic indicators

Romania announced its intention to join the Eurozone in 2024. Adoption of the single European currency is not optional but included in the Treaty of… Mai mult

How did Estonia reach the world top in digitalization. INTERVIEW: Margus Noormaa, General Director of the Estonian Information System Authority

Estonia is well-known as a phenomenon of digitalization. On the official website of the European Commission it is mentioned to be „Estonia is probably the… Mai mult

Salaries in companies with domestic capital increase faster but remain half the level in foreign companies. Why

Salaries in domestic companies continue to grow as staff shortage widens, but remain half the level registered in foreign firms, according to an analysis by… Mai mult


Sectors supporting the GDP growth – IT-telecom and trade at the forefront

de Dordia Tereza 10.10.2016

crestereeconomieThe (INS) confirmed the 5.0% growth in the first half of this year as compared to the same period of the previous year (seasonally adjusted value and communicated to Eurostat). Also, the result of the second quarter as compared to the same quarter of 2015 was maintained at + 5.9% in seasonally adjusted terms.

In absolute figures, the GDP was recalculated with a slight increase from the data presented in the initial provisional version (+2,392.9 million or 0.64% in nominal terms), not enough to change the increase percentages previously announced. Below, we present the comparative situation for the last two years of the Romanian economy based on the latest official calculations:



  • Quarterly GDP in the first half of 2015 and 2016 (%, seasonally adjusted data)
  • Period – Q1 2015 – Q2 2015 – first half of 2015
  • GDP (billion lei)
  • % as compared to 2014
  • Period – Q1 2016 – Q2 2016 – first half of 2016
  • GDP (billion lei)
  • % as compared to 2015
  • Source: National Institute of Statistics, 2nd provisional version


Population, little less, government, little more than previously expected

The recalculation led to a smaller increase than initially expected for the final consumption expenditure of households (from + 7.3% to + 7.0%), due to the downward revision of its volume from + 11.2% to + 10.8%. Instead, a positive adjustment has been applied to the final consumption expenditure of public administration, from + 0.3% to + 0.5%, due to the its volume increase from + 2.0% to + 3.7%.

Moreover, the impact of household domestic demand on the economic growth has been softened to 6.8% from 7.5%, as in the first provisional version. Instead, the public administration took over most of the difference and its influence on GDP growth went up from + 0.1% to + 0.7%.

A positive adjustment with favorable effect on the final outcome was for exports of goods and services, from + 1.6% to + 3.8%, following the revaluation of its substantial volume increase from + 3.5% to + 8.5%. Unfortunately, the pace of imports has also increased from + 5.0% to + 6.0%, following its volume adjustment from + 11.0% to + 13.5%.

Overall, the negative effect of foreign trade on GDP growth decreased from -3.4%, the initial estimation, to -2.2%, which is the most important change along with the increased statistical influence of the stocks variation from 0.8% to 1.9%. In other words, Romanians have consumed more from what they previously produced and already had in stock and less as impact on the negative net balance of foreign trade.

Good results in IT&C, agriculture and construction

If the trade share in the economic growth was expected to be much higher than the industrial activity, it is somewhat surprising to find IT-telecom sector ranking the second. Basically, if consider its share in GDP, this was the most dynamic sector and had a decisive influence on the final result.

Agriculture has also performed well above its extremely low share in GDP in the first half of the year. With one tenth of the industry share in the final result, agriculture has contributed more than a half of industry’s contribution and equaled the statistical effect of the wage increases in the public sector (technically, they are treated as an increase in gross added value).



  • Share in GDP and GDP increase (%), gross values
  • Share in GDP – Share in GDP increase
  • Gross added value
  • Trade, transportation, hotels, restaurants
  • IT&C
  • Industry
  • Agriculture
  • Public administration, education, health, defense
  • Construction
  • Real estate transactions
  • Financial intermediation and insurance
  • Entertainment, repair and other services
  • Net taxes/product
  • GDP


Construction sector and the related, namely the real estate, also contributed to the good result of the GDP growth. The same can barely be said about the financial intermediation and insurance sector, still facing some problems but maintained within the positive influence range on GDP growth.

It is noteworthy that although gross GDP growth in the first half of 2016 was maintained at 6%, the share of gross added value decreased as compared to the first estimates by half a percent, while net taxes added to this value for methodology reasons took over the equivalent in their account.

Mergeți în homepage ›

Publicat la data de 10.10.2016

Lăsați un comentariu


IMM Invest Romania – program implementing rules have been published

The Ministry of Public Finance announces that it has issued the methodological norms for the implementation of the Program for supporting small and medium-sized enterprises… Mai mult

Pollution import and car park expansion: comparisons with the other EU states

Romania is the EU country with the fewest cars in terms of the number of inhabitants, according to data recently published by Eurostat. We appear… Mai mult

Government is trying to save budget deficit: reductions in public administration system, cancellation of bonus for harmful conditions, excise duty on soft drinks

The Government is preparing the public for the first measures aimed at avoiding the budget slippage, which would be applied by the PSD-ALDE government. News… Mai mult

Laura Codruta Kovesi remains alone in the race for European Chief Prosecutor

French Prosecutor Jean-Francois Bohnert will be appointed as head of the European Financial Prosecutor's Office, a position for which he was heard on Thursday, 11… Mai mult

Romania - EU country with highest risk of dying in a road accident, Bulgaria is quickly decreasing number of victims since it built motorways

Romania recorded the highest road deaths in the EU also last year, with 96 deaths per one million inhabitants in 2018, almost double the EU… Mai mult

Latest developments in progress at Health Ministry: Differentiated wages based on performance, competitions organised at a regional level not by hospitals

Sorina Pintea announced on Thursday further new changes that will be brought to the functioning of the health care system, including new rules for employment… Mai mult

ANAF changes selection procedure for liquidators. Main changes

The new order on approval and selection procedures for insolvency practitioners is an important step to a very good direction, industry experts say. ANAF is… Mai mult

Romania loses competition for a seat at UN Security Council. MAE Excuse: Campaign started too late

Romania lost to Estonia in the final vote to get the non-permanent member position within the UN Security Council for the period 2020-2021. On Friday,… Mai mult

Business internationalization / eMAG makes a step to entry five new international markets and targets a business of EUR 2 billion

eMAG hopes to get the opinion of the Hungarian Competition Council over the next two months for the acquisition of Extreme Digital, the market leader… Mai mult

"At a distance from books": 85,000 teachers (one third of educational staff) are graduates of distance learning

Approximately 85,000 teachers are graduates of distance learning (ID) programs, Education Minister Ecaterina Andronescu said at a meeting with school inspectors from Caras-Severin County. The… Mai mult

Mugur Isarescu: We should make a film for Viasat History about treasure in Moscow

A book should be written or a movie should be made and sent to Viasat History about a treasure evacuated to Moscow, as it is… Mai mult

Rhythm of commercial vehicle registration increases 3 times faster in Romania than EU average

Today, the European Automobile Manufacturers Association (ACEA) announced the status of commercial vehicle registrations in EU member states + EFTA in April and cumulated after… Mai mult