Romania Q1 GDP Growth Unrevised At 0.3%

(RTTNews) - Romania's economic growth eased in the first quarter, in line with the second estimate, the latest data from the statistical office showed on Thursday.

On an unadjusted basis, GDP rose 0.3 percent annually in the March quarter, slower than the 0.5 percent rise in the preceding three-month period. There was no change in figures compared to the second estimate published on June 6.

On the expenditure, household final consumption grew 1.1 percent, while government consumption expenditure was 0.2 percent lower. The rise in gross fixed capital formation, or investments, was 1.1 percent.

Meanwhile, net exports showed a negative contribution of 2.8 percent as exports fell 0.9 percent amid a 3.7 percent increase in imports.

Data showed that seasonally adjusted GDP growth improved somewhat to 0.6 percent from 0.4 percent in the previous quarter.

Compared to the previous quarter, Romanian GDP stagnated in the first quarter, following a 0.5 percent expansion in the fourth quarter, as estimated.

Separate official data showed that Romania's foreign trade deficit narrowed to EUR 2.72 billion in May from EUR 2.97 billion a year ago. Both exports and imports grew by 10.6 percent and 5.0 percent, respectively.