Compared with the first three months of 2011, the gross domestic product grew a tepid 0.3% in January through March, the statistics institute INS said in a third estimate Wednesday. The figures are unchanged from last month’s report.
However, data showed domestic demand advanced at an annual rate of 1.2% in the first quarter, up from 1% initially estimated, supported by a 12.2% increase in gross capital formation. Final consumption edged up 0.2%, versus a decline of 0.3% previously reported.
The data were revised to include updated figures for the March indicators.
Government expenditure with public administration and defense declined less than initially thought in the first quarter from the year-ago period, while agriculture had a slightly lower contribution to Romania’s economic growth in the first three months.
Public administration and defense spending fell at an annual rate of 4.3% in the first quarter, down from a 5.8% decline previously predicted.
On the other hand, agriculture contributed 4% to the country’s GDP in January through March, slightly down compared to 4.2% reported last month.
Real estate and financial and insurance sectors had a negative contribution of 1.4% and 1.2% to the economic growth, respectively, while retail sales inched down 0.3% on the year, versus an annual increase of 0.7% initially estimated.
Construction activity was stable on the year, the data showed. Previous reports showed constructions had a negative contribution of 1.2% to the first-quarter GDP.
Exports fell 2.2% on the year in the first quarter, rather than 2.9% as initially estimated, while imports were down 0.3% on the year. Last month’s estimate showed imports declined at an annual rate of 1.2%.
Romanian authorities expect economic growth will slow to 1.5% in 2012, from 2.5% a year earlier.