INS also reconfirmed the country’s gross domestic product (GDP) growth at 5.3% both in unadjusted data and in seasonally adjusted data in the second quarter of 2022 as compared with the second quarter of 2021.
The economic growth was mostly fueled by the final household consumption, respectively 5.2%, followed by the variation of stocks (4.7%).
Household consumption holds the biggest share in the GDP, namely, 70%, followed by investments with 22%. Net export had a negative contribution of -11% in the first half of 2022.
From GDP uses standpoint, the growth was mainly due to the final consumption expenditure of households whose volume increased by 7.6%, contributing by +4.7% to the GDP growth rate, and to the gross fixed capital formation whose volume increased by 2.2%, contributing by +0.5% to the GDP growth rate.
Net export had a negative contribution to the GDP growth rate (-3.9%), being influenced by the 14.3% increase in the volume of imports of goods and services as compared to a 7.7% increase in the volume of exports of goods and services.
Almost all industries contributed to the GDP growth in the first half of 2022 as compared with the same period of 2021. More significant positive contributions were recorded for the following industries: wholesale and retail; motor-vehicles and motorcycles repair; transportation and storage; hotels and restaurants (+2.2%), with a share of 20.6% in the GDP, whose activity volume increased by 10.3%; information and communication (+1.7%), with a share of 6.9% in the GDP, whose activity volume increased by 23.9%. Net taxes on products, with a share of 10.4% in the GDP, contributed with +0.5% to the GDP growth rate, and their volume increased by 5.2 %.
Industry had a negative contribution of -0.2%, with a share of 25.3% in the GDP, whose activity volume decreased by -0.1%;
The GDP estimated for the first half of 2022 amounted to RON609 billion current prices, increasing – in real terms – by 5.8% against the first half of 2021.