Romania: Industry becomes main driver for economic growth

Industry had the highest contribution to Romania’s 5.7% annual economic growth in the first quarter of this year, surpassing the trade sector. The IT and communications sector also increased its contribution, romania-insider.com reports.

Industry brought 1.5 percentage points of the economic growth in the first quarter, according to new estimates released by the National Statistics Institute (INS) on Wednesday, June 7. The sector, which has the highest weight in Romania’s gross domestic product (GDP), namely 23.1%, saw a 6.7% increase in the activity volume compared to the first three months of 2016.

Trade, which is the second-biggest sector in the local economy, with a share of 19.5%, also saw a 7.3% increase in the first quarter and contributed 1.4 percentage points to the GDP increase.

The IT and communications sector brought 0.9 percentage points of the economic growth. This sector only stands for 6.2% of the local GDP, but saw a 15.3% increase in the activity volume.

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