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Romania GDP Growing Fast
Romania GDP Growing Fast

Romania GDP Growing Fast

Romania GDP Growing Fast

Romanian economic growth advanced at the fastest pace since 2008, exceeding analysts’ estimates, supported by a booming consumption amid tax cuts and wage increases, Bloomberg reported. Second-quarter gross domestic product gained a preliminary 6% from a year earlier, compared with a 4.3% gain in the previous three months, the National Statistics Institute said Friday. That’s more than the 4.1% median estimate of nine economists in a Bloomberg survey. GDP grew a seasonally adjusted 1.5% from the first quarter. “The advance should have been driven by private consumption,” Nicolae Covrig, a Bucharest-based economist at Raiffeisen Bank Romania SA, said in a note before the data were published. “The performance of industry should have remained weak in the second quarter,” while “net exports might have had a negative contribution.” With the economy already among the EU’s fastest-growing, Romanian citizens are reaping the benefits of tax cuts and state-wage increases approved by lawmakers to lure voters before a general election later this year.

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