Romania's economy growth soars 6% in second quarter of year

Romania’s economy increased by 6% in the second quarter year-on-year, a growth rate that hasn’t been recorded since 2008, according to the National Statistics Institute.

When compared to the previous quarter, Romania’s economy went up by 1.5%.

In the first half of this year, Romania’s GDP increased by 5.2% in gross terms and by 5.0% in seasonally adjusted terms. Romania is thus on track for a 5% economic growth this year.

It’s easy to see that most of this growth comes from higher internal consumption, which has been boosted by VAT cuts and by higher salaries.

Romania’s retail trade turnover, except motor vehicle sales, went up by 18% in the first half of 2016 compared to the same period of 2015, as a gross series, and by 16.8% in seasonally adjusted terms.

Meanwhile, Romania’s industrial production only went up by 1.3% in the first half of this year compared to the same period of 2015, as a gross series, and declined by 0.1% as a seasonally adjusted series, Romania Insider reports.

Also read: Romania turns into South-East Europe's ECONOMY TIGER 

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