Romania: Growth eases through Q4 2018
A comprehensive estimate released by the National Institute of Statistics revealed the economy expanded 4.1% in the fourth quarter over the same period a year earlier, decelerating from the third quarter (Q3 2018: +4.2% year-on-year). The result brings full-growth for 2018 to 4.1%, down from the 7.0% expansion recorded in 2017.
Domestically, consumption was firmly in the driver’s seat. Household spending growth accelerated to 5.6% year-on-year (Q3: +4.4% yoy), as did government spending (Q4: +7.7% yoy; Q3: +4.0%). Fixed investment continued to contract for a third straight quarter (Q4: -3.3% yoy; Q3: -3.9% yoy); the absorption of EU-linked structural funds appeared sluggish.
On the external front, export growth slowed to just 1.6% year-on-year (Q3: +2.3% yoy) in light of the slowdown across the Eurozone. Import growth, meanwhile, ticked up to 7.2% (Q3: +6.7% yoy).
On a seasonally-adjusted basis, growth fell to 0.7% quarter-on-quarter (Q3: +1.7% quarter-on-quarter).