Slower growth in consumer spending observed in Romania's revised Q1 economic data
Romania's Q1 GDP growth remained stagnant at 0.0% q/q, according to the latest data. This is a downward revision from the initial estimate of 0.3% annualized growth.
The initial estimate for the growth of services to households was +0.1% y/y, but the final figure shows a contraction of 1% y/y. This decline in household services performance can be attributed to inflationary pressures and price adjustments, particularly in energy prices, which have influenced service costs.
Despite ongoing inflation and energy price fluctuations, households' actual individual consumption increased by 0.9% y/y. This growth in consumption can be attributed to improved real incomes and adjustments in the relative prices of services.
The initial estimate for households' individual consumption growth was +2.3% y/y, highlighting a significant difference between the initial and final growth rates.
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It's important to note that these figures and analyses are subject to change as more data becomes available. Stay tuned for updates on Romania's economic performance in the coming quarters.
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