Services and constructions – main contributors to Romania's economic growth

The services continued to hold the top spot in the gross domestic product (GDP) formation in the first quarter of 2008, followed by construction businesses, which had the fastest growth rate of al GDP components. The Romanian economy saw a 8.8% growth during Q1 2008. 1.1% of the GDP is represented by net direct taxes on products, while the Agriculture only contributed 0.1%.

Vergil Voineagu, president of the National Statistics Institute, mentioned in a press conference that the advance recorded in services and constructions during the past few years changed the GDP structure. Services reached 50 of the GDP income, from 48.3% in 2002, while constructions reached 8.1% this year, from 4.4% in 2002.

On the other hand, the industry diminished its contribution, from 30.7% in Q1 2002, to 26.5% in Q1 2008.

Constructions businesses area saw a 33.3% growth in Q1 2008, compared to Q1 2007. Net direct taxes on products grew 9.3%, while the industry grew 5.8% year over year.

At the end of June, the GDP was 195.8 billion RON, 8.8% more than in Q1 2007 and 9.3% more than Q2 2007.