The Romanian economy witnessed an 8.3 percent growth last year, backed by the good performance of the farming sector and a 10.4 percent higher consumption than in 2003, the preliminary data revealed by the National Statistics Institute (INS) show.
According to an INS release, the Gross Domestic Product estimated for 2004 stood at 2,387,914.3 billion ROL in current prices, up 8.3 percent in real terms from the previous year.
If calculated at the average exchange rate announced by the National Bank of Romania, 40,532 ROL/EUR, Romania's GDP amounted to 58.9 billion euros in 2004.
The gross fixed capital formation progressed by 10.1 percent. The INS data show the farming sector to have been on the number one spot in terms of gross added value growth. The added value in the agriculture, forestry, and fishery was more than 22 percent higher than in 2003.
At the same time, the economic growth was fuelled by the constructions business, where the added value was 9 percent higher than two years ago.
Although it had not specified how much the industry had contributed to the formation of the GDP, INS announced that the turnover of the companies whose core business is industry related rose 9.9 percent in real terms. The absolute volume of industrial output progressed by 5.3 percent compared with 3.1 percent in 2003.
Investments made in the economy totalled 309,356.2 billion ROL (7.6 billion euros), up 8.2 percent in real terms compared with 2003. sorin.pislaru@zf.ro
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