Erste: Romania’s economic growth mainly supported by agriculture

Romania’s economic growth in the third quarter, which amounted to 8.8% - the highest in EU, was mainly driven by agriculture, trade and services and less by the industrial output, which slowed down in September, according to the Austrian group Erste, reports Profit.ro.

The Austrian bank estimated an annual advance of 6.5%, while analysts consulted by Reuters predicted an even lower increase of 5.8%.

The increased contribution of the agricultural sector accounts for the big difference between the economists' estimates and the provisional figures published by the National Statistics Institute, according to Erste.

"Performance in agriculture has been underestimated, but it appears to have surpassed even the most optimistic scenarios,” according to the Austrian bank.

Agriculture had a share of 8% in the nominal GDP in the third quarter of this year, double compared to the first nine months of this year. Trade and services also contributed to the economic growth between July and September, as the households' income increased due to the fiscal and wage policy relaxation.

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