Constructions see record-high growth in Q4

The constructions market was the field that experienced the fastest growth in the entire economy last year, witnessing a triple growth rate in the last quarter as compared to the overall economic growth. Compared with the growth of the Gross Domestic Product (GDP), of 7.7% in the fourth quarter of 2006, the constructions field increased by 21.6%. As a result, the constructions market increased its share in the GDP from 6.3% in 2005, to a little over 7% last year, according to data published by the National Statistics Institute. Although constructions saw the fastest growth, the sector of services, with a 50% share in the GDP, provided the largest contribution to economic growth. Services went up by 7.3% last year, but, unlike constructions, slowed down in the last three months of the year. After an 8.5% increase in the third quarter, services fell to 6.5% growth in the final quarter. The same slowdown was witnessed by the industry sector, which, after a 7.9% increase in the third quarter, the biggest increase seen in the last few years, only managed to grow to 6.6% in the final quarter, ending the year at 6.9%. The agriculture sector remained a weak point in the economy, managing a mere growth of 3.3% last year, reaching an 8% share in the GDP, compared with the 12.6% share held in 2004, a year with a record-high in agricultural production. “After an exceptional agricultural year in 2004 followed by a weak one in 2005, agriculture experienced a much slower pace in 2006, but is now heading for recovery,” said Vergil Voineag, president of the National Statistics Institute.