EUROSTAT: UE Members first quarter of 2017, Romania +1.7% growth

GDP up by 0.6% in both the euro area and the EU28
+1.9% and +2.1% respectively compared with the first quarter of 2016

Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the first quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2016, GDP grew by 0.5% and 0.6% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.9% in the euro area and by 2.1% in the EU28 in the first quarter of 2017, after +1.8% and +2.0% respectively in the previous quarter.
During the first quarter of 2017, GDP in the United States increased by 0.3% compared with the previous quarter (after +0.5% in the fourth quarter of 2016). Compared with the same quarter of the previous year, GDP grew by 2.0% (after +2.0% also in the previous quarter).

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GDP growth by Member State
Among Member States for which data are available for the first quarter of 2017, Romania (+1.7%), Latvia (+1.6%), Slovenia (+1.5%) and Lithuania (+1.4%) recorded the highest growth compared with the previous quarter, while the United Kingdom (+0.2%) recorded the lowest growth.

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GDP components and contributions to growth
During the first quarter of 2017, household final consumption expenditure rose by 0.3% in the euro area and by 0.4% in the EU28 (after +0.4% and +0.5% respectively in the previous quarter). Gross fixed capital formation increased by 1.3% in the euro area and by 1.4% in the EU28 (after +3.4% and +2.5%). Exports rose by 1.2% in the euro area and by 1.0% in the EU28 (after +1.7% and +2.0%). Imports increased by 1.3% in the euro area and by 1.7% in the EU28 (after +3.8% and +2.8%).
Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (both +0.2 percentage points – pp) as had gross fixed capital formation (+0.3 pp in both zones). The contribution of the external balance to GDP growth was neutral for the euro area and negative for the EU28. The contribution of changes in inventories was neutral for the euro area and positive for the EU28.

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Geographical information
The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definitions
European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010).
The estimate of the first quarter of 2017 GDP growth presented in this release is based on Member States’ data as available, covering 97% of EA19 GDP (98% of EU28 GDP).
Household final consumption expenditure includes NPISH (Non-profit institutions serving households).

Revisions and timetable
A flash estimation of GDP growth was published in News Release 82/2017 of 16 May 2017. This was based on a more limited data set than the one used for the present News Release and, additionally, on flash estimates for some Member States, which have now been revised.
The published GDP growth rates for the first quarter of 2017 compared with the previous quarter, which had been estimated at +0.5% for both the euro area and the EU28, are revised upwards to +0.6% in both zones in the present release. Compared with
the first quarter of 2016, GDP growth, which had been estimated at +1.7% for the euro area and at +2.0% for the EU28 are also revised upwards, to +1.9% for the euro area and +2.1% for the EU28.
A further update of the estimation of main GDP aggregates is planned in July (database release).

Source: EUROSTAT

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TeCOMM speaker: Romania starting to build a strong ecosystem on digital payments

Richard-Prenderville-TeCOMM-ecommerce-Conference-ExpoDigital payments have risen by 75 percent in 2016, gathering more than 7 million online transactions (desktop and mobile), according to Netopia MobilPay, and the value of those transactions has grown by over 40 percent compared to 2015.

People aged 25 to 34, mostly men (62 percent), make up the majority of those who choose to make online payments by credit card, according to Netopia.

“Romania is starting to line up with countries that own a solid ecosystem when it comes to digital payments, and the evolution we saw last year confirms that. The ease with which online payments are made attracts more and more people, not only in the capital, but in the rest of the country as well”, as declared per Start-up Café by Antonio Eram, CEO and Founder Netopia MobilPay, speaker at TeCOMM eCommerce Conference&Expo.

Advice on online commerce payments, as well as the success stories behind online shops, will be presented on April 26 and 27, during TeCOMM eCommerce Conference&Expo, which will bring together over 250 online store owners and e-commerce professionals.

The value of digital wallets will rise in 2017

Over EUR 60 million have been processed to date by Netopia Mobil Pay, in payments by card. “Romanians are not afraid to make online payments by card. They make them all the time for companies they trust and which require them: Google, Facebook, Amazon, Apple Store, Aliexpress etc. Stats published by Visa/Mastercard say that Romanians pay by card three times more outside the country than inside the country. That means their problem is not in paying via their cards, but rather in the trust they have towards local sites. They don’t trust that the products will reach them in time or that they will match their expectations”, says Horia Grozea, online director, Mobile Payments at Netopia Mobilpay.

Netopia MobilPay is the largest processor of digital payments in the country.

The need for security when it comes to online payments

With more than 19 years of activity in the banking field, Sebastian Kucharek (head of Treasury & Trade Solutions Central and Eastern Europe, Citi, will host the Cybersecurity workshop, offering solutions and practical advice for protecting yourself against fraud, in response to the emergent risk at global level, which stems from the development of the online medium.

Alongside workshops, presentations and debates, this year, TeCOMM introduces the Cross-Border Forum. Online shop owners who have the potential to expand their businesses at international level come together with the heads of European eCommerce associations to discuss the new developing markets. Among the topics which will be discussed during this new section are European eCommerce legislation, trends at European level and financial implications.

Citi Bank, the international financial service company present in more than 160 countries, is offering a vast array of financial solutions to online shop owners. Ivan Vrhel, head of Commercial Bank, Citi Romania, will partake in the dialogue with the shop owners and will present solutions for cross-border development.

The main players in the Eastern European eCommerce Industry come together at TeCOMM

TeCOMM eCommerce Conference&Expo, organized by Libero Events, is the premium Eastern European event dedicated to the eCommerce industry. On April 26th and 27th, presentations, workshops and debates will be hosted at TeCOMM by renowned speakers such as Richard Prenderville (CMO & Founder, Peloton Digital Marketing Group), Mike Bainbridge (Chief Digital Technologist, Rackspace), Nick Lansley (Innovation Insider, Nick Lansley’s Innovation Lab), Carlo Terreni (Netcomm Suisse, General Director), Sven Bally (Founder & Senior Consultant,  XETA) or Kunle Campbell (Advisor & Ecommerce Growth Consultant,2X eCommerce).

Year after year, TeCOMM brings together online shop owners and eCommerce professionals, in order to educate and share practical online commerce solutions. This year’s TeCOMM Bucharest takes place at  Radisson Blu Hotel.

Registrations are continuing at www.bucharest.tecomm.ro/register.

Article from Business Review