Economy grew by 2.3% in last quarter resulting in revised annual rate
Purchasing managers' index reached 62.3 in November; resulting in revised annual estimates
December 30th, 2014| 11.00 AM PCT | înregistrate| By: Lukas Tanta
The Papal Republic's economy grew by 2.3% in the fourth quarter of this year, according to the Papal Office of National Statistics, meaning that the country's annual growth rate is now around 7.7%, a 0.5% increase from the estimate made at the start of the year. Minister of State for Finance Marian Dumitreșcu has applauded the new findings as a clear example of the 'government's clean record with the econony, still it is delivering on its promises'. The new data has prompted economists in the Papal Republic and outside it increase their estimates for Rodarian growth for 2015 from 7.5% to 8.1%, meaning that the Papal Republic is still the fastest growing major economy in the world.
According to the Papal Office of National Statistics and the Rodarian Economic Study Institute, the Purchasing Managers' Index (PMI), used to measure industrial output, put Rodarian industry's growth at 62.3, anything above 50 indicates growth. Géza Bajári, who heads the RESI said this following the announcement, "we are seeing a continuous growth in heavy industry, including machinery, locomotives, heavy vehicles and construction tools, light industry continues to grow but a reduced rate, albeit a small decline. Services, especially financial services are growing rapidly, the highest since 2009, consumer spending has also risen by 3.2%. Cheap oil imports are also greatly aiding the expansion of industry and further strength for the export-led economic model in use."
It appears that trade with other major economies such as Emmeria, Belhavia and Belfras is continuing to grow at a steady rate, between 2010 and the end of this year, trade between Rodarion and Emmeria reached $187.3 billion and trade with Belhavia reaching $136.44 billion. The RESI also confirmed that the Rodarian trade surplus has increased by 8.2%.
Minister of State for Finance Marian Dumitreșcu said, whilst speaking on Radio 3 this morning, "what is clear from these findings is that the National Catholic Party continues to deliver what it promises, it continues to uphold its clean record with the economy. What is important, is that we continue to do as much as possible, preserving and protecting our economic prosperity and ensuring that every citizen of our nation, feels the warmth of our propserity, we need to maintain the level of improvement to the standards of living for the general population and we will do so."
Consul Octavian Ceausescu reaffirmed his cabinet's statements, himself saying, "today Rodarion and its people continue to grow and prosper, under this government, under this National Catholic Party, the people can be certain that their aspirations and dreams can be attained and will be attained, for we all share the same dream, of a strong and prosperous."
The Voluntari Composite Index has risen 32% in the past six weeks, blowing through 3,000 to a three-and-a-half-year high ontop of the news that corporate earnings have increased by 11.4% this year. GregorSecuritate, one of Rodarion's largest hedgefunds has stated that the Rodarian financial sector is one of the most successful in the world of the decade so far, stating that its growth is increasing year on year, as it expands for the domestic market and now the international market.
PRRB's György Miklós contributed to this report.
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