Nominal annual dynamics of house prices in Bucharest and the rest of the country 15  percent  10 10  5 0  5 -5 -10  0  -15 -20  -5  Mar.12 Jun.12 Sep.12 Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Mar.16 Jun.16 Sep.16 Dec.16 Mar.17 Jun.17  -10  RO CZ  PL BG  Source: Eurostat, NBR calculations  HU EC threshold  Mar.10 Jun.10 Sep.10 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 Jun.12 Sep.12 Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Mar.16 Jun.16 Sep.16 Dec.16 Mar.17 Jun.17  -25  house prices – whole country house prices – Bucharest house prices – rest of the country Source: NIS 26  Figure 37. House price-to-income ratio no. of years  EUR/sqm  Figure 38.
Determinants of GDP dynamics 8  contributions, percentage points  percent 8  6  6  4  4  60  percent  50  40 2  2 30  -4  10  actual final consumption net exports of goods and services change in inventories gross fixed capital formation real GDP, annual change (rhs) Source: NIS  2017 H1  -4 2016  20  2015  -2  2014  -2  2013  0  2012  0  0 Intermediate Primary commodities goods January-July 2016  Capital goods  Consumption goods  January-July 2017  Source: NBR 16  Figure 23.