Official data: Romania’s GDP drops 0.1% in Q3 compared to previous three months
Romania's Gross Domestic Product in Q3 was 0.1% lower in real terms compared to the previous three months, according to provisional data published by the National Institute of Statistics (INS) on Friday, December 6.
Previous estimates from November showed that GDP in Q3 remained unchanged in real terms compared to Q2.
However, GDP increased by 1.1% on the unadjusted series and decreased by 0.3% on the seasonally adjusted series compared to the same quarter in 2023.
From January 1 to September 30, 2024, GDP grew by 0.8% compared to the period from January 1 to September 30, 2023, on both the unadjusted series and the seasonally adjusted series, according to official data cited by Economedia.
The seasonally adjusted series of quarterly GDP was recalculated due to revised estimates for Q3 2024, with differences recorded compared to the version published in Press Release No. 300 of November 14, 2024.
The seasonally adjusted Gross Domestic Product estimated for Q3 2024 was RON 445,626.5 million at current prices, decreasing – in real terms – by 0.1% compared to Q2 2024 and by 0.3% compared to Q3 2023. The estimated Gross Domestic Product for the period from January 1 to September 30, 2024, was RON 1,313,464.4 million at current prices, increasing – in real terms – by 0.8% compared to the period from January 1 to September 30, 2023.
The estimated Gross Domestic Product for Q3 2024 was RON 470,847.6 million at current prices, increasing – in real terms – by 1.1% compared to Q3 2023.
The industries that most contributed to the GDP growth were wholesale and retail trade, repairs of motor vehicles, transportation and storage, hotels and restaurants, professional, scientific, or technical activities, administrative and support service activities, entertainment, repair of household goods and others. A positive contribution to GDP growth was also made by net taxes on products.
Negative contributions to GDP growth were recorded by agriculture, forestry, and fishing, industry, and real estate transactions. Two important industries, construction and IT, made no contributions to GDP growth. Neither did financial intermediation and insurance or public administration and defense.
A negative impact on GDP evolution was also recorded by net exports (-2.8%), resulting from a 3.0% decrease in the volume of exports of goods and services, coupled with a 3.2% increase in the volume of imports of goods and services.
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