Premium
The National Institute of Statistics (INS) has revised economic growth in 2023 upwards to 2.1% and downwards to -0.5% for Q4, 2023, according to provisional data published on Friday.
Thus, the Gross Domestic Product (GDP) estimated for Q4 2023, as seasonally adjusted data, stood at RON 415.906 billion current prices, down - in real terms - by 0.5% from Q3 2023, respectively up by 1.1% from Q4 2022.
As unadjusted series, the estimated GDP for the last quarter of last year was RON 474.502 billion, current prices, up by 3%, in real terms, compared to the same period in 2022.
At the level of 2023, current prices, the estimated Gross Domestic Product was RON 1,598.576 billion, up 2.1% year-over-year.
Most economic sectors contributed to the GDP growth in 2023 compared to 2022. Thus, the following were noted: agriculture, forestry and fishing (+0.4%) - with a share of 3.9% in GDP formation and whose volume of activity increased by 10.2%; construction (+0.8%) - with a share of 8.1% in GDP formation and whose volume of activity increased by 11%; wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (+0.2%) - with a share of 20.5% in GDP formation and whose volume of activity increased by 0.8%; information and communication (+0.4%) - with a share of 7.1% in GDP formation and whose volume of activity increased by 5.1%.
Positive results were also recorded in: real estate transactions (+0.1%) - share of 7.3% in GDP formation and whose volume of activity increased by 1.6%; professional, scientific and technical activities; administrative and support service activities (+0.3%) - share of 8.2% in GDP formation and whose volume of activity increased by 3.6%; public administration and defence; public social security; education; health and social work (+0.1%) - share of 11.9% in GDP formation and whose volume of activity increased by 0.9%; entertainment, cultural and recreational activities; repair of household goods and other services (+0.1%) - share of 2.8% in GDP formation and whose volume of activity increased by 5.1%.
Conversely, the industry had a negative contribution to the change in GDP (-0.5%), due to a 2.3% decrease in its volume of activity.
At the same time, net taxes on products also made a positive contribution to GDP growth (+0.2%), as their volume increased by 3%.
According to the INS, in terms of GDP use, the increase was mainly due to: household final consumption expenditure (+2.9% and +1.8% contribution to GDP growth); individual final consumption expenditure of public administration (+2.8% and +0.2% contribution to GDP growth); actual collective final consumption of public administration (+2.9% and +0.3% contribution to GDP growth); gross fixed capital formation (+12% and +2.9% contribution to GDP growth).
Both exports of goods and services and imports of goods and services made a negative contribution to the change in GDP (-0.9%), due to their volume decreases of 2.1% and 1.8% respectively.
On February 14, 2024, INS announced in the weekly data that Romania's economy grew by 2% last year, and in the last quarter of 2023, GDP rose by 1% compared to the same quarter of 2022, but fell by 0.4% compared to the previous quarter.
The institution also mentioned that in Q4 2023, GDP jumped 2.9% on an unadjusted basis, year-over-year.
As seasonally adjusted series, GDP decreased by 0.4% in Q4 2023, compared to Q3, and compared to the same quarter of 2022, this indicator recorded an increase of 1%.
Official statistics showed in February that, on an adjusted basis, GDP in Q4 2023 grew by 2.9% compared to the same quarter of 2022, while for the whole of 2023 it increased by 2%.
The International Monetary Fund (IMF) estimated an economic growth of 2.3% for Romania in 2023, while the World Bank forecast in its last report an advance of 1.8%, 0.8 percentage points less than previously projected.
