Romania’s GDP grows by just 0.8% y/y in 9M24

Romania’s GDP grows by just 0.8% y/y in 9M24

/ bne IntelliNews

By bne IntelliNews December 9, 2024

Economic growth in Romania (chart) accelerated to 1.1% y/y in Q3, according to detailed quarterly GDP data published by the National Institute of Statistics (INS).

The figure confirms the flash estimate while the q/q advance is revised slightly downwards from 0.0% q/q to -0.1% q/q. The seasonally-adjusted GDP has stagnated for the fifth consecutive quarter.

For the first three quarters of the year, the economic growth was 0.8% and the full-year advance will probably not be higher given the adverse base effects in the last quarter of the year.

In the third quarter of the year, private consumption remained the main growth driver while the negative contribution of the external debt has diminished (net imports increased at a slower rate).

On the GDP formation side, agriculture made a significant negative contribution of -1.9 percentage points (pp) fully offsetting the 0.7pp positive contribution of the services to households (retail included). The main element was the net taxes and subsidies, which contributed 1.7pp to the overall 1.1% GDP growth, offsetting the negative 0.6pp contribution of the gross value added.

#romania #gdp #macro #bneChart

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