Data from the country’s statistics board INS show that the IT and communications sectors contributed 0.4 percentage points to Romania’s 2.1% GDP growth in 2023.
“Indeed, the last few months of 2023 brought a slight revival of consumption, considering that retail sales increased by 2.1% in the last quarter (…) At the same time, industrial production moderated its annual contraction, while the activity in the construction sector remained robust, probably ending the year with double-digit growth. After bringing a major positive surprise in the third quarter of 2023, the agricultural sector is highly unlikely to have still had a significant contribution,” Valentin Tataru, chief economist at ING Romania, said in an analysis regarding the economic performance in the last quarter of 2023.