Therefore, the National Statistics Institute stands every chance of showing the fourth quarter saw growth on February 16, when it releases the first 2020 gross domestic product data, despite the restrictions imposed as a result of the COVID-19 pandemic.
Exports stood at EUR62 billion in 2020, 9.9% lower than in 2019, the National Statistics Institute data published on Tuesday show. Imports, on the other hand, stood at EUR80.5 billion, 6.6% lower. Therefore, the trade deficit rose to EUR18.4 billion, almost EUR1.1 billion higher than in 2019. This is Romania’s highest trade deficit since 2008. However, the trade deficit can be financed considering it will account for some 5% of GDP (thanks to the surplus in the services area), compared with 12% during the 2009-2010 crisis.
The export trend is an indicator of the state of the industry, which accounts for 22% of the GDP.
(English version by Loredana Fratila-Cristescu)