In the third quarter of 2020, as compared to the second quarter, the country’s GDP grew by 5.6%. The increase comes after the country’s economy declined 11.9% in the second quarter compared with the first quarter of 2020.
Romania’s economy contracted 5.1% for the unadjusted series and by 4.6% for the seasonally adjusted series year-over-year in January-September 2020.
On a quarterly level, the downward trend tempered in August-September 2020 after Romania’s GDP saw an annual contraction of 10.2% in real terms in the second quarter of 2020 compared with the same quarter in 2019.
The gross domestic product flash estimates, as well as the provisional ones, are affected by the difficulties posed by the pandemic crisis and by the establishment of the state of emergency.
The European Bank for Reconstruction and Development (EBRD) expects Romania’s economy will contract by 5% in 2020 and recovery will be slow, with just 3% growth in 2021.
According to the European Commission’s autumn economic forecast, Romania’s economy is expected to contract by 5.2% in 2020, followed by 3.3% growth in 2021 and 3.8% in 2022.