The increase was due mostly to household consumption and investments, while net export had a negative contribution to the GDP growth, the data also shows.
The INS has revised on Tuesday the 5.6% GDP growth for 2021 announced in mid-February 2022.
Romania’s economy was 0.1% lower, in real terms, in the fourth quarter of 2021 as compared to the third quarter of 2021. In the fourth quarter of 2021 as against the fourth quarter of 2020, Romania’s GDP increased by 2.4% in real terms (in unadjusted data) and by 3.9% in seasonally adjusted data.
From GDP uses standpoint, the increase was due mainly to final consumption expenditure of households whose volume increased by 7.8%, contributing by +4.7% to the GDP growth rate; gross fixed capital formation, whose volume increased by 4.0%, contributing by +0.9% to the GDP growth rate.
Net export had a negative contribution to the GDP growth rate change (-1.5%), being influenced by the volume increase of imports of goods and services, by 13.7%, in correlation with a smaller increase of the volume of exports of goods and service, by 11.1%.
Most of industries contributed to the GDP increase in 2021 against 2020. Significant positive contributions had the following industries: wholesale and retail; motor-vehicles and motorcycles repair; transport and storage; hotels and restaurants (+1.7%), with a share of 19.0% in GDP, whose activity volume increased by 9.5%; – Industry (+1.0%), with a share of 213% in GDP, whose activity volume increased by 5.0 %; – Information and communication (+0.8%), with a share of 6.4% in GDP, whose activity volume increased by 13.4 %; – Net taxes on products (+0.8%), with a share in GDP of 9.5%, which recorded an increase in activity volume by 8.2%. Construction had a negative contribution to GDP growth rate (-0.1%) as a result of the volume decrease by 1.8%.