The modest growth was largely due to wholesale and retail, public administration and defense, shows, culture and recreation activities; repair of households goods and other services. Instead, agriculture, construction and real estate activities had negative contributions to the increase in gross domestic product (GDP).
Romania’s GDP inched 0.8% higher, in real terms, in the fourth quarter of 2024 compared to the third quarter of 2024, and 0.7% higher against the fourth quarter of 2023, in both unadjusted and seasonally adjusted data.
By categories of resources, the following industries had a positive contribution to the GDP growth in 2024 versus 2023:
– Wholesale and retail; motor-vehicles and motorcycles repair; transport and storage; hotels and restaurants (+0.4%), with a share of 20.7% in GDP, whose activity volume grew by 2.1%;
– Public administration and defense; social insurance of public sector; education; health and social assistance (+0.1%), with a share of 12.8% in GDP, whose activity volume increased by 0.6%;
– Shows, culture and recreation activities; repair of households goods and other services (+0.2%), with a share of 3.1% in GDP, whose activity volume climbed 6.8%.
The following industries had a negative contribution to the GDP growth in the analyzed period:
– Agriculture, forestry and fishing (-0.4%), with a share in GDP (3.2%), but whose activity volume plunged 10.5%;
– Construction (-0.2%), with a share in GDP (7.5%), but whose activity volume dropped by 2.4%;
– Real estate activities (-0.1%), with a share of 7.2% in GDP, whose activity volume decreased by 1.3%;
Industry; financial intermediation and insurance, professional, scientific and technical activities; activities of administrative services and support services had no contribution to GDP growth. Also, a positive contribution came from net taxes on product (+0.9%), seeing 9.6% volume growth.
In terms of value, the country’s GDP estimated for 2024 amounted to RON1,766 billion in current prices, increasing – in real terms – by 0.9% against 2023.
The GDP estimated for Q4/2024 amounted to RON523.7 billion in current prices, increasing – in real terms – by 0.7% against Q4/2023.
In terms of GDP uses, the GDP growth in 2024 compared to 2023 was mostly due to:
– Final consumption expenditure of households, whose volume increased by 5.9%, with a contribution of +3.6% to GDP growth rate;
– Individual final consumption expenditure of General government whose volume slid 3%, with a contribution of -0.2% to GDP growth rate;
– Collective final consumption expenditure of General government whose volume decreased by 2.4%, with a contribution of -0.2% to GDP growth rate;
– Gross fixed capital formation, whose volume decreased by 1.7%, with a contribution of -0.4% to GDP growth rate.
A negative impact on GDP growth was recorded by net exports (-2.9%), due to a 3.6% fall in the volume of exports of goods and services, coupled with a strong increase in the volume of imports of goods and services (+3.4%).