In seasonally adjusted data, Romania’s GDP grew by 2.8% in the first quarter of 2023 as compared to the first quarter of 2022.
The country’s economy increased by 0.1% in the first quarter of 2023 as compared to the fourth quarter of 2022.
In 2022, Romania’s economy grew by 4.7% due primarily to commerce, IT&C, constructions and real estate transactions, while the agriculture and the industry had negative contributions.
The following industries contributed to the GDP growth in Q1/2023 as against Q1/2022:
– Wholesale and retail; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (+0.9%), with a share of 22.0% in GDP, whose activity volume increased by 4.5%;
– Information and communication (+0.5%), with a share of 8.2% in GDP, whose activity volume increased by 5.6%;
– Professional, scientific and technical activities; activities of administrative services and support services (+0.5%), with a share of 5.4% in GDP, which recorded a 10% increase in activity volume;
– Construction (+0.3%), with a share of 3.7% in GDP, whose activity volume increased by 8.5%;
– Net taxes on products (+0.3%), with a share in GDP of 8.5%, which recorded a 2.5% increase in volume.
A negative contribution was recorded for the industry (-0.5%), with a 23.6% share in GDP, seeing a 2.3% decrease in activity volume.
From GDP uses standpoint, final consumption had a 4.9% contribution to the economic growth, with a share of 85% in GDP. Household consumption had the biggest contribution, of 4.5%. Final consumption expenditure of households, whose volume increased by 6.4% contributing +4.2% to the GDP growth rate; Individual final consumption expenditure of general government whose volume increased by 3.7% contributing by +0.3% to the GDP growth rate; Collective final consumption expenditure of general government whose volume increased by 3.9% contributing +0.4% to the GDP growth rate.
Investments had a positive impact (gross fixed capital formation), contributing 2.4% to the GDP growth, with a share of 20% in GDP formation. Instead, the variation of stocks had a negative impact, of -4.2%, with a share of 0.3% in the GDP formation. Net export had a negative contribution, of -0.8%.