In seasonally adjusted data, the country’s gross domestic product (GDP) inched down 0.1% in the third quarter of 2024, compared to a 2.9% increase in the year-earlier period, as per the same data.
The statistical office raised its previous estimates for GDP dynamics, revising the adjusted figure from 1.1% growth and the unadjusted figure from 0.3% contraction.
Compared to the second quarter, Romania’s GDP was unchanged in real terms in July-September, following a 0.1% quarterly uptick in the April-June period of 2024.
Final consumption volume grew by 4.4% on the year between July and September, accounting for 75.9% of the nominal GDP value for the period and contributing 3.2 percentage points (pp) to unadjusted GDP growth. Household consumption alone accounted for 66.3% of the nominal GDP value, while government expenditure represented 9.6%. Gross capital formation decreased by 0.7%, making up 32.5% of the economic output in unadjusted terms.
Trade was the most significant negative economic contributor in the third quarter, taking away 1.8 pp from unadjusted GDP growth, as exports of goods and services decreased by 3.5% on the year, while imports increased by 1.3%.
On a seasonally adjusted and unadjusted annual comparison basis, Romania’s GDP grew by a real 0.9% on the year in the first nine months of 2024.
In 2023, Romania’s economic output increased by 2.4%, decelerating from 4% growth recorded in the previous year.