The country’s gross domestic product (GDP) inched 0.9% higher, both in unadjusted data and in seasonally adjusted data, in the second quarter (Q2) of 2024 versus the second quarter of 2023, and 0.3% higher compared with the first quarter (Q1) of 2024.
In September 2024, INS estimated GDP growth of 0.8% for Q2/2024 compared with Q2/2023, and of 0.1% versus Q1/2024.
Romania’s economy edged 0.7% higher, in unadjusted data, and grew by 1.4% in seasonally adjusted data, in the first half of 2024 compared with the same period of 2023.
In terms of value, Romania had a GDP of RON770 billion, in real terms, in unadjusted data, and of RON870 billion in seasonally adjusted data, in the first half of 2024.
As compared to the provisional version (1), in Q2/2023, the GDP growth rate decreased by +0.1 percentage points, and the gross value added growth rate increased by +0.2 percentage points.
Gross value added and volume by industries recorded more significant changes in:
– Agriculture, forestry and fishing recorded the same contribution to the GDP increase (0.3%) in both estimations, and the volume of activity decreased as compared with the previous estimation by -1.2 percentage points (from 117.3% to 116.1%);
– Industry recorded the same contribution to GDP growth (-0.1%) in both estimations, and the volume of activity decreased as compared with the previous estimation by -0.1. percentage points (from 99.6% to 99.5%);
– Constructions’ contribution to GDP growth from +0.2% to 0.1% between the estimations, and the volume of activity remained the same (103.3%);
– Wholesale and retail; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants recorded an increase in contribution to GDP growth from +0.0% to +0.2% between the estimations, as a result of an advance in the volume of activity by +2.1 percentage points (from 99.9% to 101.1%);
– Information and communications did not contribute to GDP growth (0.0%) and the volume of activity changed from the previous estimation by -0.1 percentage points (from 98.2% to 98.1);
– Financial intermediation and insurance did not contribute to GDP growth (0.0%) and the volume of activity changed from the previous estimation by -0.1 percentage points (from 99.9% to 99.8%);
– Real estates had the same contribution to GDP growth (-0.2%) and the volume of activity did not change since the last estimation (97.4%);
– Professional, scientific and technical activities; activities of administrative services and support services did not contribute to GDP growth (0.0%) and the volume of activity changed from the previous estimation by -0.1 percentage points (from 99.8%);
– Public administration and defense; social insurance of public sector; education; health and social assistance did not contribute to GDP growth (0.0%) and the volume of activity did not change from the previous estimation (from 100.2%);
– Shows, culture and recreation activities; repair of households goods and other services recorded the same contribution to the GDP increase of (+0.3%) between the two estimations, and the volume of activity modified as compared with the previous estimation with -0.1 percentage points (from 106.4% to 106.3%).
The volume of net taxes on products decreased with 0.5 percentage points in the provisional (2) version as compared with provisional (1) version, from 104.5% to 104.0%.
From the GDP standpoint, significant changes in the contribution to the GDP growth rate between the two estimates were recorded for:
– Final consumption expenditure of households, from +4.7% to +4.5% as a result of a decrease in volume by -0.2 percentage points, from 107.6% to 107.4%;
– Individual final consumption expenditure of general government, from +0.2% to -0.2% as a result of a decline in volume by 4.7 percentage points, from 102.4% to 97.7%;
– Collective final consumption expenditure of general government, from +0.1% to +0.3% as a result of an increase in volume by +2.7 percentage points, from 100.7% to 103.4%;
– Fixed gross capital formation, from +1.4% to +0.8%, as a result of a drop in the volume of activity by 2.1 percentage points, from 105.3% to 103.2%;