Romania’s GDP maintains its high growth rate: 5% in the first 9 months and 4.7% in Q3 2022/Q3 2021

By RBJ
Romania’s economy rose, in the first nine months of the current year, by 5% on the gross series and by 4.3% on the seasonally adjusted series, compared to a similar period in 2021, while in the third quarter the Gross Domestic Product maintained growth in real terms by 1.3% compared to the previous quarter, according to provisional data published on Wednesday by the National Institute of Statistics (INS).
Compared to the third quarter of 2021, GDP rose in the third quarter of 2022 by 4.0% on the gross series and by 4.7% on the seasonally adjusted series.
“In the period 1.1 – 30.IX 2022, the Gross Domestic Product increased, compared to the period 1.1 – 30.IX 2021, by 5.0% on the gross series and by 4.3% on the seasonally adjusted series. The series the seasonally adjusted Quarterly Gross Domestic Product was recalculated as a result of the inclusion of estimates for the III quarter of 2022, with no differences being recorded compared to the version published in press release No. 288 of November 15, 2022,” states the INS.
The Gross Domestic Product – seasonally adjusted data – estimated for the third quarter of 2022 was 357.183 billion lei current prices, increasing – in real terms – by 1.3% compared to the second quarter of 2022 and by 4.7% compared to the third quarter of 2021.
The estimated Gross Domestic Product for the first nine months of 2022 was 1,056.34 billion lei at current prices, increasing – in real terms – by 4.3% compared to the period January 1 – November 30, 2021.
On a gross basis, the estimated Gross Domestic Product for the third quarter of 2022 was 390.134 billion lei at current prices, increasing – in real terms – by 4% compared to the third quarter of 2021.
The estimated GDP for the period January 1 – November 30, 2022, was 999.994 billion lei at current prices, increasing – in real terms – by 5% compared to a similar period in 2021.
The following branches had more important positive contributions to GDP growth in the first three quarters: wholesale and retail trade; motor vehicle and motorcycle repair; transport and storage; hotels and restaurants (+1.4%), with a weight of +18.7% in GDP formation and whose volume of activity increased to +7.6%; information and communications (+1.5%), with a weight of +6.9% in GDP formation and whose volume of activity increased with a significant increase of +22.5%; real estate transactions (+0.7%), with a share in GDP formation of +6.9%, which registered an increase in the volume of activity of +8.7%; professional, scientific and technical activities; administrative services activities and support services activities (+0.9%), with a share in GDP formation of +7.1%, registering an increase in the volume of activity of +14.4%.
“A positive contribution was made by the net taxes on the product (+0.7%), registering an increase in their volume by +6.4%”, states the INS.
From the point of view of GDP use, the increase was mainly due to: expenditure for the final consumption of households, the volume of which increased by +5.8%, contributing +3.7% to GDP growth; gross fixed capital formation, whose volume increased by +7.3%, contributing +1.8% to GDP growth; the expenditure for individual final consumption of public administrations increased in volume to +9.9% and contributed +0.7% to GDP growth.
Net export had a negative impact (-0.8%), a consequence of the increase in the volume of exports of goods and services by +11%, correlated with a greater increase in the volume of imports of goods and services (+11.2%).