Bucharest, March 8, 2024 – RBJ – According to the National Institute of Statistics of Romania, the estimated Gross Domestic Product for the year 2023 was 1,598 billion lei at current prices (approx. 330 billion euros), increasing – in real terms – by 2.1% compared to the year 2022.
Most branches of the economy contributed to the GDP increase in 2023 compared to 2022, with the following branches making positive contributions:
-Agriculture, forestry and fishing (+0.4%), with a weight of 3.9% in GDP formation and whose volume of activity increased by 10.2%;
Constructions (+0.8%), with a share of 8.1% in GDP formation and whose volume of activity increased by 11%;
-Wholesale and retail trade; motor vehicle and motorcycle repair; transport and storage; hotels and restaurants (+0.2%), with a weight of 20.5% in GDP formation and whose volume of activity increased by 0.8%;
-Information and communications (+0.4%), with a weight of 7.1% in GDP formation and whose volume of activity increased by 5.1%;
Real estate transactions (+0.1%), with a weight of 7.3% in GDP formation and whose volume of activity increased by 1.6%;
– Professional, scientific and technical activities; administrative services activities and support services activities (+0.3%), with a weight of 8.2% in GDP formation and whose volume of activity increased by 3.6%;
– Public administration and defense; social insurance from the public system; education; health and social assistance (+0.1%), with a share of 11.9% in GDP formation and whose volume of activity increased by 0.9%;
– Performance, cultural and recreational activities; repairs of household products and other services (+0.1%), with a weight of 2.8% in GDP formation and whose volume of activity increased by 5.1%.
Industry had a negative contribution to the change in GDP (-0.5%), as a result of the decrease in its activity volume by 2.3%.
A positive contribution to GDP growth was also made by net taxes on the product (+0.2%), registering an increase in their volume by 3%.
From the point of view of GDP use, the increase was mainly due to:
-Expenditures for the final consumption of households, the volume of which increased by 2.9%, contributing +1.8% to GDP growth;
Expenditures for individual final consumption of public administrations, whose volume increased by 2.8%, contributing +0.2 to GDP growth;
-The effective collective final consumption of public administrations, whose volume increased by 2.9%, contributing +0.3% to GDP growth;
Gross fixed capital formation, whose volume increased by 12%, contributing +2.9% to GDP growth.
Both exports of goods and services and imports of goods and services had a negative contribution to the change in GDP (-0.9%), as a result of the decrease in their volume by 2.1% and 1.8%, respectively.
The gross series of the Gross Domestic Product for the year 2022 was revised to ensure consistency with the annual data – the semi-final version, published in the press release of December 21, 2023. The revision took place as a result of the application of the new policy for the revision of macroeconomic indicators, developed in order to comply with the requirements imposed by Regulation 2304/2016 regarding the methods, structure, periodicity and evaluation indicators of the reports on the quality of data transmitted according to Regulation (EU) no. 549/2013 of the European Parliament and of the Council.
As a result of the change in the gross series through the revision of the quarterly series for the year 2022, as well as the revision of the quarterly gross series for the year 2023, the seasonally adjusted series was recalculated, the volume indices being revised against the signal variant of the Gross Domestic Product for the fourth quarter of 2023, published in the press release of February 14, 2024.
Seasonally adjusted series are recalculated quarterly in accordance with European practice.
