Romania hits the brake on economic growth in Q3 2019

Romania’s economy increased by 3% in the third quarter (Q3) of 2019 compared to the same quarter of 2018, in gross terms, according to the National Statistics Institute (INS).

In seasonally adjusted terms, the growth rate was 3.2%, the lowest since Q4 2014, INS data shows. The local economy has slowed down significantly from a growth rate of 4.9% in the first quarter (Q1) and 4.3% in the second quarter (Q2).

Compared to the previous quarter, Romania’s GDP increased by 0.6% in Q3 (also in seasonally adjusted terms). The quarterly growth rate stood at 0.8% in Q2 (revised down from 1%) and 1% in Q1 (revised down from 1.2%).

For the first nine months of 2019, the economic growth rate was 4.0% (in gross terms) and 4.1% (in seasonally adjusted terms).

The state budget for 2019 was built on the assumption of a 5.5% economic growth rate. In 2018, Romania’s economy increased by 4.1% after a 7.1% growth rate in 2017.

The National Statistics Institute (INS) will release detailed data about the economic growth in Q3 on December 5.

(Photo source: Romania-Insider.com)