Romanian economy grew 1.2% in Q3

The Gross Domestic Product (GDP) of Romania increased in real terms by 1.2% in Q3 2022 compared to Q2, the statistics office said.

The seasonally adjusted GDP estimated for the third quarter of 2022 was RON 355.8 bln (EUR 72 bln) at current prices, increasing, in real terms, by 1.2% compared to the second quarter of 2022 and by 4.6% vs the third quarter of 2021, according to INS data cited by News.ro. Seasonal adjustment ensures that the remaining movements in GDP better reflect true patterns in economic activity.

The gross GDP growth for Q3 of 2022 was RON 388.4 bln, 3.8% higher than the same period last year.

Provisional figures show that the GDP growth rate decreased by 0.2% in Q3 compared to previous estimates.

The growth rate of value-added did not change between the two estimates. It did, however, show more significant changes in industry (+0.1 percentage points), from 96.4% to 96.5%; retail and wholesale trade, repair of vehicles and motorcycles, transport and storage, hotels and restaurants (+0.5 percentage points), from 105.1% to 105.6%; information and communication (+0.3 percentage points), from 120% to 120.3%; and real estate transactions (-0.7 percentage points), from 113.1% to 112.4%.

Net taxation revenues on products decreased by 2.9 percentage points compared to previous provisional figures.

Significant changes between current numbers and previous estimates were also recorded in the contribution to GDP growth in Q3. The contribution of spending on household consumption rose from 1.8% to 2.1% as a result of increased volume. The GDP contribution of public spending decreased from 0.6% to 0.4% as a result of decreasing volume.

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