Romania GDP


Economy contracts less than initially reported in Q3

In the third quarter, GDP contracted a revised 0.5% over the same period the previous year, according to data published on 8 January. The print came in slightly above the 0.6% drop estimate released on 6 December and contrasted the 1.1% expansion recorded in the second quarter.

The slight improvement came on the back of upward revisions to private consumption and investment. Private consumption fell a revised 1.3% over the same period the previous year (previously reported: -1.4% year-on-year), while government expenditure rose 1.7%. On the other hand, gross fixed investment decelerated but remained strong, expanding a revised 11.7% (previously reported: +9.9% yoy).

Meanwhile, the external sector's net contribution to overall economic growth remains negative, as the Eurozone crisis dampens demand for Romania's exports. Exports of goods and services contracted 5.2% in the third quarter (Q2 2012: -0.5% yoy), while imports fell a softer 2.3% (Q2: +0.2% yoy).

A quarter-on-quarter comparison corroborates the contraction suggested by the annual figures. GDP fell a revised 0.4% in seasonally adjusted terms in the third quarter (previously reported: -0.5% qoq), which contrasted the 0.2% increase recorded in Q2.


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Romania GDP Chart

Romania GDP Q3 2013

Note: Year-on-year changes of GDP in %.
Source: National Institute of Statistics and FocusEconomics Consensus Forecast.

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