Romania GDP Q3 2021


Romania: Economic growth moderates in the third quarter

November 17, 2021

The economy continued to grow, albeit at a softer pace, in the third quarter. GDP expanded 7.2% year-on-year, decelerating from the 13.9% jump recorded in Q2 amid a waning base effect.

Underlying momentum also lost steam as the economy expanded 0.3% on a seasonally-adjusted quarter-on-quarter basis in Q3. This was down from the 1.5% increase recorded in the second quarter.

A detailed breakdown of national accounts data for the third quarter will be released on 7 December.

Commenting on the outlook, Valentin Tataru, chief Romania economist at ING, noted:

“All things considered, we lower our GDP growth forecast for 2021 to 6.5% and maintain a mildly optimistic estimate of 4.5% for 2022. The risks for next year’s growth outlook are slightly skewed to the downside given the slowing economic momentum and marginally higher (but still deeply real negative) interest rates.”

FocusEconomics Consensus Forecast analysts see GDP expanding 4.9% in 2022, which is unchanged from last month’s forecast. For 2023, analysts see growth at 4.7%.

Author: Massimo Bassetti, Senior Economist

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