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Economy contracts by 3.9pct in 2020; GDP declines 1.5pct in Q4 2020
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Gross domestic product in Q4 2020 was, in real terms, by 5.3%1 higher, as compared to Q3 2020;
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As against the same quarter of 2019, the Gross Domestic Product recorded a decrease by 1.5% for unadjusted series and by 1.7% for seasonally adjusted series;
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The seasonally adjusted series of quarterly Gross Domestic Product were readjusted as a result of the introduction of the estimates for Q4 2020, but no significant differences were recorded as compared to the revised version published on National Institute of Statistics web-site and announced in the Press release no. 10 of January 12, 2021.
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The Gross domestic product flash estimates, as well as the provisional ones, are affected by the difficulties posed by the pandemic crisis and by the establishment of the State of emergency. These difficulties are connected to the collection of basic data representing entries for national accounts and have materialized by an increase of the non-response rate. To complete the information alternative data sources had been used in order to affect as less as possible the quality of the produced indicators. According to current practice, the data published today will be revised, according to the Press Release Calendar and the national accounts revision policy published on NIS web-site, when new data sources become available.
The Romanian economy contracted by 3.9% in 2020, and in the last quarter of 2020 the country's Gross Domestic Product (GDP) declined 1.5% from the same quarter of 2019, according to data published by the National Institute of Statistics (INS) on Tuesday.
According to the INS, the GDP increased by 5.3% in Q4 2020 on a quarterly basis and seasonally adjusted, but it was down 1.7% from the same quarter of 2019.
Unadjusted, the Q4 2020 GDP was down 1.5% y-o-y.
In 2020, compared with 2019, the GDP decreased by 3.9%.
"Following the revision of the quarterly unadjusted GDP series due to the inclusion of the Gross Domestic Product estimate for the fourth quarter of 2020 in the quarterly series, the seasonally adjusted series was recalculated, with the volume indices being revised from the second provisional version of the Gross Domestic Product for Q3 2020, published in press release No 10 of January 12, 2021. Thus: the results of the first quarter of 2020, as against the fourth quarter of 2019, were revised from 100.0% to 100.2%; the results of the third quarter of 2020, compared with the second quarter of 2020 were revised from 105.8% to 106.1%," according to INS.