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Eurostat: Romania, among EU countries with strongest economic contraction in Q4 2023
In Q4 2023, seasonally adjusted GDP remained stable in both the euro area and the EU, compared with the previous quarter, with Romania ranking among the member countries with the strongest quarterly economic contractions, according to an estimate published on Friday by Eurostat, the statistical office of the European Union.
Denmark (+2.0%) recorded the highest increase of GDP compared to the previous quarter, followed by Croatia (+1.3%) and Slovenia (+1.1%). The highest decreases were reported in Ireland (-3.4%), followed by Estonia, Finland (both -0.7%) and Romania (-0.5%).
In Romania's case, the contraction of 0.5% in Q4 2023 comes after an advance of 1% in Q3, as well as an advance of 1.4% in Q2.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.2% in the EU in Q4 2023, after +0.1% in both zones in the previous quarter.
Romania's economy grew by 1.1% at an annual pace in the last three months of 2023, a significant slowdown after a 3.5% advance recorded in Q3.
Also on Friday, Eurostat announced that the number of employed persons increased by 0.3% in the euro area and by 0.2% in the EU in Q4 2023, compared with the previous quarter. In Q3 2023, employment had increased by 0.2% in both zones.
In Q4 2023, Romania (+1.5%), Malta (+1.4%) and Spain (+0.8%) recorded the highest growth of employment in persons compared with the previous quarter.
Based on seasonally adjusted figures, Eurostat estimates that in Q4 2023, 217.1 million people were employed in the EU, of which 169.3 million were in the euro area.
As for Romania, the National Institute of Statistics (INS) revised upwards the economic growth in 2023, to 2.1%, and downwards that of Q4 2023, to minus 0.5%. Thus, the Gross Domestic Product (GDP), seasonally adjusted, estimated for Q4 2023, was RON 415.906 billion in current prices, decreasing - in real terms - by 0.5% compared to Q3 2023, and up by 1.1% from Q4 2022.
At the level of 2023 current prices, the estimated Gross Domestic Product was RON 1,598.576 billion, up 2.1% from the previous year.