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Romania's economy grows slightly by 0.1 pct in Q1 2023
Romania's economy grew slightly, by 0.1%, in the first quarter of this year, compared to the previous three months, while compared to the same period last year, GDP growth was 2.3% as unadjusted series, and 2.8% as seasonally adjusted series, according to data from the National Institute of Statistics (INS) published on Tuesday.
"Following the revision of the unadjusted series by including the estimate of Gross Domestic Product for the first quarter of 2023, the seasonally adjusted series has been recalculated, with the volume indices revised from the second provisional version of Gross Domestic Product for the fourth quarter of 2022, published in press release no. 84 of April 7 2023. Thus : the results of Q1 2022, compared to Q4 2021, were revised from 101.3% to 101.6% ; the results of Q2 2022, compared to Q1 2022, were revised from 101.2% to 100.7%; the results of Q3 2022, compared to Q2 2022, were revised from 101.2% to 101.0% ; the results of Q4 2022, compared to Q3 2022, had the same value, namely 101.0%," the INS press release states.
The European Commission on Monday upgraded its estimates for Romania's GDP growth this year and next year, and according to the new forecasts the economy is expected to grow by 3.2% in 2023 and 3.5% in 2024. In the winter forecast, the European Commission estimated Romania's GDP growth at 2.5% in 2023 and 3% in 2024.
On the other hand, in April, the International Monetary Fund (IMF) significantly revised its estimates for the growth of the Romanian economy this year, from 3.1% as forecast in the autumn to 2.4%, shows the latest World Economic Outlook report.