RSS
Romania's Q3 2021 economic growth, upwardly revised to 0.4pct
- As against the same quarter of 2020, the Gross Domestic Product recorded an increase by 7.4% for the unadjusted series and by 8.1% for the seasonally adjusted series;
- In the period 1.I-30.IX 2021, as against the same period of the previous year, the Gross Domestic product increased by 7.1% for the unadjusted series and by 6.9% for the seasonally adjusted series;
- The seasonally adjusted series of quarterly Gross Domestic Product was readjusted as a result of the revision of the estimates for Q3 2021 but no significant differences were recorded as compared to the version published in the Press release no. 296 of November 16, 2021.
The National Institute of Statistics (INS) has upwardly revised Romania's Q3 2021 economic growth, to 0.4% from a previous 0.3%; compared with the similar period of 2020, the country's Gross Domestic Product (GDP) was up 7.4% unadjusted and 8.1% seasonally adjusted, according to provisional data released on Tuesday.
On November 16, INS announced that the Romanian economy slowed down to 0.3% in the third quarter on a quarterly basis; against the same period last year, the GDP advanced 7.2% unadjusted and 8% seasonally adjusted.
January 1 - September 30, 2021, the GDP increased by 7.1% unadjusted and by 6.9% seasonally adjusted, all against January 1 - September 30, 2020.
Initial Q3 2021 GDP seasonally adjusted estimates were 295.216 billion lei current prices, up in real terms 0.4% from Q2 2021 and 8.1% from Q3 2020.
Initial estimates placed Q3 2021 GDP at 866.299 billion lei current prices, up 6.9% in real terms from Q3 2020.
Unadjusted, Q3 2021 GDP reached 322.788 billion lei current prices, up in real terms 7.4% over Q3 2020.
The estimated GDP Q1 through Q3 2021 was 819.042 billion lei current prices, up in real terms 7.1% over January 1 - September 30, 2020.
INS says that the following branches had more important positive contributions to the GDP growth, January 1 - September 30, 2021 y-o-y: wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; hotels and restaurants (+ 2.0%), with a share of 18.7% in the GDP formation and whose turnout advanced 10.9%; industry (+ 1.3%), with a share of 19.1% in the GDP formation, up 7.1% by volume; agriculture, forestry and fishery (+ 1.0%), with a lower share in GDP formation (5.1%), but with a surge in activity by 23.2%.
Net taxes on products had a significant positive contribution (+ 0.8%), up in volume by 9.0%.
An increase in the volume of household final consumption expenditure by 7.5% contributed 4.6% to the GDP growth rate, while a 6.2% increase in the gross fixed capital formation contributed 1.5% to the GDP growth rate.
Net export had a negative impact (-1.9%), as a consequence of an increase in the volume of exports of goods and services by 13.8% coupled with a higher increase in the volume of imports of goods and services (16.7%).