Romania’s GDP  up 0.8pct in 2024 y-o-y

Romania's estimated gross domestic product (GDP) for 2024 was RON1,760.11 billion in current prices, up 0.8% in real terms from 2023, the National Institute of Statistics (INS) reported on Thursday.In Q4 2024, GDP was 0.6% higher in real terms than Q3 2024, and also up 0.5% over Q4 2023"The seasonally adjusted series of the quarterly Gross Domestic Product was recalculated as a result of the revision of the estimates for the Q1-04 2024, with changes being recorded from the version published on March 7, 2025," according to INS.The seasonally adjusted Q4 2024 GDP is RON 451.39 billion in current prices, up 0.6% in real terms from Q 3 2024 and 0.5% from Q4 2023.Regarding the contributions to GDP growth by resource categories, for 2024, the INS specifies that there were no changes in its version published on March 7, 2025.Thus, agriculture, forestry and fisheries contributed -0.2%, from -0.4% previously, as a result of a change in the volume of activity by +4.6%, from 89.5% to 94.1%.Industry did not contribute to GDP growth (+0.0%) in the two estimates, and the volume of activity changed by -0.2%, from 100.0% to 99.8%. Constructions reported the same contribution to the GDP change (-0.2%) between the two estimates, and the volume of activity changed from the previous estimate by -0.2%, from 97.6% to 97.4%.As regards wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; Hotels and restaurants, the contribution was adjusted from +0.4% to +0.3%, as a result of the change in the volume of activity by -0.4%,from 102.1% to 101.7%.Information and communications did not contribute to GDP growth (+0.0%) in the two estimates, and the volume of activity did not change from the previous estimate (100.3%).Also, financial intermediation and insurance did not contribute to GDP growth (+0.0%) in the two estimates, and the volume of activity did not change from the previous estimate (99.7%). Real estate trades reported the same contribution to the change in GDP (-0.1%) between the two estimates, and the volume of activity did not change from the previous estimate (98.7%). Professional, scientific and technical activities; administrative services and support services activities did not contribute to GDP growth (+0.0%) in the two estimates, and the volume of activity did not change from the previous estimate (100.1%).In terms of public administration and defence; social security in the public system; education; healthcare and social work, there were no changes in the contribution between the two estimates (+0.1%), and the volume of activity decreased from the previous estimate by 0.1%, from 100.6% to 100.5%.Entertainment, cultural and recreational activities; repairs of household products and other services recorded the same contribution to GDP growth (+0.2%) between the two estimates, and the volume of activity did not change from the previous estimate (106.8%).In 2024, GDP growth changed in the current provisional version, from the previous version, by -0.1%, from 100.9% to 100.8%.The volume of net taxes per product decreased by 1% in the current provisional version from the previous version, from 109.6% to 108.6%.In terms of GDP use, changes in the contribution to GDP growth in 2024, between the two estimates, were recorded in: household final consumption expenditure, from +3.6% to +3.7%, as a result of an increase in its volume by 0.1%, from 105.9% to 106.0%; on final consumption expenditure and public administration expenditure, from -0.2% to +0.1%, as a result of an increase in its volume by 5.0%, from 97.0% to 102.0%; the actual collective consumption expenditure of general government, from -0.2% to 0.0%, as a result of an increase in its volume by 2.1%, from 97.6% to 99.7% and the gross fixed capital formation, from -0.4% to -0.9%, as a result of a decrease in its volume by 1.6%, from 98.3% to 96.7%.