GDP increases 2.1pct in 2023 compared to 2022

  The gross domestic product estimated for 2023 was, as a gross series, almost 1,605.6 billion lei at current prices, increasing, in real terms, 2.1% compared to 2022, the National Institute of Statistics (INS) informs in a press release.In the fourth quarter, the Gross Domestic Product was, in real terms, 0.5% lower than in the third quarter of 2023. Compared to the same quarter of 2022, GDP grew 3% on the gross series and 1.1% on the seasonally adjusted series."The seasonally adjusted series of quarterly Gross Domestic Product has been recalculated following the revision of the estimates for quarters I-IV 2023, with no significant changes from the previously published version," the release said.The Gross Domestic Product, seasonally adjusted, estimated for the fourth quarter of 2023 accounted for 420.72 billion lei at current prices, down, in real terms, 0.5% compared to the previous quarter and up 1.1% compared to the fourth quarter of 2022.On a gross basis, the GDP estimated for the fourth quarter of 2023 was 481.433 billion lei at current prices, up 3% in real terms compared to the fourth quarter of 2022.As regards the contributions to GDP growth by resource category for the year 2023, there are generally no changes from the previously published version. Agriculture, forestry and fisheries made the same contribution to GDP growth (+0.4%) between the two estimates, and the volume of activity remained unchanged from the previous estimate (110.2%). Industry had the same contribution to GDP growth (-0.5%) between the two estimates and the volume of activity remained unchanged from the previous estimate (97.7%). Constructions registered the same contribution to GDP growth (+0.8%) between the two estimates and the volume of activity remained unchanged from the previous estimate (111%).For wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants the contribution has been adjusted from +0.2% to +0.1%, due to the change in the volume of activity by minus 0.2 percentage points (from 100.8% to 100.6%).In the case of information and communications, the same contribution to GDP growth (+0.4%) was recorded between the two estimates, and the volume of activity remained unchanged from the previous estimate (105.1%).Financial intermediation and insurance activities had no contribution to GDP growth (+0.0%) in both estimates, and the volume of activity changed by -0.1 percentage points (from 99.3% to 99.2%). Real estate transactions made the same contribution to GDP growth (+0.1%) between the two estimates, and the volume of activity was unchanged from the previous estimate (101.6%), while professional, scientific and technical activities; administrative and support service activities registered the same contribution to GDP growth (+0.3%) between the two estimates, and the volume of activity changed by plus 0.1 percentage points (from 103.6% to 103.7%).Public administration and defence; social insurance in the public system; education; health and social work, remained unchanged (+0.1%), the volume of activity is the same as in the previous estimate (100.9%), and entertainment, cultural and recreational activities; repair of household goods and other services made the same contribution to GDP growth (+0.1%) between the two estimates, while the volume of activity was not modified from the previous estimate (105.1%).In 2023, GDP dynamics is the same as in the previous scenario and the volume of net taxes on output increased 0.8 percentage points compared to the previous estimate, from 103% to 103.8%.In terms of GDP use, the contribution to GDP growth in 2023 between the two estimates changed in the general government individual final consumption expenditure, from +0.2% to +0.4%, due to an increase in its volume by 2.2 percentage points from 102, 8% to 105.0%, Actual collective final consumption of general government, went from +0.3% to +0.6%, due to its volume increase by 4.0 percentage points from 102.9% to 106.9% and gross fixed capital formation, from +2.9% to +3.6%, due to its volume increase by 2.4 percentage points from 112.0% to 114.4%.