Romania’s economy expanded by an annual 2.4% last year, slowing from 4% growth recorded in 2022, the statistical office said on Thursday, quoting provisional data and revising upwards by 30 basis points (bp) its second provisional estimate released in April. The country's gross domestic product (GDP) increased by 0.9% in the second quarter of 2024, compared to a 1.2% annual increase in the same period of last year, the statistical office, INS said in a separate statement on Thursday, quoting a second set of non-adjusted provisional data. On a seasonally adjusted basis, the country's GDP also expanded by 0.9%, compared to a 2.8% increase in the prior year. The INS revised upwards by 10 bp its first provisional estimate for GDP growth in the second quarter of 2024. Compared to the first quarter, Romania's GDP edged up by 0.3% in April-June, following a 0.4% quarterly decline in January-March. In 2023, final consumption volume grew by 3.7% on the year, accounting for 79% of the nominal GDP value for the period and contributing 3 percentage points (pp) to unadjusted GDP growth. Household consumption alone accounted for 69.2% of the nominal GDP value, while government expenditure represented 9.8%. Gross capital formation increased by 14.5%, making up 27% of the economic output in unadjusted terms. Trade was the most significant negative economic contributor in the second quarter, taking away 4.8 pp from unadjusted GDP growth in 2023. The agricultural sector’s output saw a 9.6% annual expansion, representing 3.9% of the nominal GDP value in 2023. The industrial sector contracted by 2.2%, representing 19.1% of the nominal aggregate, while the construction sector's output rose by 12%, accounting for 6.6% of total output. In Q2 2024, the agriculture sector grew by 16.1% year-on-year but decreased its share of nominal GDP to 1.9%. The industrial sector contracted by 0.5%, contributing 17.1% to GDP, while construction increased by 3.3%, making up 5.4%. Total final consumption was the main economic driver, representing 80.8% of nominal GDP, and gross fixed capital formation accounted for 26.5%. Foreign trade negatively impacted GDP by 6.7 percentage points. In the first half of 2024, Romania’s GDP grew by an unadjusted 0.7% and a real 1.4% on the year. In 2022, Romania's economic output rose by an annual 4%, slowing down from a 5.5% increase in 2021, the INS said in a final data release for the year, adjusting downwards its December semifinal data release by 10 bp. Romania's economy is expected to expand by an estimated 3.3% in 2024, the European Commission said in its Spring 2024 Economic Forecast report issued in May, revising upwards its previous forecast for 2.9% growth.
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
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The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
