New data released by Statistical Institute show GDP stagnation in Q3 against Q2, 2024

 The gross domestic product stagnated in the third quarter of last year, compared to the previous quarter, according to new provisional data published on Friday by the National Institute of Statistics (INS).In previous communications, the INS initially showed a stagnation of GDP in Q3 compared to Q2 (seasonally adjusted data published on November 14) and subsequently estimated a decrease of 0.1% (provisional data published on December 6).As seasonally adjusted series, the estimated GDP for the third quarter of 2024 was 446.176 billion RON in current prices, unchanged in real terms compared to the second quarter of 2024 and down 0.1% compared to the third quarter of 2023.As gross series, the estimated GDP for the third quarter was 471.561 billion RON in current prices, up 1.2% in real terms compared to the third quarter of 2023.According to figures published on Friday, compared to the third quarter of last year, the Gross Domestic Product saw an increase of 1.2% as gross series and a decrease of 0.1% as seasonally adjusted series.In the first nine months of this year, the Gross Domestic Product increased by 0.9% as both gross series and seasonally adjusted series, compared to the similar period last year. The estimated gross domestic product for the period January - September 2024 was 1,314 billion RON at current prices as adjusted series and 1,242 billion RON at current prices as gross series."Compared to the provisional version, in the third quarter of 2024 provisional version, GDP increased by 0.1 percentage points compared to the previous forecast (from 101.1% to 101.2%), and the dynamics of GVA [gross value added - editor's note] increased by 0.3 percentage points compared to the provisional version (from 99.3% to 99.6%)," according to the INS.The volume of gross value added by activity branches registered more important changes between the two estimates, as follows: agriculture, forestry and fishing saw the same contribution to GDP growth (-1.9%) in the two estimates, and the volume of activity did not change compared to the previous estimate (80.2%), while constructions saw an increase in contribution, from +0.0% to +0.1% between the two estimates, as a result of the increase in the volume of activity by +0.5 percentage points (from 100.9% to 101.4%).Wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants recorded the same contribution to GDP growth (+0.7%) in the two estimates, and the volume of activity decreased by 0.1 percentage points (from 104.3% to 104.2%), real estate transactions had the same contribution to GDP growth (-0.1%), and the volume of activity did not change compared to the previous estimate (99.1%) and professional, scientific and technical activities; administrative service activities and support service activities recorded an increase in contribution, from +0.4% to +0.5% between the two estimates, as a result of the increase in the volume of activity by +0.5 percentage points (from 104.2% to 104.7%).Industry, information and communications, financial brokerage and insurance did not contribute to GDP growth.The volume of net taxes on product decreased by 0.8 percentage points in the provisional version (2) compared to the provisional version (1), from 120.2% to 119.4%.From the point of view of GDP use, significant changes in the contribution to GDP growth in the third quarter of 2024, between the two estimates, were recorded in the expenditure for final consumption of households, from +3% to +3.1%, as a result of an increase in its volume by +0.1 percentage points (from 105.3% to 105.4%), the expenditure for individual final consumption of public administrations, from -0.2% to +0.1%, as a result of an increase in its volume by +5.3 percentage points (from 96.2% to 101.5%), the effective collective final consumption of public administrations, from -0.3% to -0.1%, as a result of an increase in its volume by +3.0 percentage points (from 96.2% to 99.2%) and gross fixed capital formation, from +0.3% to +0.2%, as a result of a decrease in its volume by -0.3 percentage points (from 100.7% to 100.4%).