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December 2, 2022

Romania – steepest economic fall in the EU after Greece

Romania is one of the three European Union (EU) member states to report economic decrease in Q3 compared to Q2, with the only member state with a biggest GDP contraction being Greece, according to Eurostat cited by Mediafax. The 0.7 per cent GDP decrease in Romania was only exceeded by the 1.1 per cent GDP contraction posted by Greece. The third country with a negative figure in Q3 is The Netherlands (- 0.1 per cent). The EU economy went up by 0.4 per cent in July-September and so did the GDP in the euro zone, with the biggest growth coming from Finland (1.3 per cent), the Czech Republic (1.1 per cent) and Slovakia (0.9 per cent).

Compared to Q3 of 2009, the decrease by 2.3 per cent noted for Romania was only outrun by the 4.5 per cent fall registered for Greece, while the EU GDP went up by 2.1 per and the GDP in the euro zone by 1.9 per cent in Q3 on a year-upon-year basis.

In addition, an internal survey of the Association of Finance and Banking Analysts of Romania shows that the GDP dropped by 0.7 per cent in Q3 and by an annual rate of 2.3 in 2010. The association expects the economy to continue its downward trend in the last three months of the year, dropping by a quarterly rate of 0.1 per cent and by an annual rate of 2.5 per cent.

On the other hand, Romania is number six from the point of view of industrial output growth in September – up 1 per cent – compared to the previous month. The activity contracted by 0.5 per cent in the ten member states where the indicator had a positive evolution.

Industrial production in Romania registered an annual growth of 4.8 per cent in September, with an average growth of 5.8 per cent in the EU. The indicator dropped in five member states: Greece (7.6 per cent), Portugal (2.4 per cent) an Spain (1.4 per cent) and went up in the rest of the EU member states. The biggest growth was in Estonia (31.1 per cent), Latvia (19 per cent) and the Czech Republic (12.2 per cent).

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