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Bucharest
January 27, 2023
BUSINESS

Romanian economy sees 1.9 pc growth in Q3, three quarter GDP advance at 3.1 pc

Romania’s Gross Domestic Product was higher by 1.9 percent in Q3 in real terms compared to the previous quarter (expressed as seasonally adjusted series), while in a year-on-year comparison the advance was 3.3 percent (seasonally adjusted), according to the ‘flash’ estimates published by the National Statistics Institute (INS).
Expressed as raw series, the GDP increased 3.2 percent in Q3 2014 compared to Q3 2013.
“In the first nine months of 2014, the Gross Domestic Product increased 2.8 percent compared to the same interval of 2013 as raw series, and 3.1 percent as seasonally adjusted series,” reads the cited release.
On the other hand, the National Statistics Institute overall improved its estimates about the progress of the economy in the first two quarters of this year. Following the revisal of the raw series according to the European System of Accounts (ESA 2010) and of the seasonally adjusted series, the Gross Domestic Product decreased 0.3 percent in Q2 2014 compared to Q1 2014 and was 0.5 percent higher in Q1 2014 compared to Q4 2013. INS data released in October showed that the economy had been down 0.9 percent in Q2 compared to Q1 2014, as well as a setback of 0.1 percent in Q4, 2013.
Early this month, the European Commission revised downwards its estimates for Romania’s economic advance in 2014 and 2015, to 2 pc and 2.4 pc respectively, from 2.5 pc in 2014 and 2.6 pc in 2015, as initially set forth in the Community executive body’s spring forecast.
Eurostat: Romania has posted the highest Q3 economic growth in the EU
Romania has posted the highest Q3 economic growth in the European Union, on a quarterly basis, according to preliminary estimates released on Friday by the Eurostat European Statistics Office.  With a quarterly economic growth of 1.9 per cent, Romania was first in the EU. It was followed by Poland (0.9 per cent), the UK and Greece, both with 0.7 per cent each. According to Eurostat data, economy in the Eurozone advanced 0.2 per cent after another quarterly advance of 0.1 per cent in the previous quarter. The entire European Union recorded an economic growth of 0.3 per cent that came after a 0.2 per cent previous rise in the second quarter.
Compared with the similar period the year before, Romania’s Gross Domestic Product (GDP) was up 3.3 per cent, the second largest rise in the European Union, second to Poland’s 3.45 per cent. On the other hand, annual growth in the Eurozone leveled off at 0.8 per cent, while the GDP of the entire EU advanced 1.3 per cent from the second quarter.

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