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October 7, 2022

Romania tops EU’s economic growth rankings in Q3

Compared to the same period last year, our country is third in the region, behind the Czech Republic and Poland

According to Eurostat’s second statistical forecast, in the third quarter this year Romania registered the highest economic growth in the European Union compared to the previous quarter.
Thanks to a quarter-on-quarter economic growth of 1.4 per cent, Romania tops the EU rankings, followed by Croatia (1.3 per cent), Malta (1.1 per cent), Latvia (1 per cent), Poland and Slovakia (0.9 per cent each), Sweden and Spain (0.8 per cent each). The only economic slumps were registered by Greece (-0.9 per cent), Estonia and Finland (-0.5 per cent each) and Denmark (-0.1 per cent).

According to Eurostat, the Euro Area’s GDP grew by 0.3 per cent in Q3 compared to a growth of 0.4 per cent in Q2, while the European Union’s GDP grew by 0.4 per cent and 0.5 per cent respectively.

Compared to the same period last year, Romania’s GDP registered a growth of 3.6 per cent in Q3, the fifth largest level in the European Union after that posted by Malta (5.6 per cent), the Czech Republic (4.5 per cent), Sweden (3.9 per cent) and Poland (3.7 per cent). The only slumps were registered in Greece (-1.1 per cent) and Finland (-0.2 per cent).

The Euro Area’s year-on-year GDP growth stood at 1.6 per cent in Q3, a level similar to the one registered the previous quarter, while the EU’s year-on-year GDP growth stood at 1.9 per cent, the same level as the one registered the previous quarter.

The Eurostat data is similar to the estimates published by the National Statistics Institute (INS), according to which Romania’s GDP grew by 1.4 per cent quarter-on-quarter in real terms in Q3, while its growth stood at 3.6 per cent year-on-year both as gross series and as series adjusted to seasonality.

The European Commission (EC) recently improved its forecasts for Romania’s economic growth this year, from 2.8 per cent forecast in May to 3.5 per cent forecast in its autumn forecast report. Romania’s GDP is expected to grow by 4.1 per cent in 2016 and 3.6 per cent in 2017, thanks to the consolidation of consumption against the backdrop of fiscal relaxation.

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