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August 8, 2022

Romanian economy grows 5.6 pct in 2021; GDP advances 2.2 pct in Q4 2021

The Romanian economy grew 5.6% last year, and in the last quarter of 2021 the Gross Domestic Product (GDP) rose by 2.2% compared to the same period in 2020, but fell by 0.5 % compared to the previous quarter, according to the flash estimated data published on Tuesday by the National Institute of Statistics (INS).

According to the INS, on a seasonally adjusted series, in the fourth quarter of 2021, compared to the previous quarter, the Gross Domestic Product decreased by 0.5%. Compared to the same quarter of 2020, the GDP grew by 2.7%.

By gross series, compared to the same quarter of 2020, the Gross Domestic Product, in the fourth quarter of 2021, increased by 2.2%. In 2021, compared to 2020, the Gross Domestic Product increased by 5.6%.

“Following the revision of the quarterly gross GDP series due to the inclusion of the Gross Domestic Product estimate for the fourth quarter of 2021 in the quarterly series, the seasonally adjusted series was recalculated, the volume indices being revised compared to the second provisional version of the Gross Domestic Product for Q3 2021, published in press release No. 9 of January 12, 2022. Thus: the results of the first quarter of 2021, compared to the fourth quarter of 2020, were revised from 102.2% to 102.0%, the results of the second quarter of 2021, compared with the first quarter of 2021 were revised from 101.5% to 101.1%, the results of the third quarter of 2021, compared to the second quarter of 2021, were revised from 100.4% to 100.1%. The seasonal adjusted series are recalculated quarterly in accordance with European practice,” INS mentions.


PNL’s Citu: My estimates show economic growth towards 6% for 2021


The president of the Senate, the leader of the National Liberal Party (PNL), Florin Citu, considers that the current figures – 5.6% for the economic growth – are “partial”, specifying that he expects this growth for 2021 to be towards 6%.

“Economic growth has been higher than the budgeted one. A real economic growth of 4.6% has been budgeted. Now we have a growth of 5.6% for 2021. These are partial data. I think it will go towards 6%. My estimates show a growth towards 6% for 2021 and even it is 5.6%, it is however one percentage point above what we had in the budget. Budget revenues are higher than what we had in 2021. The slowdown at the end of 2021 – the new government at that time – and we could no longer take remedial actions,” Citu said on Tuesday in the Senate, according to Agerpres.

According to Citu, “regulation, capping do not solve the price problem”, the proposed solution being a cross-party agreement for energy investments until 2026.



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