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Bucharest
December 4, 2022
ECONOMYFINANCE&BANKING

INS: Romania’s GDP drops by 3.7pct in 2020 compared to 2019

Romania’s Gross Domestic Product (GDP) estimated for 2020, final data, stood at 1,066.780 billion lei current prices, declining, in real terms, by 3.7pct compared to 2019, according to the National Institute of Statistics (INS) data.

Compared to the semi-final version, the final version of the nominal Gross Domestic Product estimated for 2020 increased by 0.7pct.

The INS mentions that in 2020, changes in the contribution to the GDP decrease, between the two estimated data, were recorded in the following branches: industry, from -0.9pct to -1.4pct, as a result of the change in the volume of activity by -2 percentage points (from 95.5pct to 93.5pct); wholesale and retail trade; motor vehicle and motorcycle repair; transportation and storage; hotels and restaurants, from -1.2pct to -0.6pct, as a result of the change in the volume of activity by +3.2 percentage points (from 93.6pct to 96.8pct); professional, scientific and technical activities; administrative services activities and support services activities, from -0.2 to -0.5, as a result of the change in the volume of activity by -3.6 percentage points (from 97.5pct to 93.9pct); public administration and defence; social insurance of the public system; education; healthcare and social assistance, from +0.1pct to -0.1pct, as a result of the change in the volume of activity by -1.1 percentage points (from 100.6pct to 99.5pct).

By category of uses, in 2020, more important changes in the contribution to the GDP decrease, between the two estimated data, were recorded in the final consumption expenditure of households, from -3.2pct to -2.4pct, as a result of changing its volume by +1.2 percentage points (from 94.9pct to 96.1pct); the final consumption expenditure of public administrations, from +0.4 to +0.2, as a result of changing its volume by -0.7 percentage points (from 101.8pct to 101.1pct); the stocks variation, from -0.3pct to -0.2pct; the net export of goods and services, from -1.5pct to -1.6 percent.

 

Photo: www.pixabay.com

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