The Gross Domestic Product grew by 0.5% in Q1 2024, compared to the previous quarter, and by 0.1% year-over-year, according to data from the National Institute of Statistics (INS), published on Wednesday.

As seasonally adjusted series, the economic growth stood at 1.8% compared to the same period last year.

„As a result of the revision of the unadjusted series by including the estimate of Gross Domestic Product for Q1 2024, the seasonally adjusted series has been recalculated, with the volume indices revised from the second provisional version of Gross Domestic Product for Q4 2023, published in press release no. 86 of 9 April 2023. Thus: the results for Q1 2023, compared to Q4 2022, were revised from 99.2% to 99.8%; the results for Q2 2023, compared to Q1 2023, were revised from 101.4% to 101.0%; the results for Q3 2023, compared to Q2 2023, were revised from 101.0% to 100.9%; the results for Q4 2023, compared to Q3 2023, were revised from 99.5% to 99.4%,” INS said in a press release.

According to the source, seasonally adjusted series are recalculated quarterly in line with European practice.

The European Bank for Reconstruction and Development (EBRD) announced on Wednesday morning that it has not changed its estimates for the evolution of the Romanian economy in 2024 and warns that the main vulnerability remains the fiscal position.

On the other hand, the International Monetary Fund (IMF) has revised downwards its estimates for the growth of the Romanian economy this year, from 3.8% as estimated in October, to 2.8%, according to the World Economic Outlook report published in April.

The budget for the current year is based on economic growth of 3.4%.

AGERPRES