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Romania’s economy up 4pct in 2022 against 2021, according to the National Statistics Institute

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The estimated gross domestic product (GDP) for 2022 was 1,389.450 billion RON current prices, increasing in real terms by 4% compared to 2021, according to data released by the National Institute of Statistics (INS).

Compared to the semi-final version, in the final version the estimated gross GDP for 2022 is lower by 0.1%.

INS specifies that, in 2022, changes in the contribution to the GDP decrease, between the two estimates, were recorded by the following fields: agriculture, from -1.1% to -0.7%, as a result of the change in the volume of activity by +9, 3 percentage points (from 76.6% to 85.9%); industry, from -0.9% to -2.2%, as a result of the change in the volume of activity by -6.8 percentage points (from 95.4% to 88.6%); constructions, from +0.2% to 0.0%, as a result of the change in the volume of activity by -3.2 percentage points (from 102.5% to 99.3%); wholesale and retail trade; motor vehicle and motorcycle repair; transportation and storage; hotels and restaurants, from +1.5% to +1.3%, as a result of the change in the volume of activity by -0.7 percentage points (from 107.1% to 106.4%); information and communications, from +1.6% to +1.3%, as a result of the change in the volume of activity by -2.4 percentage points (from 122.7% to 120.3%).

Also, there were changes in financial intermediation and insurance, from -0.5% to +0.2%, as a result of the change in the volume of activity by +22.4 percentage points (from 82.8% to 105.2 %); real estate transactions, from +0.9% to +0.8%, as a result of the change in the volume of activity by -1.1 percentage points (from 111.6% to 110.5%); professional, scientific and technical activities; administrative services activities and support services activities, from +1.3% to +1.4%, as a result of the change in the volume of activity by +2.3 percentage points (from 117.7% to 120%); public administration and defense; social insurance from the public system; education; health and social assistance, from +0.2% to +0.6%, the change in the volume of activity increasing by 3.4 percentage points (from 101.1% to 104.5%); performance, cultural and recreational activities; repairs of household products and other services, from +0.4% to +0.2%, as a result of the change in the volume of activity by -8.4 percentage points (from 117.1% to 108.7%).

By categories of uses, in 2022, more important changes in the contribution to GDP growth, between the two estimates, were recorded: the expenditure for the final consumption of households, from +3.5% to +3.1%, as a result of the change in its volume by -0.6 percentage points (from 105.8% to 105.2%); the expenditure for individual final consumption of public administrations, from 0.0% to +0.3%, as a result of the increase in its volume by +3.9 percentage points (from 99.7% to 103.6%); the actual collective final consumption of public administrations, from -0.6% to -0.5%, as a result of the change in its volume by +0.2 percentage points (from 94.3% to 94.5%); gross fixed capital formation from +1.4% to +1.3%, as a result of the change in its volume by -0.5 percentage points (from 105.9 to 105.4%); the variation of stocks, from +0.1% to +0.3%; the net export of goods and services, from -0.3% to -0.5%.

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