Construction has the largest share

Romania's economy grew by 1.4% in the first nine months of this year, on a gross basis, and by 2.2% on a seasonally adjusted basis, compared to the same period in 2022.

In the third quarter of 2023, Gross Domestic Product grew by 0.9% in real terms compared to the previous quarter, according to INS. In January-September 2023, the economy reached 1,185.324 billion lei at current prices, up 2.2% from the same period of the previous year in real terms.

Details by resource category:

• Agriculture, forestry and fisheries made a positive contribution of 0.3%, with a 5.9% share in GDP formation and a 5.0% increase in the volume of activity.
  
• Construction contributed 0.3%, with a 4.4% share in GDP formation and a 7.4% increase in the volume of activity.
• Information and communications contributed 0.3%, with a 7.2% share in GDP formation and a 4.6% increase in the volume of activity.
• Wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants contributed 0.2%, with a share of 18.6% in GDP formation and an increase in volume of activity of 1.2%.

Impact on GDP:

• Household final consumption increased by 2.8%, contributing +1.7% to GDP growth.
• Collective final consumption of general government increased by 6.9%, contributing +0.7% to GDP growth.
• Gross fixed capital formation increased by 10.7%, contributing +2.8% to GDP growth.

Other Contributions:

• Net taxes on products contributed 0.2%, increasing by 2.2%.
  
• Industry had a negative contribution of -0.6%, with a 21.0% share in GDP formation and a 2.7% decrease in volume.

Foreign Trade:

Net exports had a positive impact on GDP growth (+1.3%), due to a 0.6% decrease in the volume of exports, offset by a more pronounced -3.2% reduction in the volume of imports.