Romania GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

2.9

Units In

0.2

Frequency

Quarterly

Next Release

Jul 08, 2024

Time to Release

2 Months 27 Days 18 Hours

Highest	Lowest	Average	Date Range	Source
13.9 Jun 2021	-10.1 Jun 2020	3.12 %	1996-2023	Institutul National de Statistica

On the expenditure side, household consumption is the main component of GDP and accounts for 63 percent of its total use, followed by gross fixed capital formation (22 percent) and government expenditure (14 percent). Exports of goods and services account for 41 percent of GDP and imports account for 41 percent.

Latest Updates

The Romanian GDP annual growth stood at 3% in the fourth quarter of 2023, unrevised from the second estimates, accelerating from a 1.9% gain in the previous three-month period. It marked the eleventh consecutive period of expansion and the fastest since the fourth quarter of 2022, boosted by rises in household consumption (3%) and gross fixed capital formation (21.4%). By contrast, government spending contracted by 1.4%, while external trade contributed negatively to the GDP as exports shrank by 1.8% while imports grew by 2.5%. On the production side, output grew for agriculture (16.2%), construction (14.6%), and information and communication (7.1%). On a seasonally adjusted quarterly basis, the country's GDP shrank by 0.5% in Q4 of 2023, the first decline in three quarters, reversing from a 1% growth in the previous period. For the 2023 full year, the economy expanded 2.1%, softer than a 4.1% rise in 2022.