The Romanian gross domestic product contracted 10.3 percent year-on-year in the second quarter of 2020, better than the second estimates of a 10.5 percent contraction, after a 2.4 percent expansion in the previous period. This was the first contraction in the GDP since the fourth quarter 2010 and the steepest contraction since the series began in the first quarter 1996, as household consumption tumbled (-13.7 percent vs 3.8 percent in Q1) while both exports (-28.5 percent vs -5.5 percent) and imports (-22 percent vs 0.8 percent) slumped. Also, government expenditure shrank (-1.7 percent vs 0.7 percent). In addition, fixed investment expanded softer (2.2 percent vs 5.9 percent). On a seasonally adjusted quarterly basis, the economy shrank 11.9 percent, the most since the data began in the second quarter 1995, after a flat reading in the first quarter.
GDP Annual Growth Rate in Romania averaged 3.12 percent from 1996 until 2020, reaching an all time high of 12.60 percent in the fourth quarter of 2004 and a record low of -10.30 percent in the second quarter of 2020. This page provides the latest reported value for - Romania GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Romania GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Institutul National de Statistica
GDP Annual Growth Rate in Romania is expected to be -8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Romania to stand at 9.00 in 12 months time. In the long-term, the Romania GDP Annual Growth Rate is projected to trend around 8.80 percent in 2021 and 3.80 percent in 2022, according to our econometric models.