The Romanian gross domestic product contracted 1.4 percent year-on-year in the fourth quarter of 2020, following a 5.6 percent decline in the previous period. This was the third straight quarter of contraction in the GDP, but the weakest contraction in the current sequence, mainly due to a softer fall in government expenditure (-2.3% vs -8%). Also, exports dropped much less (-2.3% vs -6.4% in Q3) while imports (2.2% vs -3.4%) increased, amid an improving global demand. Meanwhile, household consumption continued to decline (-6.2% vs -4% in Q3). On the positive note, fixed investment grew faster (6.5% vs 2.8%). On a seasonally adjusted quarterly basis, the economy grew 4.8 percent, after a 5.6 percent growth in the third quarter. For 2020 full year, the economy shrank by 3.9 percent, reversing from a 4.1 percent growth in 2019. source: Institutul National de Statistica
GDP Annual Growth Rate in Romania averaged 2.99 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 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 May of 2021.
GDP Annual Growth Rate in Romania is expected to be 8.80 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 4.70 in 12 months time. In the long-term, the Romania GDP Annual Growth Rate is projected to trend around 4.60 percent in 2022 and 5.00 percent in 2023, according to our econometric models.