The Romanian gross domestic product shrank 6 percent year-on-year in the third quarter of 2020, matching the preliminary estimates, after a 10.3 percent contraction in the previous period. This was the second straight quarter of contraction in the GDP as the COVID-19 crisis took a huge toll on the economy. Household consumption declined much less (-4 percent vs -13.7 percent in Q2) while both exports (-8.3 percent vs -28.5 percent) and imports (-3.4 percent vs -22 percent) dropped at a softer pace. Also, government expenditure shrank less (-0.5 percent vs -1.7 percent). On the positive note, fixed investment expanded faster (2.3 percent vs 2.2 percent). On a seasonally adjusted quarterly basis, the economy grew 5.6 percent, the most since the data began in the second quarter of 1995, after a 12.2 percent fall in the second quarter. source: Institutul National de Statistica
GDP Annual Growth Rate in Romania averaged 3.03 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 December of 2020.
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.