NIS confirmation – GDP for 2023 reached EUR 321 bln, while quarterly decrease in Q4 stood at -0.5%

The estimated Gross Domestic Product for 2023 was RON 1.605.5 bln at current prices (EUR 321 billion), increasing – in real terms – by 2.1% compared with 2022. The estimated GDP (gross series) for Q4/2023 was RON 482.4 bln at current prices, increasing – in real terms – by 3% compared to Q4/2022.

“Gross Domestic Product in Q4/2023 was, in real terms, 0.5% lower compared with Q3/2023. Compared with the same quarter of 2022, Gross Domestic Products recorded a 3% increase in gross series and 1.1% in seasonally adjusted series. The seasonally adjusted series of the quarterly gross domestic product was recalculated as a result of the estimates revision for quarters I-IV 2023, no significant changes having been recorded compared with the version issued on March 8, 2024”, shows the NIS press release.

Resource categories

No changes were generally recorded in terms of GDP growth contributions by resource categories in 2023 compared with the version issued by NIS on March 8, 2024:

• Agriculture, forestry and fishing recorded the same contribution to GDP growth (+0.4%) between the two estimates, while the activity volume did not change compared to the previous estimate (110.2%);
• Industry recorded the same contribution to GDP growth (-0.5%) between the two estimates, while the activity volume did not change compared to the previous estimate (97.7%);
• Constructions recorded the same contribution to GDP growth (+0.8%) between the two estimates, while the activity volume did not change compared to the previous estimate (111%);
• Wholesale and retail trade; motor vehicles and motorcycles repairs; transportation and storage; hotels and restaurants, from +0.2% to +0.1%, as a consequence of the change in the volume of activity by -0.2 percentage points (from 100.8% to 100.6%);
• Information and communications recorded the same contribution to GDP growth (+0.4%) between the two estimates, while the activity volume did not change compared to the previous estimate (105.1%);
• Financial intermediation and insurance did not contribute to GDP growth (+0.0%) between the two estimates, while the activity volume shifted by -0.1 percentage points (from 99.3% to 99.2%);
• Real estate transactions recorded the same contribution to GDP growth (+0.1%) between the two estimates, while the activity volume did not change compared to the previous estimate (101.6%);
• Professional, scientific and technical activities; administrative service and support service activities recorded the same contribution to GDP growth (+0.3%) between the two estimates, while the activity volume shifted by +0.1 percentage points (from 103.6% to 103.7%);
• Public administration and defense, social insurance in the public system; education; health and social assistance, recorded no changes (+0,1%), the activity volume did not change compared with the previous estimate (100.9%);
• Performance, cultural and recreational activities; household product repairs and other services recorded the same contribution to GDP growth (+0.1%) between the two estimates, while the activity volume did not change compared to the previous estimate (105.1%).

In 2023, the GDP dynamics did not change in the provisional version (2) compared to the provisional version (1). The volume of product net taxes increased by 0.8 percentage points in the provisional version (2) compared to the provisional version (1), from 103% to 103.8%.

Categories of uses

Between the two estimates, the following recorded changes in terms of contribution to GDP increase in 2023, considering GDP use:

• Expenditure for individual final consumption of public administrations, from +0.2% to +0.4%, as a result of its volume increase by 2.2 percentage points from 102.8% to 105%;
• The actual collective final consumption of public administrations, from +0.3% to +0.6%, as a result of its volume increase by 4 percentage points from 102.9% to 106.9%;
• Gross fixed capital formation, from +2.9% to +3.6%, as a result of its volume increase by 2.4 percentage points from 112% to 114.4%;

Marcel Boloș: NIS confirms the Commission for Strategy and Prognosis data from the beginning of the year

The figure concerning Gross Domestic Product in 2023, of RON 1.605 billion, calculated by the National Institute of Statistics, confirms the data from the Commission for Strategy and Prognosis at the beginning of the year, stated Finance minister Marcel Boloş on Tuesday.

“This morning, the National Institute of Statistics issued the figure concerning the Gross Domestic Product, RON 1.605 billion, EUR 321 billion, respectively, confirming the figures provided by the National Commission for Prognosis at the beginning of the year. We started from RON 1.591 billion at the beginning of the year, after which we made a downward adjustment and the GDP target reached approximately RON 1.586. But everything that was implemented in terms of investment projects, especially in December, when we registered a record volume of payments to the state budget of over RON 73 billion, has brought us to this point of confirmation concerning the economic growth of 2.1% of GDP and to the GDP value of RON 1.605 billion”, stated Boloş during an event organized by Profit.ro.

He emphasized that last year’s second and third quarters recorded a more moderate economic growth, while the recovery was registered in Q4.

“Look at what happened last year from the economic growth perspective, since Q2 and Q3 recorded a more moderate economic growth, while the recovery was registered in Q4, a fact confirmed today by figures from the National Institute of Statistics, which stand at 3%. Surely, there is much to comment on and take into account regarding economic growth, and what economic activities and sector increases are decisive for a healthy economic growth at national level”, stated the Finance minister.

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