Romania’s Gross Domestic Product (GDP) increased by 0.8% in real terms in 2024 compared to the previous year, reaching an estimated RON 1,760.11 billion at current prices, according to data published Thursday, April 10, by the National Institute of Statistics (INS).
In the fourth quarter of 2024, GDP rose by 0.6% compared to the third quarter and by 0.5% compared to the same period in 2023, both on the gross series and seasonally adjusted series, Agerpres reported. The seasonally adjusted GDP for Q4 2024 was estimated at RON 451.39 billion, while the gross value reached RON 521.02 billion.
INS noted that the quarterly GDP figures were revised following updates to estimates for all four quarters of 2024. These revisions led to slight changes compared to data previously published on March 7, 2025.
From a sectoral perspective, agriculture, forestry, and fishing contributed -0.2% to GDP growth, an improvement from the earlier estimate of -0.4%, reflecting a 4.6 percentage point increase in activity volume. Industry registered no contribution to GDP growth (+0.0%), with activity volume decreasing marginally by 0.2 points. The construction sector also maintained a -0.2% contribution, with a similar decline in volume.
Trade, transportation, storage, hotels, and restaurants showed a revised contribution of +0.3%, down from +0.4%, while activity volume decreased by 0.4 percentage points. Information and communication, financial intermediation and insurance, real estate transactions, professional services, and administrative support all maintained a neutral contribution to GDP growth, with no significant change in activity volumes.
Public administration, defense, social insurance, education, health, and social assistance continued to contribute +0.1% to GDP, though activity volume slipped slightly by 0.1 points. Cultural, entertainment, and personal services maintained a +0.2% contribution, with unchanged activity levels.
The revised provisional estimate shows a 0.1 percentage point downgrade in GDP growth for 2024 compared to the previous version, from 0.9% to 0.8%.
On the demand side, household final consumption expenditure slightly increased its contribution to GDP growth from +3.6% to +3.7%, while government individual consumption rose from -0.2% to +0.1% due to a 5-point jump in volume. Collective government consumption improved from -0.2% to 0.0%, and gross fixed capital formation declined further from -0.4% to -0.9%, following a 1.6-point drop in volume.
irina.marica@romania-insider.com
(Photo source: Alexandru Marinescu/Dreamstime.com)
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