April 8 (SeeNews) - Romania's economy contracted by 3.9% in 2020, compared to a growth rate of 4.1% in the previous year, new provisional data from the country's statistical board, INS, showed on Thursday.
The data confirms earlier provisional estimates and is almost in line with the government's estimate of 4% contraction.
Final household consumption volume fell by an annual 3.6%, INS said, revising an earlier estimate of 3.4% drop.
The agricultural sector's output decreased by an annual 16.2%, the industrial sector's output shrank 9.1%, and construction output rose by an annual 10% in 2020. The previous INS estimates were for a 9.3% annual drop in industrial output and a 9.7% increase in construction.
Imports of goods and services fell by an annual 5.1% in 2020, while exports dropped by 9.7%. In its previous estimate, INS said that imports fell by an annual 6% in 2020, while exports dropped by 10%.
In the fourth quarter alone, Romania's gross domestic product (GDP) fell by 1.4% year-on-year, following a 5.6% annual contraction in the third quarter, INS unadjusted data showed.
Based on seasonally adjusted figures, Romania's economy contracted by an annual 1.8% in the fourth quarter, compared to a 5.4% annual decrease in the previous quarter.
On a quarterly comparison basis, Romania's GDP rose by 4.8% during September-December, following a 5.6% quarterly growth in the previous quarter, seasonally adjusted data showed.
(1 euro =4.9168 lei)