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Jan 12, 2023 12:17 EEST
January 12 (SeeNews) - Romania’s economy grew by 3.8% year-on-year in the third quarter of 2022, compared to a 5.6% annual increase during the same period of 2021, the statistical board said on Thursday, citing non-adjusted revised preliminary data.
On a seasonally adjusted comparison basis, Romania’s gross domestic product (GDP) grew by a revised 4.6% between July and September 2022, compared to a 7.6% annual rise during the same period of the previous year, the statistical office, INS, said in a statement.
When compared to the previous quarter, the economy grew by a revised 1.2% in the third quarter of 2022.
In its previous estimate, citing non-adjusted data, INS said that Romania’s economy grew by 4% year-on-year in the third quarter of 2022, compared to a 5.6% increase over the same period of 2021. Seasonally-adjusted data estimated a 4.7% annual increase between July and September 2022, compared to a 7.6% rise during the same period of 2021.
Final household consumption volume rose by 3.3% on the year between July and September 2022. The agricultural sector’s output contracted by 15%, while gross fixed capital formation rose by 12.9%. The output of the industrial sector shrank by 3.5%, while the construction sector output jumped by 11%. Imports of goods and services increased by an annual 18.3%, while exports grew by 16.5% year-on-year during the third quarter of 2022.
Overall, in the first nine months of 2022, Romania’s GDP rose by an annual non-adjusted and seasonally-adjusted 4.9% and 4.3%, respectively. Romania’s economic output is estimated to rise by 4.6% in 2022, finance ministry analysts said in October, revising their previous forecast for 3.5% growth.
In 2021, Romania’s economy expanded by 5.9%, following a 3.7% contraction in the previous year.
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