December 5 (SeeNews) - Romania's economic growth decelerated to 3.0% year-on-year in the third quarter, compared to a 4.0% annual increase in the like period of last year, non-adjusted provisional data by the national statistical board, INS, indicated on Thursday.
On a seasonally adjusted annual comparison basis, Romania's gross domestic product (GDP) growth slowed down to an annual 3.2%, from 3.8% in the third quarter of last year, INS data showed, confirming flash estimates.
On a quarterly comparison basis, GDP growth slowed down to 0.6% in July-September of 2019, from 1.7% in the second quarter.
In the first nine months of 2019, Romania's GDP rose by an annual non-adjusted 4.0% and by a seasonally-adjusted 4.1% year-on-year, provisional data showed.
At end-November, Romania's finance ministry decided to lower its economic growth forecast for 2019 to 4.0% from previously predicted 5.5%. Also, it increased the consolidated budget deficit target for 2019 to 4.3% of the projected GDP, from an initial estimate of 2.76%.
Romania Q3 2019 GDP |
y/y pct change |
- Final consumption |
4.5 |
- Exports |
3.7 |
- Imports |
7.5 |
- Agriculture |
-5.5 |
- Industry |
-2.7 |
- Construction |
18.8 |
Total |
3.0 |
Last month, the European Commission said that Romania’s economy is expected to expand by a real 4.1% in 2019, while the European Bank for Reconstruction and Development (EBRD) increased its projection for Romania's 2019 economic growth to 4.0% from 3.2% it had forecast in May.
(1 euro = 4.7635 lei)