Romania's Economy Grew by 0.9% in 2024, INS Reports

Romania's economy expanded by 0.9% in 2024, with a 0.7% GDP increase in Q4 compared to the same period in 2023, according to provisional data from the National Institute of Statistics (INS). Quarter-over-quarter, GDP grew by 0.8%, CE Report quotes Agerpres

The seasonally adjusted GDP for Q4 stood at 453.833 billion lei, while the annual GDP reached 1.766 trillion lei at current prices.

Key contributors to growth included wholesale and retail trade, transport, hospitality (+0.4%), public administration, health, and education (+0.1%), and cultural and recreational services (+0.2%). Conversely, agriculture (-0.4%), construction (-0.2%), and real estate (-0.1%) weighed negatively on GDP.

Household consumption drove growth, rising 5.9% and contributing +3.6%. However, a drop in public sector spending and gross fixed capital formation slightly dampened overall performance. Net exports had a negative impact (-2.9%) due to a 3.6% decline in exports and a 3.4% rise in imports.