Romania posts modest 0.8% GDP growth in 2024 - statistics
<p>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 <a href="https://insse.ro/cms/sites/default/files/com_presa/com_pdf/pib_tr4r2024_2.pdf" rel="noopener" target="_blank">data</a> published Thursday, April 10, by the National Institute of Statistics (INS).</p>

<p>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, <a href="https://agerpres.ro/economic/2025/04/10/ins-produsul-intern-brut-a-crescut-in-2024-cu-0-8-fata-de-anul-anterior--1439251" rel="noopener" target="_blank">Agerpres</a> reported. The seasonally adjusted GDP for Q4 2024 was estimated at RON 451.39 billion, while the gross value reached RON 521.02 billion.</p>

<p>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 <a href="https://www.romania-insider.com/romania-gdp-private-consumption-driver-2024" rel="noopener" target="_blank">previously published</a> on March 7, 2025.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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%.</p>

<p>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.</p>

<p><i>irina.marica@romania-insider.com</i></p>

<p><i>(Photo source: <a href="https://www.dreamstime.com/" rel="noopener" target="_blank">Alexandru Marinescu/Dreamstime.com</a>)</i></p>