Business Forum • 10 January, 2025 at 11:24 AM
Gross domestic product stagnated in the third quarter of last year compared with the previous quarter, show new provisional data published by the National Institute of Statistics (NSI). In previous releases, the NSI initially showed a stagnation of GDP in Q3 compared to Q2 (seasonally adjusted data published on November 14) and then estimated a 0.1% decline (provisional data 1 published on December 6).
On the seasonally adjusted series, the estimated GDP for the third quarter of 2024 was RON 446.176 billion at current prices, unchanged, in real terms, from the second quarter of 2024 and down by 0.1% compared to the third quarter of 2023.
On a gross series basis, the estimated GDP for the third quarter was RON 471.561 billion at current prices, up, in real terms, by 1.2% compared to the third quarter of 2023.
According to the figures released on Friday, compared with the third quarter of last year, the gross domestic product registered an increase of 1.2% on the gross series and a decrease of 0.1% on the seasonally adjusted series.
In the first nine months of this year, Gross Domestic Product grew by 0.9% on both a gross and seasonally adjusted basis compared to the same period last year. The estimated gross domestic product for the January-September 2024 period was RON 1,314 billion current prices on the seasonally adjusted series and RON 1,242 billion current prices on the gross series.
”Compared with the provisional variant (1), in the third quarter of 2024 provisional variant (2), GDP increased by 0.1 percentage points compared with the previous estimate (from 101.1% to 101.2%), and the dynamics of GVA (gross value added, ed.) increased by 0.3 percentage points compared with the provisional variant (1) (from 99.3% to 99.6%),” said the NSI.
The volume of gross value added by branch of activity showed more important changes between the two estimates, as follows: agriculture, forestry and fishing recorded the same contribution to GDP growth (-1.9%) in the two estimates, and the volume of activity did not change compared to the previous estimate (80.2%), while construction recorded an increase in its contribution from +0.0% to +0.1% between the two estimates, as a result of the increase in the volume of activity by +0.5 percentage points (from 100.9% to 101.4%).
Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; hotels and restaurants made the same contribution to GDP growth (+0.7%) in the two estimates, while business volume decreased by 0.1 percentage points (from 104.3% to 104.2%), real estate transactions made the same contribution to GDP growth (-0.1%), while business volume remained unchanged from the previous estimate (99.1%) and professional, scientific and technical activities administrative and support service activities increased their contribution from +0.4% to +0.5% between the two estimates, as a result of an increase in the volume of activity by +0.5 percentage points (from 104.2% to 104.7%).
Industry, information and communication, financial intermediation and insurance did not contribute to GDP growth.
The volume of net taxes on products decreased by 0.8 percentage points in the provisional version (2) compared to the provisional version (1), from 120.2% to 119.4%.
In terms of GDP utilization, significant changes in the contribution to GDP growth in Q3 2024, between the two estimates, were recorded in household final consumption expenditure, from +3% to +3.1%, as a result of an increase in its volume by +0.1 percentage points (from 105.3% to 105.4%), and in government individual final consumption expenditure, from -0.2% to +0.1%, as a result of an increase in its volume by +5.3 percentage points (from 96.2% to 101.5%), actual collective final consumption of general government, from -0.3% to -0.1%, as a result of an increase in its volume by +3.0 percentage points (from 96.2% to 99.2%) and gross fixed capital formation, from +0.3% to +0.2%, as a result of a decrease in its volume by -0.3 percentage points (from 100.7% to 100.4%).