Romania’s National Institute of Statistics published their quarterly GDP estimates announcing a 3% YoY increase in Q3 2019. Meanwhile, an increase of 3.2% was recorded for seasonally adjusted figures.

Such an increase could be attributed to final consumption expenditure of households, whose volume increased by 5.3%, with a contribution of +3.3% to GDP growth rate. Further, gross fixed capital formation, with a contribution of 3.8%, and whose volume increased by 18.1%.

On the flip side, a negative impact on GDP growth rate had net export (-1.7%) being influenced by the volume increase of exports of goods and services, by 3.9%, in correlation with a higher increase of the volume of imports of goods and services (7.3%) and change in inventories decreasing by 2.4%.

Industry wise, a significant positive contribution to the GDP growth had wholesale and retail; motor-vehicles and motorcycles repair; transport and storage; hotels and restaurants (+0.9%), with a share of 18.4% in GDP whose activity volume increased by 5.0%. Furthermore, Construction recorded a 0.6% increase, with a share in GDP of 4.2%, whose activity volume significantly increased by 16.6%. Professional, scientific and technical activities; activities of administrative services and support services witnessed a 0.5% increase, with a share of 7.4% in GDP, which recorded an increase in activity volume by 7.6%. A significant positive contribution had the net taxes on product (+0.9%) these ones recording a volume increase of 109.5%.

On the flip side, a negative contribution to the GDP growth rate had Industry (-0.2%), with a share of 22.6% in GDP, whose activity volume decreased by 1.0%. Besides that, Agriculture, forestry and fishing recorded a 0.1% decrease, with a share of 5.0% in GDP and whose activity volume decreased by 4.1%.