Romania’s Economy Grew Modestly in 2024, Only 0.9% Increase
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The economy grew by just 0.9% in 2024, according to preliminary data released Friday by the National Institute of Statistics (INS). The development comes after the economy moved much more slowly than expected in the fall, prompting experts to halve their forecasts for GDP growth for the full year. Estimates ranged from a 0.8% increase to a maximum of 1.2%, depending on the pessimism or optimism of economic analysts.
This year’s budget is based on economic growth of 2.5%, and an average annual inflation of 4.4%. Last year, the initial budget was based on growth of 3.4%, but the economy ultimately grew by only 0.9%.
With the exception of the year the pandemic began (2020), it is the weakest evolution of the Romanian economy in the last 12 years.
“Gross domestic product in Q4 2024 was, in real terms, by 0.8%1 higher, as compared to Q3 2024. As against the same quarter of 2023, the Gross Domestic Product recorded an increase by 0.7% on both unadjusted series and seasonally adjusted series. The seasonally adjusted series of quarterly Gross Domestic Product were re- adjusted as a result of the introduction of the estimates for Q4 2024, with no significant differences being recorded as compared to the revised version published on National Institute of Statistics web-site,“ INS reported.
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