The GDP in 2018 is double against the one in 1989, National Bank Vice-Governor Liviu Voinea said on Tuesday, during the debate ‘A century of sincerity. Recovering the lost memory of Romanian economy: 1918-2018’. He mentioned that it is about the GDP per capita in USD as value in 2011, at the purchasing power parity.
“In one hundred years the GDP has increased 26 times, more precisely by 2,592%. Is it much? Is it too little? During the first five years after the Great Union, the GDP per capita grew by 36%. Stagnation – during the interwar period. The starting point was in 1918 of USD 866 (worth as in 2011). In 1926 the level was of USD 1,299. Economy was then affected by recessions and the growth was moderate until the start of WW II. Now we can say that the GDP in 2018 is double against the GDP in 1989, as value per capita, and three times larger than in 1992,” Voinea said.
In 1992 the GDP per capita was the same as in 1973.
Between 1918 and 2018 there were 18 periods of economic expansion and 18 periods of recession.
The longest intervals of economic expansion were 1920-1926, 1959-1873, 2000-2008 and 2011 up to now. The longest recessions were during 1944-1946, 1988-1992 and 1997-1999.