Romania sees the biggest economic contraction in the past 24 years: GDP down by 10.5pc in Q2 as against same period last year

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As against the same quarter of 2019, the Gross Domestic Product recorded a decrease by 10.5% for both unadjusted series and the seasonally adjusted series in Q2 2020, while in Q2 2020 was, in real terms, it was by 12.3% lower, as compared to Q1 2020, says the latest report by the National Institute of Statistics (INS).

In the first semester of 2020, as against the same period of the previous year, the Gross Domestic product decreased by 4.7% for the unadjusted series and by 3.9% for the seasonally adjusted series.

The Gross domestic product flash estimates, as well as the provisional ones, are affected by the difficulties posed by the pandemic crisis and by the establishment of the State of emergency and alert. These difficulties are connected to the collection of basic data representing entries for national accounts and have materialized by an increase of the non-response rate. To complete the information alternative data sources had been used in order to diminish, as much as possible, the impact of these effects on the quality of the produced indicators. According to current practice, the data published today will be revised, according to the Press Release Calendar and the national accounts revision policy published on NIS web-site, when new data sources become available,” INS said.

In Q2 2020, as compared to the previous quarter, the Gross Domestic Product decreased by 12.3%.
As compared to the same quarter of 2019, the Gross Domestic Product decreased by 10.5%.
In the first half of the year 2020, the Gross Domestic Product decreased by 3.9% as compared to the same period of 2019.

In Q2 2020, as compared to the previous quarter, the Gross Domestic Product decreased by 12.3%.
As compared to the same quarter of 2019, the Gross Domestic Product decreased by 10.5%.
In the first half of the year 2020, the Gross Domestic Product decreased by 3.9% as compared to the same period of 2019.

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