Romania's Gross Domestic Product (GDP) grew by 1.1% in 2024 compared with 2023, according to final data published on Friday by the National Institute of Statistics (INS).

Compared with the semi-final estimate, GDP growth was revised upwards by 0.2 percentage points.

GDP for 2024 was estimated at 1,767.517 billion lei at current prices, 8.334 billion lei above the previous estimate of 1,759.183 billion lei.

'In 2024, most significant changes in the contribution to GDP growth, between the two estimates, were recorded for: Agriculture, forestry and fishing from -0.2% to -0.8%, as consequence of decrease in the activity volume by -18.1 percentage points (from 94.3% to 76.2%); Industry, from -0.1% to -2.8%, as consequence of changing of the activity volume by -13.9 percentage points (from 99.5% to 85.6%); Construction, from -0.2% to +1.0%, as consequence of increases in the activity volume by +14.7 percentage points (from 97.2% to 111.9%); Wholesale and retail; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants, from +0.4% to +1.1%, as consequence of changing of the activity volume by +3.7 percentage points (from 101.9% to 105.6%); Information and communication, from +0.0% to +0.1%, as consequence of changing of the activity volume by +0.8 percentage points (from 100.4% to 101.2%),' according to the release.

According to the INS data, financial intermediation and insurance made no contribution to GDP growth under either estimate (0.0%), while the volume of activity fell by 1.4 percentage points, from 99.9% to 98.5%.

The contribution of real estate transactions was revised upwards, from -0.1% to +1.8%, as the volume of activity increased by 25.7 percentage points, from 99.1% to 124.8%.

From the expenditure side of GDP, the contribution of household final consumption eased from +3.5% to +3.1%, following a 0.6 percentage point decline in its volume (from 105.7% to 105.1%). The contribution of investment (gross fixed capital formation) also fell, from -0.7% to -1.9%, following a 4.8 percentage point decline in volume (from 97.5% to 92.7%), as did the contribution of net exports of goods and services, from -2.7% to -3%. AGERPRES (RO - writing by: George Banciulea; EN - writing by: Rodica State)

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