as we know economic growth was only 1.7% in the first half of this year, which indicates a soft landing. Statistics (INS) provided more information on this.

The negative contribution to GDP growth was made by industry (-0.7%) with a weight of 21.6% in the formation of GDP, the volume of which decreased by -3.3%.

Growth in other categories was moderated. For example, in wholesale and retail trade, transport and storage, hotels and restaurants by 0.5%, IT by 0.4%, professional, scientific and technical activities by 0.4%, construction by 0.3%, real estate transactions property by 0.2%.

*this is about the contribution to GDP growth

In other categories, such as financial intermediation, the contribution is zero (0%), and in public administration, defense and education: 0.1%.

In terms of GDP usage, the increase was mainly due to:

• expenditure on final consumption by households, the volume of which increased by 3.9%, which made +2.5% of GDP growth;

• gross accumulation of fixed capital, the volume of which increased by 11.2%, contribution to GDP growth +2.5%.

Net exports (+1%) also made a positive contribution to GDP growth, which was the result of an increase in the volume of exports of goods and services by 0.3%, correlated with a decrease in the volume of imports of goods and services by 1.7%.

Inventory variation shows a negative contribution of -5%.

See also: INS, first explanation on economic growth below expectations in first 3 months: trade, auto services and transport supported the economy

The state’s latest forecast (the one made over the summer) is the same as the previous one, at 2.8% in 2023 and 4.2% in 2024. The estimate was made by the Forecasting Commission, and based on it, this will be the first budget correction of this year.

The European Commission expects economic growth of 3.2% for Romania in 2023, which exceeds the IMF forecast of 2.4%.