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Prisacariu Cristina

2nd year

The evolution of the Romanian Gross Domestic Product (GDP)

during 1995-2013

My name is Prisacariu Cristina. I am a second year student at The University of Economics and Public
Administration of Suceava. Today, I would like to talk about the evolution of the Romanian Gross
Domestic Product during 1995-2013 with the help of a chart.

I have chosen to speak about this subject due to the fact that the job market is influenced by a series
of macro economic factors such as: the GDP, the inflation, unemployment, etc.

Beforehand, you should know that the Gross domestic product (GDP) is a monetary measure of the
market value of all final goods and services produced in a period (quarterly or yearly) of time.
Nominal GDP estimates are commonly used to determine the economic performance of a whole
country or region, and to make international comparisons.

First of all, The Global Financial Crisis of 2008 affected the economical growth and the job market of
the European countries. The annual evolution of the GDP of European Union was growing during
1995 to 2008 followed by a drop of 5.7% in 2009, but starting with 2010 the growth continued.

The GDP’s average rate of growth of The European Union during 1996-2013 was of 3.5 % with
periods of major growths (in 2000 in comparison with 1999 it grew by 7.4 %, in 2007 in comparison
with 2006 it grew with 6.0%) or minor ones ( a growth of 0.7 %in 2008 and 2013 in comparison with
the previous year).

Also, the Evolution of the GDP’s indicator is connected with the evolution of the job market, labor
demand being closely linked to the demand of goods and services. If the demand for goods and
services is big, the level of production has to adapt in consequence, and the labor demand will also
be high.

Second of all, the GDP’s growth in Romania during 1995-2008 is explained by the increase of the
internal consumption of goods and services, by the bigger number of foreign investors, but also due
to the efforts for the reform made for the integration in the EU.

After the year of 2009 when the GDP dropped by an average of 5.7 % in the EU, with the beginning
of 2010 the level of economic growth registered a gradual recovery. The exact actions initiated
aiming to control the crisis and also the measures meant to improve the way of working of the
economic and monetary union contributed to the stabilization of the economy in the EU. During
2012 and 2013 a tendency of growth reappeared although significant variations continued to exist
from country to country.

According to EUROSTAT, Romania contributed to the GDP of EU during 1995-2013 with a percentage
between 0.4% - 1.1%, the minimal values were registered between 1995- 2000 (0.4%).

On a national level according to the National Statistical Institute, the GDP at current prices followed
an upward trend during 1935- 2013. The average change in percentage from a year to another
during 1996-2008 was about 40.5%, followed by a decrease of 2.6% in 2009.
Prisacariu Cristina
2nd year

During 2010-2013 the upward trend of the GDP returns, but with average annual changes between
4-7%.

Romania’s real GDP growth rate from year to year, according to EUROSTAT data, has fluctuated
considerably during 2001-2014.

The highest increase of the GDP has been registered in 2008 (+8.5%) and 2004 (+8.4%), and the
highest decrease in 2009, in comparison with the previous year (-7.1%).

In 2013, Romania registered the second highest growth rate of the real GDP (+3.4%) in the UE, after
Latvia (+4.2%).

In conclusion, we can say that Romania’s GDP has fluctuated a lot during 1995-2013, but the main
trend was upward, especially in the following years: 2004 with a growth of 8.4%, 2008 with a growth
of 8.5% , culminating with 2013 when the GDP was considered the second highest GDP in the EU.

Thank you all for your attention!