Romania: forecasts for reduced agricultural production for 2015

Romania forecasts agricultural production 2015

The Romanian National Forecast Committee announced that after the significant increase in agricultural production by 29% in 2013 and by 3.6% in 2014, it is expected a reduction by 3% in 2015. The long-term drought, during the summer season, adversely affected the harvest of several crops. This fall in agricultural production seems not only to affect farmers’ incomes, but also the Gross Domestic Product (GDP).

So in the composition of GDP, the share of agriculture in 2015 is expected to be 4.4%, that is 31 billion RON (7,1 billion euros) of total GDP 704 billion RON (approximately 160 billion euros). It is mentioned that the share of agriculture in the composition of GDP in the first half of 2015 was of 2.5%.

The National Forecast Committee predicts for the coming years that the participation of agriculture in GDP composition would be reduced, but the agricultural production would be increased by 3% in 2016 and 1.9% the following 3 years. The contribution of agriculture in the composition of GDP would be 4.4% in 2016, 4.3% in 2017, 4.2% in 2018 and 4.1% in 2019.

According to the above mentioned it seems that agriculture lost a significant proportion in the composition of GDP, since in 2000 the share of agriculture was around 11% and in 2004 13%.

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