STUDY ON THE HISTORICAL EVOLUTION OF GROSS DOMESTIC PRODUCT IN ROMANIA

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1 STUDY ON THE HISTORICAL EVOLUTION OF GROSS DOMESTIC PRODUCT IN ROMANIA Prof. Constantin ANGHELACHE PhD Bucharest University of Economic Studies / Artifex University of Bucharest Assoc. prof. Mădălina-Gabriela ANGHEL PhD (madalinagabriela_anghel@yahoo.com) Artifex University of Bucharest Andreea Ioana MARINESCU PhD Student (marinescu.andreea.ioana@gmail.com) Bucharest University of Economic Studies Maria MIREA PhD Student (mirea_maria@yahoo.com) Bucharest University of Economic Studies Alexandra PETRE (OLTEANU) PhD Student (alexandra.olteanu.s1@anaf.ro) Bucharest University of Economic Studies Abstract Gross domestic product has always been the most comprehensive indicator of the results of a country s economy over a given period of time. In a certain period, that of the stagnated economy in 1945 (1947) and until 1989, this macroeconomic indicator was called the global social product. The social product was nothing but the gross result registered by the Romanian economy, as it is to a certain extent, with small differences, the gross domestic product. The Social Producer Indicator or Gross Domestic Product Indicator has national relevance to present the fi nal results, with some differences depending on the concept in which these indicators are calculated. Thus, the total social product is calculated in the concept of material production in the sense that gross added value brings only the activity of material production, and not other services that are not directly related to material production. Gross Domestic Product is a much more complex, more synthetic and realistic indicator of the results achieved by the economy of a country. Thus, gross domestic product is based on the fact that it aggregates any gross value added that is made in the territory of a country or by the economic agents of a country in the country and abroad in a period of time, regardless of whether it is made in the material production of goods or services. In fact, in the level of evolution of a country the weight of services is becoming more and more important because they are meant to ensure a fuller satisfaction of the needs of the country s population. And in the period when in Romania the socialeconomic system was super-staged, there was a system of correlative tables on the international level to ensure the comparability of the indicators, which the United Nations statistics body emphasized. In this context, the authors 184 Romanian Statistical Review - Supplement nr. 3 / 2018

2 analyze in this article the stage where the methodology for calculating the macroeconomic indicators of results has evolved, regardless of whether it was called total social product or gross domestic product. There are presented tables and graphs that attest the level of achievement of the successive periods Romania has also experienced in its historical socio-economic evolution. Keywords: Gross Domestic Product, Resources, Uses, Economic Process, Branch JEL Classification: E31, O11, O47 Introduction The article aims to analyze successively how the most complex indicator of Romania s output, the gross domestic product has been achieved, the levels it has recorded. Also, for each historical period where the authors leaned and sought to draw conclusions, it also highlights the ways in which certain values of this indicator were increasing or decreasing according to the political factor, the historical factor, the participation Romania to certain activities in one part or another, in a certain area or another. Of course there are presented series of data, graphical suggestions, which show how this indicator resulted. A structural analysis of Gross Domestic Product is presented in the various periods to see the contribution of resources to the gross domestic product but also utilities in gross domestic product. Some aspects specific to one or another period are also highlighted, all having one purpose, to ensure as much as possible a unitary interpretation and analysis of the results of the Romanian economy. Of course, the emphasis was also on the contribution of each branch of the national economy, agriculture, industry, construction, transport, services, banking system, international trade, etc., to the formation of the gross domestic product. Relevant is the gross domestic product per capita that the authors calculated and analyzed in order to give a more real dimension to the international comparability of the Romanian economy s results. Also, in many circumstances, and especially in the period after 1990, the gross domestic product is calculated on the basis of purchasing power parity in one year chosen as the base year, so as to highlight, reveal the real stage compared to a country s evolution. Literature review Anghel, Anghelache, Dumitrescu and Dumitrescu (2016) studied the link between gross domestic product in Romania and a series of macroeconomic variables, namely foreign direct investment and net exports. Anghelache and Anghel (2017) used the econometric tools to study the factorial influence on gross domestic product growth. Anghelache, Anghel and Stoica (2017) Revista Română de Statistică - Supliment nr. 3 /

3 carried out an analysis of the results obtained by our country in the first quarter of Anghelache (2016) made a complex analysis of the Romanian economy s developments in the last 25 years. Anghelache, Partachi, Sacala, and Ursache (2016) conducted an analysis of the evolution of gross domestic product in Romania. Anghelache and Anghel (2015) analyzed the dynamics of the foreign direct investment balance correlated with the evolution of the gross domestic product at European level. Axenciuc (2012) conducted an extensive analysis of gross domestic product in Romania between Bhandari and Frankel (2015) addressed target nominal GDP issues for developing countries. Fleurbaey (2009) tried to identify a social welfare measure. Foerster and Choi (2016) analyzed the possibilities for recovery after the post-financial crisis. Garin, Lester and Sims (2016) studied key elements of the nominal gross domestic product. Macchiarelli (2013) studied the link between gross domestic product and inflation for the CEE countries and the euro area. Nalewaik (2012) presented issues related to estimating real-time recession probabilities. Research methodology, data, results and discussions General methodological issues The Gross Domestic Product analysis involves a number of methodological aspects on which to convert and bring data to a certain level of comparability. The indicators considered by sectors, branches and economic activities up to the synthesis aggregates are expressed in comparable values - in lei prices The entire system of their elaboration, in detailed and systematic form, as well as the synthesis results and the final aggregates of the internal product gross for the years are brought to comparability. More than in a period of 140 years ( ), the period of five decades ( ) was that in which Romania reduced the state-institutional gaps. In the elaboration of the global indicator, the method of production was adopted with the chances of being assured, in increased proportion, with more direct and certain statistical information. In this respect, the methods of processing the economic and statistical information and the calculation of the necessary indicators, as well as the completion, the compatibility of the statistical data have been adapted. The calculation of national income and gross domestic product in the retrospective of the era was made not only by numerical representation but also by knowing the actual movement. From the conception of work, a series of criteria have been outlined to circumscribe the content, the scope and estimation methods. Gross Domestic 186 Romanian Statistical Review - Supplement nr. 3 / 2018

4 Product Gross Domestic Indices have been adopted according to the National Accounts System, which ensures internal and international comparability. A principle applied in business valuation operations was not to overestimate their size. What is important in the finalization of the indicators is also the territory at a given time, with temporal variations of surface, of the Romanian state borders at different historical moments. In 1878 Dobrogea was recovered, but southern Bessarabia was alienated. In 1913 Southern Dobrogea was acquired. The territory of the Romanian state was demarcated for the periods: ; ; ; For World War I ( ) and 1919, for which there is no data and the indirect estimate is risky, the respective indicators have not been calculated. In order to form an overall picture over the entire interval and to facilitate the comparison of aggregated indicators over the whole period, they are reported per capita in all statistical situations. The periodization required correlation with territorial changes and major events. Global macroeconomic indicators are expressed in annual series and averages of the years. Thus, during the period the agricultural activity was decisive, and the agricultural and wine production experienced large fluctuations, caused by the variation of climatic conditions. Three price variations were used: current, prices comparable to the base in 1938 (in lei paper) and prices based on 1913 gold lei. The indicators are calculated in comparable average prices of All synthesis aggregates are expressed in the standard currency, convertible in 1913, when the gold lion was valued in grams of gold. The calculations and estimates have some deviations from the National Accounts methodology that uses several price categories. For the calculation of macroeconomic aggregates, we considered the fixed capital consumption (depreciation) indicator, included according to the SCN methodology, in the gross added value. The services, in some cases (railway, telecommunications, public administration, various institutions) included the production value of some workshops, the statistical information not allowing neither the knowledge of their size nor their classification. In the period , economic data are expressed by statistical figures in the form of tables that include the resource ratios for the entire interval of the period In the official statistics of 1950 the macroeconomic indicators of the synthesis (social product, material expenditures and national income) for the years , aggregate production, intermediate Revista Română de Statistică - Supliment nr. 3 /

5 consumption and gross added value, according to the system of national accounts for the years For these two periods, the question of the adequacy and transposition of the indicators of the material production system to those of the current system of national statistics has been raised. In order to open up the chart of the evolution of the global indicators of economic process results, we will first present some basic elements of the country s human and material potential during this period. In the Romanian economy, during the studied period, the human potential and the natural riches had its essential role in producing values. Analysis of the evolution of the Gross Domestic Product in the period up to 1947 As modernization and assimilation of mechanized technical means, especially in the extraction and processing branches, increased the efficiency of social work, the degree of capitalization of resources and consequently the production of goods and services increased. Some main indicators of the potential of the economic and social body, in the dynamics of the period, are presented in table no. 1: Total, active, rural, arable land and installed power over significant years between 1920 and 1947 Table no. 1 Driving power Population Rural Arable surface installed Year population total inhabitants active thousands ha per 100 thousands kw per weight thousands per km 2 thousands ha inhabitants kw inhabitants , , , , , , , ,6 Sources: The data are taken from Romania s Statistical Yearbook, , and Romania s Economic Evolution. Statistic-historical research, , author Victor Axenciuc, vol. I, II, III, Romanian Academy Publishing House, Bucharest, 1992, 1996, In the interwar decades, , started with a population doubled following the country s rebellion in 1918, the demographic potential increased by 28%, with Romania s population reaching almost 20 million in In the decade after 1939, due to the 1940 territorial dismantling, the world war, its consequences and peace treaties, the population of the country declined almost to the limit of 1920, accounting for 15.9 million inhabitants. The demographic potential was the determinant factor of economic growth. 188 Romanian Statistical Review - Supplement nr. 3 / 2018

6 The second major element of potential, specific to the economic body of Romania at that time, was the productive area, especially the arable land, which provided the majority of agricultural production. In almost half a century, , the arable, surpassing population growth, extends more than twice, from 3 to 6.4 million hectares, due to the narrowing of the pastures and grasslands to half that of the original one. In the interwar years, the process continues, but to a lesser extent. Significant is the diminution of the arable areas per inhabitant due to the high demographic growth. In 1939, the large mechanized industry with 380,000 employees produced a gross added value of 1,378 million 1913, while agriculture, with an active population of 9,110 thousand people, produced gross value added, together with the domestic and animal transport, 3,677 million These are summarized in table no. 2. Evolution of the production of goods and services, per inhabitant, of the main fields, in 1913 lei, averages of the selected years, between Table no. 2 Average of the years Total Agricultural production Industrial production Construction Services lei % lei % lei % lei % lei % Yearbooks from and from the work Romanian Gross Domestic Product The table above shows the production of the main sectors and services per capita, in parallel with their 100-fold dynamics indices, averaging For a better understanding of the background in which global macroeconomic indicators have evolved, we will consider the contribution of the main branches to the formation of the Gross Domestic Product. The data are presented in table no. 3. Revista Română de Statistică - Supliment nr. 3 /

7 Structure of the production of goods per capita, of the main fields, by the averages of the years, between Table no. 3 Average of the years Production of goods total agricultural industrial construction Yearbooks from and from the work Romanian Gross Domestic Product Taking into account the evolution of structural indicators, we will highlight the evolution and structure of the global indicator of gross domestic product in some important aspects. From four to five years, ranging from the period , we selected four intervals for the concision of the present presentation, the most significant being: , , and They facilitate the formation of a well-grounded picture of the evolution of the overall results of the national economy. The evolution of gross domestic product is shown in table no. 4. Evolution of Gross Domestic Product, in ROL 1913, per total per inhabitant, by averages of the years, in the period Table no Gross domestic product, million lei dynamics GDP per capita, lei dynamics Yearbooks from and from the work Romanian Gross Domestic Product In the period up to 1914, the total added value increases by 3.9 times, GDP correlated with the population, which increased 1.8 times per capita increase of 2.17 times, respectively doubles with a CAGR above 2.3%, the specific rate of the agrarian economies at the beginning of their transition to agrarian-industrial structures. 190 Romanian Statistical Review - Supplement nr. 3 / 2018

8 In the interwar decades, followed by five or six years of postwar reconstruction and economic crisis, especially for the land was an increase in average per capita by 29%, the level reached in the years 1935 to 1939 average of 96 % of the pre-war period. The key finding of these findings is that GDP per capita was a few percent below the pre-war. Gross value added, how it was created by sectors in the national economy, highlights the country s economic capacity. In table no. 5 presents the structure elements, by time, of the gross added value, until Dynamics of gross value added in the main sectors of the economy, total and per capita, averages of the years, between Table no. 5 Added value in agriculture, silk culture, per inhabitant, lei dynamics Added value in industry, per inhabitant, lei dynamics Value added in construction, per inhabitant, lei dynamics Value added in services, per inhabitant, lei dynamics Yearbooks from and from the work Romanian Gross Domestic Product In order to have a clearer picture of the annual evolution of selected indicators, we presented in table no. 6, the level recorded year after year 1920 to The data are also presented in chart no. 1, which has a higher expressivity value. Revista Română de Statistică - Supliment nr. 3 /

9 Gross domestic product, total and per capita, after adjustment gross value added, in 1913 lei, annual series, Table no. 6 Year Gross domestic product Gross value Tax on Subsidies to added product products thousands lei pe locuitor lei thousands lei thousands lei thousands lei Yearbooks from and from the work Romanian Gross Domestic Product Evolution of gross domestic product, total and per capita, after adjustment of gross value added, in 1913 lei, annual series, period Chart no. 1 In table no. 7, we presented the evolution of gross domestic product and net product as well as consumption of fixed capital. Also, for the extension of the analysis, we calculated and presented gross domestic product and net domestic product per capita. The data are suggestive enough, and the representation in graph no. 2 of said indicators becomes even more expressive. 192 Romanian Statistical Review - Supplement nr. 3 / 2018

10 Evolution of Gross Domestic Product and Gross Domestic Product, total and per capita, in 1913 lei, annual series, between Table no. 7 The gross domestic Consumption of Net domestic product Anul product fixed capital (Column 2-3) per capita lei thousands lei thousands lei thousands lei GDP NDP Yearbooks from and from the work Romanian Gross Domestic Product Evolution of Gross Domestic Product and Gross Domestic Product, total and per capita, in 1913 lei, between Chart no. 2 After we presented the evolution of GDP, PIN, gross value added, goods and services production, consumption of fixed capital, etc., we also made the data to a realistic level of comparability, using the general index of prices for deflation of value indices expressed in the current prices of each considered period. In this respect, in table no. 8, in addition to the general price index, there are also price indices in agriculture, industry and service tariffs. The data in table no. 8 are shown in graph no. 3.. Revista Română de Statistică - Supliment nr. 3 /

11 Evolution of the general price index for the period as a deflator for the value indicators expressed in current prices Table no. 8 Year General Index Agricultural price Industrial price index index Service tariffs The sources and method of calculation can be found in the Price Index as a deflator for the value indicators expressed in current prices. Addendum to Volume I. As deflators, these price indices have been applied to current value indicators in the chapters: large manufacturing, construction, domestic and foreign trade, mechanized transport, banking and finance, central and local budgets. The deflation procedures with the four price indices are specified in the methodological introduction of each scatter and chapter. Yearbooks from and from the work Romanian Gross Domestic Product The evolution of the general price index for the period as a deflator for the value indicators expressed in current prices Chart no. 3 With the exception of the increase, the decline continues 194 Romanian Statistical Review - Supplement nr. 3 / 2018

12 in the following ranges from 52.7% to 44.5% and finally to 19% to 19% of the total added value of goods production. Thus, the sector that occupies 80% of the country s population reduces its contribution to the production of goods from 75% to 40%, in favor of the growing industry and construction. Industry at the beginning of the period had a share in the production of goods of 22.3%, reaching the war years, to percent, modifying the material production profile of the country. Construction, the most active sector of all, has a steady increase in its share of its value from 2.9% to 13.3%. Industry and construction, at the end of the interwar period, are approaching, with 47.2%, the agricultural sector. The analysis of total GDP per capita in the period , resulting in the greatest increase between GDP per capita should be interpreted also from the perspective of the temporarily modified population. Evolution of Gross Domestic Product, in ROL 1913, in dynamics and per capita, averages of the years, between Table no Gross domestic product, thou. lei dynamic,% GDP per capita, lei dynamic,% Yearbooks from and from the work Romanian Gross Domestic Product Analysis of Gross Domestic Product and other indicators in the period Exhausting the analysis of the evolution of indicators considered until 1947, we continued to present and analyze the value of these indicators for the period from 1945 (1947) to This longer period covers the period of the socialist economy and the first ten years of the market period free. Some indicators are presented at different times ( , or ). In table no. 10 shows the evolution of GDP, total and per capita, expressed in dollars, as the purchasing parity price in the period Revista Română de Statistică - Supliment nr. 3 /

13 Gross domestic product, per capita, expressed in USD 1990 and 2000, averages of the years, between Table no. 10 Gross domestic product thousands of Gross domestic product per capita dollar Medium of dollars ppc ppc the years dollars 1990 dollars 2000 indices dollars 1990 dollars 2000 indices , , , , , , , , , , , , , , , , , , , ,4 Yearbooks from and from the work Romanian Gross Domestic Product The Gross Added Value in USD ppc 2000 was reported in the employed population. Until for agriculture, active population; after 1945 the busy. Industry personnel includes employers and employees in the extractive, electricity and manufacturing industries. for the years in the rest of the period, the employed in agriculture and industry, by the labor force section of the Statistical Yearbook. Busy (active) population where gross value added was reported. in agriculture and in the large industry. in thousands of people, were estimated by statistical data and are presented in table no. 11. Population employed in Romania, between Table no. 11 Years Occupied population Total Agriculture % of col. 2 Industry % of col , , , , , , , , , , , , , , , , , , , , , , , ,3 Yearbooks from and from the work Romanian Gross Domestic Product Romanian Statistical Review - Supplement nr. 3 / 2018

14 The structure of the gross added value by activity domain, per capita, presented in table no. 37, highlights that, from 1945 to 1990, it had an increasing trend, from $ 612 / inhabitant to $ 8791 / inhabitant in 1980, $ 9521 / inhabitant in From 1990 until in 2000, the indicator had drops, respectively 8583 US dollars / inhabitant in 1990, 7973 US dollars / inhabitant in 1995 and 7104 US dollars per capita in The same evolution was recorded in the production of goods and services. The analysis shows that, after 1989, the Romanian economy has been deregulated, and the transition to the market economy has been decreasing. These decreases are major, much higher if we consider that, after 1990, the population started to decline. Structure of Gross Value Added by Domain of Activity, per capita, in USD ppc 2000, annual series, period Table no. 12 Year Total Gross Value Production of goods - Added - Dollars Dollars Service activity - Dollars Yearbooks from and from the work Romanian Gross Domestic Product Revista Română de Statistică - Supliment nr. 3 /

15 Structure of Gross Value Added by Domain of Activity, per capita, in USD ppc 2000, annual series, period Chart no. 4 In order to have a clearer picture of the real value of the indicators computed during the socialist economy period, in the following table no. 13, we present the evolution of the price index, although at the time it was stated that the prices are administered by the state and there is no inflation. Consumer price indices in state trade Table no Total , ,6 145,8 -food goods , ,4 162,2 non-food goods , ,4 119,3 -services ,2 161,9 Yearbooks from and from the work Gross Domestic Product of Romania Romanian Statistical Review - Supplement nr. 3 / 2018

16 The national income between , expressed in the prices of certain years, billions of lei Table no N.I. in 1950 prices 34,2 54,1 61,0 82,7 indices ,2 178,4 241,8 2. N.I. in 1955 prices 43,4 63,5 72,1 90,5 154,7 indices ,3 166,1 208,5 356,5 3. N.I. in 1963 prices 34,2 58,0 65,8 82,6 141,1 155,0 212,1 361,9 508,7 indices ,6 192,4 241,5 412,6 453,2 620,2 1058,2 1487,4 4. N.I. in current prices 34,2 63,6 75,4 90,8 146,4 162,6 217,9 354,6 513,6 indices ,8 220,5 265,5 428,1 475,4 637,1 1036,8 1501,8 Yearbooks from and from the work Romania s Gross Domestic Product Analysis of the evolution of Gross Domestic Product in the period Between 2001 and 2008, GDP growth has been achieved in leaps with positive developments. Since 2009, under the effect of the economic and financial crisis, the decline in economic growth has been triggered. The service activities, industry, construction and net taxes on the product together have made a decisive contribution to GDP decline, which is a negative fact for Romania s economy that, although restructured, has given up a number of sub-sectors of the industry, engaging on the development of services, construction, and so forth, failed to cope with the effects of the crisis, correlated with the absence of an adequate anti-crisis governance plan established at the beginning of the phenomenon. In terms of uses, GDP growth in 2012, the year of post-crisis recovery, contributed: stock change, net exports, gross fixed capital formation, collective final consumption of public administration, individual final consumption of households. In analyzing the data for the year 2014 we have to start from the concrete situation that our country registered this year. Thus, for example, the stock change had a lower final contribution, and net exports, ie the difference between exports and imports, had a lower effect as a result of the reduction in the balance of trade deficit. Under these circumstances, we can see that gross fixed capital formation, individual consumption of households, contributed to GDP formation in terms of use. Revista Română de Statistică - Supliment nr. 3 /

17 Individual consumption of households and collective consumption of public administration, together, have diminished. Indicatorul Actual individual consumption of households Collective consumption of public administration Gross capital Share of the main categories of uses in GDP Table no. 15 Anul ,7 77,5 78,5 77,9 75,3 74,0 72,7 72,6 72,4 72,7 73,7 74,0 72,2 9,8 7,9 8,3 7,7 7,6 7,7 8,2 7,1 7,3 7,1 6,1 8,8 7,2 21,5 21,8 23,7 25,6 30,2 31,9 25,6 22,5 22,3 22,2 20,0 19,0 21,4 formation Stock change 0,6 1,8-0,3 0,9 0,8-0,6-0,6 3,5 3,9 4,1 3,5 1,1-0,9 Net export -7,6-9,0-10,2-12,1-13,9-13,0-5,9-5,7-5,9-5,7-3,3-0,5 0,1 Data source: National Institute of Statistics, press release no. 249 / Thus, GDP has not yet reached its 2009 level; most of the branches have had negative contributions, which means entry into macroeconomic managerial degeneration; structure by branch and use was negative. The analysis shows that between 2009 and 2015, the private sector contributed 72.4% to 76.8% in the formation of GDP. In comparison with previous periods, it is noted that the share of the private sector in achieving GDP is higher than all the other annualized periods in 2000 and even from 1990 to the present day. Gross Domestic Product share of the private sector in Chart no. 5 Data source: National Institute of Statistics, Statistical Bulletin no. 12/ Romanian Statistical Review - Supplement nr. 3 / 2018

18 Analyzing the series of data, we find that GDP growth rates started in 2000 at a rate of growth of 2.1%, then in the period they recorded increases of over 5%, respectively 5.7% in 2001, 5.1% in 2002, 5.2% in The year 2008 marked a last increase, being, together with the increase of , of 7.7%, the most significant of the entire evolution of Romania. In 2009, the effect of the crisis in GDP growth was brutally manifested. n the analyzed timeframe, GDP has evolved in a balanced way, with the tendency to increase the contribution (services) to the achievement of this indicator and to decrease the industry, through restructuring-reorganization, with different effects from one period to the next. agriculture that has registered differential growth rates. The issue of agriculture and its evolution must be dimensioned in two ways: on the one hand, it is the quantitative contribution of harvests and outputs produced, and on the other hand, by the qualitative factor which, under unfavorable climatic conditions, does not constitute the support it needs agriculture to develop accordingly. In , with the exception of financial services and industry in 2010, declined. In 2012 the trend of economic growth reversed. In 2013, we recorded an increase of 3.5% and in 2014 the growth was 3.1%. From the point of view of the uses, we observe that the gross capital formation, the collective final consumption of the public administration, the individual final consumption of the households have the highest weight in the formation of GDP, during the period, the negative effect of the activity of the comet which, through the net exports algebraically compared with imports from 2000 to 2016, had negative contributions to the GDP Change in GDP growth over the period Chart no. 6 *) Date semidefinitive. **) Date provizorii. Sursa de date: Institutul Național de Statistică, Buletinule Statistice din 2016, Revista Română de Statistică - Supliment nr. 3 /

19 From the point of view of the participation of the sectors as a form of ownership in the achievement of GDP, the period signifies, with some small oscillations, the growth of the private sector contribution to GDP formation. The share of the private sector in GDP growth slightly decreased, being in 2006 (69.8%), in 2007 by 70.2% and in 2008 by 71.4%. During , the share of the private sector in GDP growth remained constant with slight changes around 70%. In 2016, the share of the private sector in GDP formation was 76.8%. Conclusion From the study undertaken, the authors deduced some conclusions, of which we mention first that the gross domestic product with the small conceptual methodological changes, taking into account the economic system that Romania has undergone, represented and always represents the most complex indicator of the Romanian economy. The per capita gross domestic product indicator is more relevant in terms of comparability based on this indicator of the evolution of the Romanian economy compared to the stage achieved by other European Union or wider European or world countries. It follows that Gross Domestic Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Domestic Product (CIBB) It is noted that in the case of the Romanian economy there is a discrepancy regarding the provision of financial resources, Romania resorting to credits, external public debt and much more. As a final conclusion, we can appreciate that the Romanian system experienced certain periods during which growth was stagnant during the economic crisis in or , but also the strategy that the macroeconomic management had to ensure the development of the country under conditions to be reflected in gross domestic product. Bibliografie 1. Anghel, M.G., Anghelache, C., Dumitrescu, D.V. and Dumitrescu, D. (2016). Analysis of the correlation between the Gross Domestic Product and some factorial variable. Romanian Statistical Review, Supplement, 10, Anghelache, C. and Anghel, M.G. (2017). Econometric methods and models used in the analysis of the factorial influence of the gross domestic product growth. Network Intelligence Studies, V (9), Anghelache, C., Anghel, M.G. and Stoica, R. (2017). Quarterly analysis of Gross Domestic Product evolution significance of growth rate. Romanian Statistical Review, Supplement, 6, Anghelache, C. (2016). România Starea economică, Editura Economică, Bucureşti, 202 Romanian Statistical Review - Supplement nr. 3 / 2018

20 5. Anghelache, C., Partachi, I., Sacală, C. and Ursache, A. (2016). Using econometric models in the correlation between the evolution of the Gross Domestic Product and Foreign Direct Investments. Romanian Statistical Review, Supplement, 10, Anghelache, C. and Anghel, M.G. (2015). Model of Analysis of the Dynamics of the DFI Sold Correlated with the Evolution of the GDP at European Level. Romanian Statistical Review Supplement, 10, Axenciuc, V. (2012). Produsul Intern Brut al României , vol. I și II, Victor, Editura Economică, București 8. Bhandari, P. and Frankel, J. (2015). Nominal GDP Targeting for Developing Countries, National Bureau of Economic Research, Working Paper 20898, Cambridge 9. Fleurbaey, M. (2009). Beyond GDP: The Quest for a Measure of Social Welfare. Journal of Economic Literature, 47 (4), Foerster, A.T. and Choi, J. (2016). Consumption Growth Regimes and the Post- Financial Crisis Recovery. Economic Review, Second Quarter Q (II), Garin, J., Lester, R. and Sims, E. (2016). On the Desirability of Nominal GDP Targeting. Journal of Economic Dynamics and Control, 69, Macchiarelli, C. (2013). Similar GDP-inflation cycles. An application to CEE countries and the euro area. International Business and Finance, 27 (1), Nalewaik, J. (2012). Estimating Probabilities of Recession in Real Time with GDP and GDI, Journal of Money, Credit and Banking, 44, Institutul Național de Statistică, comunicatul de presă nr. 249/ Institutul Național de Statistică, Buletinul Statistic nr. 12/2016 Revista Română de Statistică - Supliment nr. 3 /