Economic Analysis between Gross Domestic Product and Foreign Trade in Romania

Costel POPESCU, PhD student,
The Romanian Academy / National Institute of Statistics Romania


Foreign trade is considered a major component of sustainable economic growth. The links between it and the gross domestic product (GDP) have been analyzed in numerous specialized economic works. The developed econometric models have demonstrated the strong connection, both in the short and long term, between these macroeconomic components.
This paper demonstrates once again the long-term and short-term links between these variables by using the VECM (vector error correction) econometric model on the annual GDP, Export and Import data with Romanian agricultural products from the period 1995-2020.

Keywords: GDP, trade balance, trade efficiency, export, import
JEL Classification: F19

[Full Text]

Romanian Statistical Review 2/2022