Net investments in the national economy amounted to RON 216.45 billion in 2025, only 5% more compared to 2024, according to data published on Thursday by the National Institute of Statistics (INS).
Data show a weak evolution of private investment, considering that investments from public sources recorded an advance of about 15% in 2025, according to figures from the Ministry of Finance.
Compared to the total net investments in the national economy, public investments have significantly increased their share from 2019 to the present, from about 40% to over 60% of the total. (Note// Finance data and those from the NIS are not 100% comparable, but they can provide an accurate picture of trends in the economy).
„In 2025, compared to 2024, net investments in the national economy increased by 5.0%, an increase recorded in all structural elements: new construction works by 6.1%, other expenses by 4.3% and equipment (including means of transport) by 3.5%,” according to the NIS.
Meanwhile, according to data from the Ministry of Finance, investment expenditures, including capital expenditures, as well as those related to development programs financed from domestic and foreign sources, amounted to RON 138.20 billion, up 15.7% compared to the same period of the previous year, when they amounted to RON 119.45 billion.
Therefore, the share of public investments in net investments in the economy was about 63.8% last year, compared to 41.9% in 2019, the year before the pandemic.
Surprisingly, after 2020, the year in which the state bore the „burden” of investments, the share of public investments followed a downward trend until 2023, when public investments resumed their accelerated growth – in 2023 public investment spending exceeded RON 100 billion, from 72.5 billion in 2022.
Evolution of net investments in the economy and of public investments (RON million, current prices) between 2019 and 2025
Structure of net investment in the economy in 2025
In terms of structure, investments in 2025 were still concentrated in three main areas – construction (a category also reflecting infrastructure works financed from public funds), industry and services – which together account for over 77% of the total.
At the same time, the share of agriculture remained relatively low, while the „other branches” category, mainly associated with public investments (health, education, social assistance, administration, etc.), recorded the most pronounced growth, according to NIS data.
Moreover, the share of investments in „other branches” increased from 16.4% in 2019 to 19.7% last year.
Construction continued to hold the largest share in total investments, despite decreasing slightly, from 38.2% in 2024 to 36.1% in 2025, corresponding to a value of approximately RON 78.1 billion. This category includes construction works of residential and non-residential buildings, as well as investments in infrastructure – roads, bridges, highways, utility networks and transport infrastructure.
Industry accounted for 20.2% of total investments (down from 20.5% in the previous year), equivalent to about RON 43.7 billion. The sector includes the extractive and manufacturing industries (e.g. automotive, chemical, food, metallurgical), as well as the production and distribution of electricity, gas and water, and waste management activities.
Trade and services consolidated their position in the investment structure, their share increasing from 20.5% to 20.9%, which means approximately RON 45.2 billion. This category includes activities such as wholesale and retail trade, transport and storage, IT&C, financial, real estate, professional and administrative activities. It is the only major sector that has increased its share, indicating an acceleration of investments in private services.
Agriculture, forestry and fishing accounted for 3.1% of total investments (compared to 2.9% in 2024), corresponding to a value of approximately RON 6.7 billion. The modest increase reflects investments made in farm modernization, development of irrigation systems and expansion of agricultural processing capacities.
The category „other branches” – which includes public administration and defense, education, health, social assistance and cultural activities – recorded the strongest structural growth. Its share rose from 17.9% to 19.7%, reaching a value of approximately RON 42.6 billion.
From consumption to investment. The government is forcing a change in the growth paradigm
Romania is in the midst of a transition from a growth model based on massive budget deficits and private consumption – which generated apparent, but unsustainable prosperity, with economic growth of only 0.6% in 2025 and technical recession – to a healthy model, focused on investments, productivity and exports, according to Prime Minister Ilie Bolojan.
He explained that the technical recession in 2025 represents the „anticipated and inevitable cost” of this rapid change, moving from a „destructive” system based on borrowing and consumption to one based on what we actually produce.
Banca Transilvania economists estimate that 2026 will be the year in which the new investment model becomes visible, supported by five pillars: public investments and EU funds (MRR), the recovery of industry, the strength of the ITC sector, the stabilization of consumption and improved external balance. This reorientation has the potential to increase productivity in the medium term and strengthen economic resilience, reducing dependence on consumption and relying on accelerated absorption of European funds and on structural reforms.
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