ING Ups Romanian GDP Growth Forecast To -1.6% In 2010

ING Bank Romania has lifted its forecast on Romanian gross domestic product growth to minus 1.6% in 2010, on better-than-expected third quarter GDP data, the lender said in a report Monday.

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Earlier, ING analysts predicted a decline of 2.8% in 2010.

Romania's third quarter gross domestic product shrank by 0.7% in seasonally adjusted terms compared with the previous quarter, beating market expectations of a 1.3% contraction. In annual terms, the GDP declined 2.5% in unadjusted data.

ING analysts had predicted a quarterly decline of 2.5% and an annual contraction of 4%.

ING Bank also revised upward its forecast for the 2011 GDP growth to 0.2%, from a decline of 1.8% previously estimated.

Romanian authorities estimate the economy will contract by around 2% this year, from a decline of 7.1% in 2009.

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