Romanian 1Q GDP Seen Dn 2.9% – Prognosis Commission

“The economic growth in the first quarter is projected at about -3%,” CNP president Ion Ghizdeanu told MEDIAFAX.

CNP sees a 10% contraction in industry in the first quarter compared with the same period of 2008.

The agriculture sector is to post a 1% decrease, while the services are seen contracting by 0.7%.

The commerce is projected to drop by 2%, and a growth is expected only in the construction sector, of 2.5%.

According to CNP, the first quarter has an 18% contribution to the full-year GDP.

The International Monetary Fund sees Romania’s GDP contracting by 4% in 2009, but the Romanian authorities said this was the worst case scenario in the negotiations.

Last week, Romania agreed with the IMF, the European Union and other international institutions a EUR20 billion financial package to help the country cushion the global crisis effects.

Romanian Statistics Institute will publish data regarding the first quarter GDP on May 15.