Romania 2010 GDP Down 1.2% On Year, Less Than Expected

Romania's economy shrank at an annual rate of 1.2% in unadjusted terms in 2010, a slower pace than initially predicted, according to a flash estimate of the country’s statistics institute released Tuesday.

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Authorities had estimated a contraction of around 1.9% in 2010, after a decline of 7.1% a year earlier.

In October to December 2010, Romania's gross domestic product grew 0.1% in seasonally adjusted terms compared with the previous three months, after two consecutive quarters of decline.

Preliminary adjusted data showed the fourth-quarter GDP fell 0.5% from the same period of 2009. In unadjusted data, the yearly contraction in the October-December period was of 0.6%.

Detailed figures for the fourth-quarter GDP are due for release March 3.

Romanian authorities forecast the economy will grow by 1.5% in 2011, fueled by higher exports and a gradual increase in local demand.

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