Romania’s Economy Is Not In Recession, Despite 6.4% Decrease In 1Q GDP - Pres

Romanian President Traian Basescu said Saturday, at the Congress of Romanian Students’ Union, that Romania’s economy is not in recession, despite the 6.4% contraction of the gross domestic product in the first quarter of 2009, adding the economy actually saw an upward trend in April.

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Basescu said first-quarter GDP growth data confirm an economic downfall, but not a recession.

"Although the economy saw an upward trend in April, I will rush to say Romania has started to overcome the economic crisis," said Basescu, adding the upward trend in April also targets budget revenues.

The head of state said he would work closely with the government to revive the country’s economy, adding the executive will take all necessary measures in this respect, even harsh measures, despite the fact that 2009 is an electoral year.

Romania’s first-quarter GDP shrank by a seasonally-adjusted 2.6% compared with the fourth quarter of 2008, and was down 6.4% against the first three months of 2008, in unadjusted data.

According to seasonally-adjusted data, Romanian GDP rose in the second and the third quarter of 2008 against the previous quarters by 0.3% and 0.4%, respectively.

In the last three months of the year, the GDP fell 3.4% compared with the previous quarter.

As of 2000, Romanian GDP rose in every quarter. The National Statistics Institute (INS) started to compute the GDP on a quarterly basis as of 1998. The largest contraction of Romanian GDP, of 6.6%, was in 1998’s first quarter.

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