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Romania 1Q GDP -0.3% On Quarter, -2.5% On Year

Romania’s first quarter gross domestic product shrank by 0.3% in real terms compared with the earlier quarter, a flash estimate of the National Statistics Institute showed Wednesday.
Romania 1Q GDP -0.3% On Quarter, -2.5% On Year
12 mai 2010, 10:11, English

Preliminary adjusted data showed the first-quarter GDP fell 2.5% from the same period of 2009. In unadjusted data, the yearly contraction in the January-March period was of 2.6%.

Detailed figures for the first-quarter economic evolution are due for release June 3.

Romania’s economy declined by a sharp 7.1% in 2009, after a 7.1% growth a year before.

The International Monetary Fund said recently it now expects Romanian economy to stagnate or even contract by half a percentage point in 2010, from a 0.8% growth initially predicted.

The IMF is heading a EUR20 billion rescue package for the eastern European country, which is expected to enforce austerity measures to bring the economy on track and convince the international institution to release additional funding.