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Romanian 9-Mo GDP Slows On Low Ag Output, Revived By Construction

Romania's nine-month gross domestic product growth of 5.8% on the year in real terms, compared with 7.8% in the corresponding period of last year, was due mainly to comparatively low agricultural output, the National Institute for Statistics, or INS said Friday.
Romanian 9-Mo GDP Slows On Low Ag Output, Revived By Construction
07 dec. 2007, 14:32, English

However, the better-than-expected nine-month GDP was the result of a 34.4% higher production in the construction sector, the INS said. Analysts were expecting a GDP growth at around 5.5%.

INS president Vergil Voineagu said Friday in a press conference that the nine-month result usually contributes by 80% to the GDP structure. The GDP would therefore grow by 6% at the end of 2007.

"The share of the fourth quarter in the GDP structure is not that high as compared with the other quarters of the year", Voineagu said.

At the end of the first nine months, output in the services sector grew by 7%, while industrial output saw a 5.6% rise.

Third-quarter gross domestic product growth slowed to 5.7% on the year in real terms, compared with 8.3% in the corresponding period of last year.

Romania’s economic growth has been robust in recent years, increasing to 7.7% last year from 4.1% in 2005. The country’s prognosis commission expects economic growth of 6.1% in 2007.