decline

Romania’s car market registered the fourth largest decline in the European Union in the January-August interval, of 32.2%, as the number of new car registrations across the EU dropped 3.5%, according to the Association of European Carmakers (ACEA).

Romania’s economic decline is seen widening in 2010, due to the Constitutional Court’s ruling, which fended off a 15% cut in pensions and prompted the increase in the sales tax, to heavy floods in recent months and the international economic context, Prime Minister Emil Boc said Sunday.

Romania’s car market registered the third biggest decline in the European Union in the first half of the year, of 41.5%, while bigger declines were registered only in neighboring Bulgaria and Hungary and the EU car market increased 0.2%.

Romania and the International Monetary Fund officials have discussed a possible scenario indicating an economic decline in 2010, but a final forecast has not been presented yet, Finance Minister Sebastian Vladescu said Monday.

Romania’s auto market registered the sharpest decline in the European Union in February, as the number of new car registrations decreased 63% compared to February 2009, while the EU market increased 3%.