Romania's economic growth close to 10 percent in Q3

After a record 9.3 percent growth in the second quarter of 2007, Romania's economy could be close to the 10 percent advance in Q3, due to good agricultural production, while estimates for the entire 2008 are around 8.5 percent.

The gross domestic product (GDP) advance exceeded all expectations in Q2, amounting to 9.3 percent, the highest in the European Union, according to data provided by the National Institute of Statistics (INS) and estimates by EU's statistics office, Eurostat.

Slovakia ranks second, with a 7.6 percent estimated growth, while the Baltic states, former EU record-setters, are likely to post growth between 5.7 percent and -0.2 percent. The EU average growth is 1.7 percent.

Romania's economy could register a growth peak this fall, according to analysts. "The growth engines were services, first of all. Agriculture also added to the growth and I estimate it would add even more in the third quarter. Furthermore, I think results for the third quarter will be above Q2, even above 10 percent," according to ING Bank Romania's Senior Economist, Nicolaie-Alexandru Chidesciuc, for Business Standard.

Business Standard