Romania still in recession: First-quarter GDP drops 0.3%

Publish date: Astazi, 14-05-2010
  • Bookmark & Share

Romania's first-quarter Gross Domestic Product fell 2.6% from the same period of last year, and 0.3% from the fourth quarter 2009.In gross series, the economy contracted by 2.6% in the Jan-Mar period, from the year-ago period, while seasonally-adjusted the contraction was 2.5%.

However, the GDP contraction is narrowly below analysts' forecasts of 3.4% YoY decline and 0.5% q-o-q.Annually, the Gross Domestic Product dropped 6.9% in the fourth quarter 2009, after the 7.6% contraction in third quarter and 8% in the second quarter year-on-year. The National Institute of Statistics released Wednesday the GDP data for the first-quarter as a signal, and a more detailed report will be released at a later date.

Analysts: the economy is in recession. GDP dropped by 3.4% in Q1

The local economy is in recession according to the opinion expressed by the members of the Association of Financial Banking Analysts in Romania (AAFBR) in a survey.

The survey showed that GDP in Q1 2010 was reduced in real terms by 3.4% against the Q1of 2009 ( estimates vary between -2.2% and -4.0%) and by -0.5% ( data adjusted seasonly) against Q4 2009 ( estimates vary between -0.8% and 0.4%)

IMF revised its estimate for economic growth in the case of Romania from 1.3% to 0% or even negative of -0.5% but expected the resumption of economic growth up to the end of the year, the head of the IMF mission to Romania, Jeffrey Franks said.

AAFBR is a professional association set up in January 2008 and gathers over 50 analysts in the banking system, pension funds, investment administration companies, insurance companies and capital market.

Avem nevoie de acceptul tău!
Partenerii noștri folosesc cookie-uri pentru personalizarea și măsurarea anunțurilor. Prin acceptarea cookie-urilor, anunțurile afișate vor fi mai relevante pentru tine. Îți mulțumim pentru accept și te informăm că îți poți schimba oricând opțiunea în Politica de Cookie.