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INS: Romanian economy up 0.3 pc in Q2Updated: 01-09-2010 | Economy
Data of the National Statistical Institute (INS) confirm estimates published a few weeks ago. According to a release, the economy grew by 0.3 per cent in Q2 compared to Q1 of the year. On the other hand, economy was unable to recuperate enough on a year-on-year basis, reregistering a minus of 0.5 per cent. In fact, Romania has been in recession since Q3 of 2008, when the GDP started going down. In Q2 this year, the economy gained some strength, mainly thanks to export. Romania-made cars and telephones sold well, therefore the entire sector grew by over 20 per cent in H1 this year compared to H1 of last year.
According to INS, in Q2 of 2010, the industry grew by 5.9 per cent and compensated for the 8.3 per cent decrease suffered by the construction sector. Compared to Q2 of 2009, slight volume growth was also reported in Agriculture, hunting and forestry, fishing and fisheries (+0.7 per cent) and in financial activities, real estate activities, rentals and services for companies (+0.8 per cent).
At the other end, activity volumes dropped in retail, automobile and home appliance repairs, hotels and restaurants, transport and telecom (-4.2 per cent) and in other activities and services (-2.7 per cent). One consequence of the negative evolution of the whole of the economy is that the volume of per-product net taxes collected by the state budget dropped by 2.7 per cent, the press release states.
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