Romanian economy hiked 7.1% in 2008. A mere 2.9% advance in Q4

Romania’s gross domestic product hiked 2.9% in fourth quarter, moderating the annual growth to 7.1%, as the contraction of demand shrank the activity in the majority sectors of the economy, reads the statistic report released by national statistical office.

The gross domestic product stood at 159.43 bln lei (41.8 bln euros) in fourth quarter 2008 and at 503.959 bln lei (136.8 bln euros) in the whole year 2008.

[Update] National Institute of Statistics has revised upward the data on the value of Romania’s gross domestic product in first two quarters and downward for third quarter, the new figures pulling down the level of the economy for whole year 2008.

According to latest calculations of INS, Romania’s GDP in first nine months in 2008 amounted to 344.528 bln lei, up 9 bln lei versus 335.2 bln lei in early December.

Thus, for first quarter in 2008, the gross domestic product has been revised upward, from 86.475 bln lei to 91.13 bln lei, whereas the growth rate of GD P stood at 8.2% from prior-year period.

For the second quarter, INS calculated GDP at 115.074 bln lei, from 109.019 announced in September 1. GDP growth in second quarter remained at 9.3%.

In third quarter, Romania’s GDP was 138.324 bln lei, being revised downward by 1 bln lei, from 139.4 bln lei value announced in December 3. The growth rate jumped to 9.2% in third quarter, from 9,1%, despite the downward revision of GDP.

In the last quarter, the gross domestic product climbed by merely 2.9%, pulling down the annual growth median to 7.1%, as the contraction of demand reduced activity in the majority sectors of the economy.

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