Romania’s gross domestic product contracted this year by 6.2% from prior-year period, according to statistics provided on Tuesday by the NIS who revised initial estimates which indicated a 6.4% drop.

On a seasonally unadjusted basis, the gross domestic product was 95.521 billion lei (22.6 billion euros) in first quarter. On a seasonally adjusted basis, the GDP stood at 128.73 billion lei in first quarter, equivalent to 4.6% decline in real terms year-on-year.

In the “signal” reporting on May 15, INS estimated YoY GDP contraction at a mere 2.6% on a seasonally adjusted basis.

As compared to fourth quarter last year, the data are seasonally adjusted, while for the y/y statistics, the institute used unadjusted data.

The detailed report on GDP evolution in first quarter indicates an industry-wide decline of activity, except for construction sector.