11 August 2009
ING: Romanias economy contracted by 9.7% in Q2
Romania’s Gross Domestic Product shrank by 9.7% in the second quarter as the performance of the construction sector was poorer than estimated, ING Bank says.
Therefore, ING Bank has revised its initial forecast downward, from 8.6% contraction for the period under review. However, ING analysts left on 7.1% contraction forecast for the full year unchanged, adding that further revisions are likely.
The performance of the construction sector was not as poor as the bank had expected a month ago, but worse than they had forecasted for second quarter.
ING analysts have thus revised GDP forecast, taking into account data on the retail industry.
Retail sales dropped 16.3% YoY, while the seasonally adjusted monthly decline passed 3% mark, which “worsens any forecast on recovery of consumption”.
Romania’s second-quarter contraction exceeded 8%, according to the Minister of Finances, Gheorghe Pogea .
National Institute of Statistics will make public on August 13, estimative data on the country’s GDP.
The performance of the construction sector was not as poor as the bank had expected a month ago, but worse than they had forecasted for second quarter.
ING analysts have thus revised GDP forecast, taking into account data on the retail industry.
Retail sales dropped 16.3% YoY, while the seasonally adjusted monthly decline passed 3% mark, which “worsens any forecast on recovery of consumption”.
Romania’s second-quarter contraction exceeded 8%, according to the Minister of Finances, Gheorghe Pogea .
National Institute of Statistics will make public on August 13, estimative data on the country’s GDP.