14 August 2009
Romanian economy slumps 8.8% in Q2
Romania’s economic contraction stood at 8.8% in second quarter versus record 9.3% growth a year earlier, data from National Institute of Statistics show.
“Versus year-ago quarter, the gross domestic product fell 8.8% in second quarter and 7.6% in first half 2009”, reads the press release remitted by NIS.
In second quarter 2008, the institute of statistics had announced a record economic growth of 9.3% for Q2 and 8.8% for H1. Romania’s GDP had increased by 9.3% in second quarter from a year earlier, lifting the first-half economic advance at 8.8%.
Economists had forecast a 8%-10% decline in Q2 from a year earlier, after all economic sectors had a poor performance throughout the first half.
Economists also said the country would experience the worst of recession in third quarter.
The National Institute of Statistics said the country’s second and first-quarter gross domestic product, in the temporary version, would be made public on September 1, 2009.
On the other hand, the second-quarter economic contraction stood at 1.2% (seasonally adjusted) from first quarter.
In second quarter 2008, the institute of statistics had announced a record economic growth of 9.3% for Q2 and 8.8% for H1. Romania’s GDP had increased by 9.3% in second quarter from a year earlier, lifting the first-half economic advance at 8.8%.
Economists had forecast a 8%-10% decline in Q2 from a year earlier, after all economic sectors had a poor performance throughout the first half.
Economists also said the country would experience the worst of recession in third quarter.
The National Institute of Statistics said the country’s second and first-quarter gross domestic product, in the temporary version, would be made public on September 1, 2009.
On the other hand, the second-quarter economic contraction stood at 1.2% (seasonally adjusted) from first quarter.