BCR forecasts 8 percent economic contraction this year

Banca Comerciala Romana has slashed its forecasts for economic contraction for Romania, to 8 percent from 4.9 percent. BCR says the economic growth will most likely return in the positive territory, in 2010 at 0.2 percent.

Romanian economy contracted 8.8 percent in the second quarter this year and 7.6% in the six months through June compared to prior-year period.

BCR’s forecasts for the country’s inflation rate indicate a decline up to 4.4 percent by year-end, following to continue falling to 3.1% in 2010.

The median exchange rate for this year was estimated by BCR at 4.2 lei/euro, expecting it to decrease to 4.1 lei/euro in 2010 and 4 lei/euro in 2011.

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