Romania's economy contracted 8.7% in second quarter

Romania’s Gross Domestic Product shrank an annual 8.7% in second quarter, according to the revised data provided by the National Institute of Statistics, after previous estimates in mid August had indicated a sharper decline of 8.8%.

Gross Domestic Product – seasonally adjusted data - estimated for second quarter 2009 (120.4 billion lei) recorded -1.1% decline from a quarter earlier. These estimates confirm the first assessments made public on August 13, 2009.

Reductions in activity volume quarter-on-quarter were recorded in agriculture, forestry (-1.7%), constructions (-11.0%), trade, car repair and household appliances, hotels and restaurants, transports and communications (-4.4%) and financial activities, real estate transactions, leasing and services for companies (-4.1%).

Industry and other services have increased activity volume by 4.5% and 0.2% respectively.


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