“If we consider the performance of factory output, the economy is already heading back towards the positive territory and a recovery is under way. We moved from -12% to -6% as figures are released with a two-month delay, and GDP figures even at a bigger delay”, said Isarescu.

He gave the example of Germany, a country that emerged from recession showing positive quarter-on-quarter GDP figures in QII but negative when compared to the same period of last year.

“We recorded an 8% YoY contraction versus 9% economic growth a year earlier, and Germany’s economy increased by around 2%. In case of Romania, the QoQ GDP figures are likely to be positive in third quarter or fourth quarter the latest”, said Isarescu.