10 Septembrie 2009
Isarescu: GDP could nudge back in the positive territory in fourth quarter
Romania’s economic QoQ output could be back in the positive territory in third quarter or fourth quarter the latest, said the governor of the National Bank of Romania, as the factory output has been showing signs of improvement since the first part of the year.
“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.
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.