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Eurostat: Romania’s GDP growth in Q4 of 2008, 4th in the EU

With a GDP growth of 2.9 per cent Romania ranks fourth in the European Union when it comes to the economic growth registered in the last quarter of 2008, while the 27 member states registered an average economic drop of 1.3 per cent, Mediafax informs.

Bulgaria tops the table with a growth of 3.6 per cent, followed by Poland (3.1 per cent), Cyprus (3 per cent) and Romania, the data published yesterday by Eurostat shows. Latvia ranks at the bottom of the table with an economic contraction of 10.5 per cent in the last quarter, while Estonia registers an economic contraction of 9.4 per cent of GDP.

The data supplied by Romania, Bulgaria and Latvia were not seasonally adjusted, Eurostat points out. The EU economy registered an average decline of 1.3 per cent in the last quarter of 2008, similar to the economic decline rhythm registered in the Euro Area. The EU's GDP decline was mainly caused by the drop in household consumption (-0.8 per cent), by the reduction of investments (-2.5 per cent), exports (-6.8 per cent) and imports (-5.5 per cent).

The United States and Japan, the EU's main commercial partners, registered GDP drops of 1.6 per cent and 3.3 per cent respectively. At annual level the EU's GDP grew by 0.9 per cent, while the Euro Area's GDP grew by 0.8 per cent. The growth levels are in contrast to the growth levels of 2.9 per cent and 2.6 per cent respectively registered in 2007.

 

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Tags: growth registered romania economic eurostat euro