Romania MOF Upgrades GDP Estimate, Sees Contraction Of 7%-7.5% In ‘09

"Though the contraction was initially seen at 8%, in light of the latest data we expect the GDP decline to be between 7% and 7.5%," said Gratiela Iordache, state secretary at the ministry. The International Monetary Fund recently upgraded its estimation on Romania's economic growth, saying it expects the economy to decline by 7.5%-8% in 2009, from a previous contraction predicted at up to 8.5%.Romania's Prognosis Commission estimated the economy would shrink by 7.7% in 2009.