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Romania scores 4th contraction in GDP in EU, in Q3 2009

The economy of the European Union and of the euro area (EU16) turned back on a positive track between July-September 2009, thanks to an increase in GDP by 0.3 percent in EU and by 0.4 percent respectively in the euro area, in the 3rd quarter of the year compared with the 2nd, according to second estimates on Friday from Eurostat, the statistical office of the European Union.

According to the data available, Romania scored the 4th contraction in GDP in the EU in the 3rd quarter of the year against the 2nd. The previous estimates of Eurostat, issued on December 3, 2009, pointed to an economic decline in Romania of 0.7 percent between July-September, 2009.

The biggest fall in GDP was recorded in Latvia (- 4 percent), Estonia (- 3 percent), Hungary (-1.8 percent), followed by Cyprus and Romania (both - 0.6 percent). Eight EU member states, among which Romania, scored a lower GDP in Q3, compared with Q2. In exchange, in 18 member states, the GDP recorded growth compared with the previous quarter.

Both in the case of EU27 and in the euro area, the economic growth in the third quarter of the year came after three consecutive quarters of decline. Nevertheless, while looking into the year-on-year figures, the EU GDP shrank 4.3 percent in Q3 (following a contraction of 5 percent in Q2), while the euro area saw a 4 percent contraction in Q3(after a contraction placed at 4.8 percent in Q3).

Romania scored the 8th contraction in GDP in Q3 2009 compared with the same interval in 2008, in the EU, with 7.1 percent. Ranking first was Latvia (-19.3 percent), followed by Estonia (-15.6 percent), Lithuania (-14.2 percent) and Finland (-8.8 percent). Contractions in GDP were recorded in all the EU member states that made data avilable, except for Poland, which announced an economic growth of 1 percent in Q3 2009 compared with Q3 2008.

Sursa: http://www.agerpres.ro

Tags: percent romania contraction compared euro

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