Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Eurostat: Romania's GDP dropped by 1.2% in 2010

Romania's economy dropped by 1.2% last year, less than official estimates of authorities, which anticipated a 1.9-2% reduction.

In the fourth quarter GDP grew slightly by 0.1% in real terms cas against the previous quarter, according to data of the National Statistics Institute (INS). Romania had in the fourth quarter of 2010 the lowest economic growth in EU reported to the previous quarter, Eurostat data show.

The head of IMF mission in Romania, Jeffrey Franks declared in November that although the recovery would begin in the last quarter of 2010, economy would close the year with a negative growth of -2% in order for GDP to register a real growth of 1.5% in 2011, Mediafax shows.

The economy entered recession in the second quarter of 2008 with the drop of GDP by 0.1% against the previous three months.Since then, GDP has registered drops each term, except for slight increases of 0.1% in 2009 and 0.3% in 2010, second quarter.

EU economy grew by 2.1% in the last quarter of 2010, compared to the same period of 2009, while in the euro area the growth was of 2%, according to Eurostat data. Compared to the previous quarter, GDP grew by 0.2% in EU 27 and by 0.3% in the euro area.Throughout the year EU economy grew by 1.7%. Romania and Greece (-6.6%) were the only economies to register a GDP drop compared to the same period of 2009. The highest GDP rises were in Estonia (6.6%), Finland (5.8%) and Lithuania (4.4%).

Romanian Statistics confirms: 2010 GDP Down 1.2% On Year, Less Than Expected

Romania's economy shrank at an annual rate of 1.2% in unadjusted terms in 2010, a slower pace than initially predicted, according to a flash estimate of the country's statistics institute (INS) released Tuesday.

Authorities had estimated a contraction of around 1.9% in 2010, after a decline of 7.1% a year earlier.In October to December 2010, Romania's gross domestic product grew 0.1% in seasonally adjusted terms compared with the previous three months, after two consecutive quarters of decline.

Preliminary adjusted data showed the fourth-quarter GDP fell 0.5% from the same period of 2009. In unadjusted data, the yearly contraction in the October-December period was of 0.6%. Detailed figures for the fourth-quarter GDP are due for release March 3. Romanian authorities forecast the economy will grow by 1.5% in 2011, fueled by higher exports and a gradual increase in local demand.

Sursa: http://www.actmedia.eu

Tags: quarter previous romanias eurostat economy euro cas