The Romanian economy dropped by 0.5 percent of GDP in the third quarter against the second quarter, according to seasonally adjusted data from the National Statistics Institute (INS). GDP shrank by a seasonally adjusted 0.8 percent in Q3 against the same period of last year.
The INS said GDP moved by a seasonally adjusted 0.4 percent on nine months against the same period of last year.
Economists say this year’s growth will be hit by the weak agricultural output and the Euro zone woes.
The European Commission estimates the Romanian economy will move up by 0.8 percent of GDP this year, in its Autumn Forecast. It should expand by 2.2 percent next year.
The IMF estimates an increase of 0.9 percent in GDP this year, which should accelerate to 2.5 percent in 2013.
The government expects the economy to grow by 1 percent this year. Next year’s growth targets stands at 2.5 percent.
Ovidiu Posirca