INS confirms technical recession, though Q2 performance is slightly better

Newsroom 08/10/2014 | 12:05

The decline of Romania’s gross domestic product in the second quarter was slightly smaller than expected, revised data from the country’s statistics institute INS showed Wednesday.

According to INS data, Romania’s economic performance in the first quarter declined by 0.1 percent (compared to the initial estimate of 0.2 percent). In the second quarter, the economy shrunk by 0.9 percent, compared to the initial announcement of 1 percent.

Seasonally adjusted GDP for the second quarter was RON 164.7 billion, down 0.9 percent compared to the previous quarter and up 1.5 percent year on year.

Seasonally adjusted GDP for the first semester of 2014 was RON 327.12 billion, up 2.6 percent year-on-year.

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