ING Bank Romania revised its forecast on the Romanian economy to -1.6 percent for 2010 from a previous 2.8 percent. The lender announced that the improvement was generated by better-than-expected GDP results for Q3/2010.
Romania’s third quarter GDP decreased by 0.7 percent in seasonally adjusted terms against the previous quarter, after a 2.5 percent contraction was previously estimated. The bank’s analysts have also revised the forecast for the 2011 GDP growth to 0.2 percent, from a decline of 1.8 percent previously estimated.
Romanian authorities expect a 2 percent GDP contraction this year, following a 7.1 percent decline in 2009.