Romania’s GDP sees sixth largest decline in EU in second quarter

In the first quarterly estimation, Eurostat said Romanian GDP had fallen 8.8 percent year on year in the second quarter, while EU GDP dropped by 4.8 percent. The sharpest economic contractions in the EU were reported in Lithuania (-20.4 percent), Latvia (-17.3 percent) and Estonia (-16.1 percent).At the opposite end of the scale, Greece, Cyprus and France posted the lowest yearly declines in second-quarter GDP data. Greece's GDP fell 0.3 percent year on year, Cyprus's was down 0.7 percent, while France saw a shrinkage of 2.8 percent. Romania's second-quarter GDP fell 1.1 percent compared with the first quarter, revised from a 1.2 percent decline previously estimated by Eurostat. Compared with the previous quarter, the EU's GDP edged down 0.3 percent in Q2. Seasonally adjusted data for the second quarter showed Slovakia's GDP had risen by 2.2 percent compared with the previous quarter, the fastest growing rate in the EU. Slovenia (+0.7 percent from the first quarter) and Poland (+0.5 percent) posted quarterly increases.
Anda Dragan