RZB: Romanian economy pulls 0.3 percent growth rate in second quarter, but further contraction is expected for the next period

The Romanian economy has managed to generate a positive growth rate of 0.3 percent q-o-q for the second quarter of this year, research by RZB shows. Economic activity declined by 0.5 percent in the same period, less than the 2.6 percent in the first quarter of this year. Due to the austerity measures, the economic growth is expected to be dampened in the third quarter again. Overall, in the CEE region is expected to undergo deceleration in growth due to a slowdown in foreign demand, the same research shows. The Czech economy grew 0.8 percent quarter on quarter, with progress supported most likely by the industrial sector which is profiting from stronger foreign demand. The quarter on quarter GDP growth in Hungary remains flat, while in Slovakia it stood at 1.2 percent, fueled by the economic recovery in Germany as the country is highly dependent on exports.