Bloomberg News

Romanian GDP hrinks Less in Third Quarter on Consumption

January 09, 2013

Romania’s economy shrank in the third quarter less than preliminary reports on a smaller decline in consumption.

Gross domestic product shrank a seasonally adjusted 0.4 percent from the previous three months, less than a 0.5 percent quarterly contraction from reports on Dec. 6 and Nov. 15, the National Statistics Institute in Bucharest said in an e-mail today. That compares with 0.1 percent growth in the second quarter. Third-quarter GDP declined a seasonally unadjusted 0.5 percent from the same period a year earlier.

Romania’s economy went through its worst recession on record from 2008 to 2010 and a second one in the last quarter of 2011 through the first quarter of last year. It will probably see growth slow to less than 1 percent in 2012 from about 2.5 percent in 2011, because of a poor harvest and slower industrial-output growth amid Europe’s debt crisis, according to forecasts from the International Monetary Fund.

Final consumption contracted 0.7 percent in the third quarter from a year earlier, less than a 1.6 percent decline previously reported, according to the statement.

Construction output shrank 1 percent, while agriculture, one of the main drivers of the economy in 2011, declined 30 percent in the third quarter. Industry fell 0.5 percent, according to the institute.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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