Romania’s economy averted a recession in the fourth quarter, growing more than initially announced as a decline in industrial output eased.
Gross domestic product rose a seasonally adjusted 0.4 percent from the previous three months, more than the 0.1 percent announced in a March 6 preliminary report, after a revised 0.2 percent decline in the third quarter, the National Statistics Institute in Bucharest said today in an e-mail. GDP advanced an adjusted 0.7 percent from the fourth quarter of 2011 and an unadjusted 1.1 percent, compared with a previously announced unadjusted figure of 0.3 percent.
Romania’s economy is recovering from a two-year recession that ended in 2010. The rebound was limited last year by a poor harvest and slowing export growth amid Europe’s sovereign debt crisis. GDP grew 2.2 percent in 2011.
“The revisions of the GDP growth figures come mainly from the significant improvement of the industry and trade contributions,” the statistics office said in the statement.
The drop in industrial production was revised from 0.6 percent to 0.2 percent in the fourth quarter, compared with the previous three months. That narrowed the year-on-year decline to 0.8 percent from a previous estimate of 2.4 percent.
Agriculture declined 24.6 percent in the fourth quarter from the same period a year earlier, while construction output shrank 1.7 percent.
Final consumption rose 1.3 percent in the fourth quarter from a year earlier, after contracting 0.4 percent in the previous three months.
To contact the reporter on this story: Andra Timu in Bucharest at email@example.com
To contact the editor responsible for this story: Balazs Penz at firstname.lastname@example.org