INS: GDP drops by 6.4 pct in Q1

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Romania’s Gross Domestic Product (GDP) dropped by 6.4 percent in the first quarter of 2009, compared to the same period in 2008, and went down by 2.6 percent from the last quarter of 2008, National Statistics Institute (INS) data say.

According to the seasonal adjusted data, GDP increased by 0.3 and 0.4 percent in the second and the third quarter of 2008 respectively, compared to the previous quarter. Romania’s GDP diminished by 3.4 percent in the last quarter of 2008 compared to the Q3.

The Romanian Central Bank (BNR) governor showed optimism about the possibility that Romania should register an economic growth in 2009 as well.

„The decelaration in the economic growth was obvious in the first quarter of 2009, but a year has four quarters. I maintain my standpoint that we’ll have an economic recovery,” BNR governor said, during the presentation of the quarterly report on inflation.

As a result of the negotiations with the IMF and the EU, the Government altered the public budget on a projected economic decrease by 4 percent in 2009, after the budget had been initially built based on a 2.5 percent economic growth. BNR initial projection for Romania’s economic growth stood at 2 – 2.3 percent.

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