Isarescu says Romania not seeing technical depression
Isarescu insisted he stands by his projection that the Romanian economy would recover and end 2009 on a plus compared to the prior year.
The Romanian economy contracted in Q4 of 2008 from Q3 of 2008 as well as in Q1 of 2009 compared to Q4 of 2008. When compared to a similar quarter of the prior year, the national economy shrank in Q1 of 2009 only, i.e. by 6.4 percent.