Isarescu says Romania not seeing technical depression

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The Romanian economy is not in a technical depression, the governor of the National Bank of Romania (BN R) Mugur Isarescu said on Thursday, adding he hoped the second quarter of 2009 would see an upturn and the economy would post a slight growth from the second quarter of 2008.
‘Even with respect to seasonally adjusted figures, the comparison to a previous quarter is not the best one. A technical depression occurs when there is recorded a drop in two consecutive quarters from the same quarters of the previous year’, he explained.
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 most difficult point has been overcome. The economy will pick up gradually, but on different bases’, the central bank head stressed.
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.
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