Economy down 8.8% in Q2, 2009, says INS

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Romania’s GDP went down 8.8% in 2009 and 7.6% in H1 of this year, according to data supplied by the National Statistics Institute (INS).
Provisional data supplied by the INS show that in Q2 of 2009 Romania’s GDP decreased 1.2% against the previous 3 months.
Romanian’s GDP went down 6.2% in Q1, 209 against the same period of 2008, according to INS data released this June.

Authorities have initially counted on a 2% economic growth in 2009 but after negotiations with the IMF the budget was revised on a 4% economic drop in 2009.

After the IMF assessment mission, that ended Monday, the Romanian authorities and the IMF experts are considering an even sharper economic drop of 8%-8.5% in 2009, that being the level the budget revision in August will start from.

According to Finance Minsiter Gheorghe Pogea the economic contraction will continue in the last two quarters of this year but its dynamics will change at the year-end.
The provisional figure of the GDP for Q2 and H1 of 2009 will be made public by the INS on September 1st, 2009.

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