Romanian GDP down 1.1 pct in Q2

The Romanian gross domestic product (GDP) put at 120.4 billion lei in current prices in the second quarter of this year has recorded 1.1 percent drop from the prior quarter, show figures that the National Institute of Statistics released on Tuesday.

According to the Institute, such estimates confirm the early evaluations communicated on this Aug. 13, given that the differences are insignificant, at 0.1 percent.

The activities in Q2 compared to Q1 recorded the biggest contraction in agriculture, forestry and fishery at minus 1.7 percent, construction at minus 11 percent, trade, motor- and household appliances repair, hotels&restaurants, transport and communications at minus 4.4 percent and financial activities, real estate transactions, rentals and services for firms at minus 4.1 percent.

The industry and other services saw their activity expand 4.5 percent and 0.2 percent respectively.

The net taxes by product collected to the state budget posted 3 percent drop in Q2, the Statistics Institute said; in terms of the GDP use, the total end consumption diminished 2.8 percent mainly amid curbed consumption spending by the households by 3.5 percent.

In terms of the GDP use, the domestic demand shrank 15.6 percent in Q2 from the same quarter in 2008, mainly amid the 12 percent cut in the total end consumption and the 25.6 percent drop in the gross formation of fixed capital.

The homes’ end consumption spending diminished 15 percent as a result of the curbed retail sales at minus 20.6 percent and of the services for the population at minus 20.4 percent.

The Romanian GDP was put at 206,451.5 million lei in current prices in the first half-year, down 7.6 percent from Jan.-June 2008, the Institute announced.

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