Romania economy expands 0.5 pct in Q2

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The Romanian economy expanded 0.5 percent in the second quarter of this year as compared to the three months to March, while when compared to April-June of 2011 it advanced 1.2 percent by gross series and 1.7 percent by seasonally adjusted series, show early estimates released by the National Institute for Statistics on Tuesday.

„Gross domestic product in the second quarter of 2012 was by 0.5 percent higher than in the first quarter of 2012 in real terms (seasonally adjusted data). When compared to the similar quarter of 2011, the GDP grew 1.2 percent by gross series and 1.7 percent by seasonally adjusted series”, the Institute announced.

The Romanian GDP expanded 0.8 percent by gross series in the six months of this year from last Jan.-June and it grew 1.4 percent by seasonally adjusted series.

The Government reviewed this year’s economic forecast downwards to 1.2 percent from 1.5 percent, reveals the explanatory note to the draft budget revision. The Romanian authorities, on working out the 2012 budget, had considered a growth of 1.8-2.3 percent, later on reviewed to 1.5 percent, following the talks with the International Monetary Fund (IMF).

The latest World Bank estimates included in the last EU11 Regular Economic Report reveal Romania will post growth of 1.2 percent in 2012 and 2.8 percent in 2013, as compared to an economic advance of 2.5 percent last year.

The National Bank of Romania Governor Mugur Isarescu has recently said the existing data, the situation in agriculture included, justify a diminished growth projection.

„There is sufficient data, the situation in agriculture included, that justify at least partially diminished projection of the economic growth”, Isarescu has said.

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