Romania’s GDP declines 2.6pc in Q1, 2010 (estimates)

Romania’s Gross Domestic Product (GDP) estimated for the first quarter of 2010 is RON 96.7076 billion current prices, down 2.6 percent from Q1 2009, according to data released on Thursday by the National Statistics Institute.

Seasonally adjusted, Romania’s Q1, 2010 GDP was estimated at 124.541 billion current prices (nearly 22.8 billion euros), down 0.3 percent in real terms from the fourth quarter of 2009. Data with the INS indicate the industry as the only business sector to have reported a rise, of 4.2 percent, in its business volume, being valued at RON 25.286 billion.

Construction was significantly down 17.3 percent to RON 5.674 billion. Smaller declines were reported in agriculture, hunting, fisheries and aquaculture (0.9 percent), with its output put at RON 2.194 billion current prices, as well as commerce, car and home appliances repairing; hotels and restaurants; transport and telecommunications (2.4 percent), for an estimated value of RON 22.844 billion.

Business in the financial, real estate, rental and business services was down 1.5 percent, to RON 18.072 billion; the decline in other services was 2.7 percent, for a value of RON 12.016 billion.
INS reports that taxes on products collected by the Government has gone down as a consequence of the negative developments in the economy, with the decline put at 10.7 percent and their Q1 value estimated at RON 10.619 billion.

Domestic demand declined 3 percent ion Q1 2010 from Q1 2009, mainly as a result of a 28.9- percent decrease in fixed capital formation. Total final consumption shrank 4 percent, mainly as a result of falling household spending, which recorded a 4.8 percent decline, as a result of falling retailed goods, which was down 19.7 percent.
Final consumption of public administrations went down 1.8 percent. A positive effect of the GDP is said to have been generated by improvements in next exports, with the rise in exports of goods and services outpacing the rise in similar imports, 19.5 percent to 14.9 percent.

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