Wednesday, June 4, 2008

Romania Economy Growth among EU’s Fastest

BalkanInsight.com

03 June 2008
Bucharest _ The 8.2 percent growth in Romania’s economy in the first three months of 2008 was more than three times higher than the EU average.

In the 27 states of the European Union, the average economy growth was 2.5 percent in the first trimester.

The hike is seen as an important by analysts, who consider that EU growth in the next three months will shrink.

Romania had the second important growth in the EU after Slovakia which saw growth of 8.7 percent, the European Statistics Institute, EUROSTAT showed on Tuesday.

The slowest development was registered in Estonia, where Gross Domestic Product rose only 0.4 percent, and Italy with a slight increase of 0.2 percent.

Nevertheless the growth in the EU’s economy for the first three months of this year is significant and the International Monetary Fund upped its forecast for this year’s total growth from 1.4 percent to 1.75 percent.

Romania’s rise in Gross Domestic Product surpassed the estimates of analysts and the Finance Minister.

Two weeks ago, the Minister of Finance, Varujan Vosganian, said Gross Domestic Product would rise 7.5 percent in the first trimester but the National Statistics Institute reported on Monday a 8.2 percent hike.

The GDP has a value of Lei 86.74 billion (€ 23.51 billion).

In the first three months of 2007, the national economy grew by 6 percent.

Vosganian suggested that this was due to growth in the construction sector, which rose by 32 percent and in the services industry which recorded a 6.7 percent growth.

”Romania produced in the first three months of 2008 more than it produced in the whole of the year 2000,” the minister added. Read more: http://balkaninsight.com/en/main/news/10661/

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