Monday, May 18, 2009

Romania GDP Declines after Nine Years of Growth

Sofia News Agency

The GDP of Bulgaria's northern neighbor Romania declined by 2,6% in the first quarter of 2009 compared to the last quarter of 2008.

Thus, Romania has technically entered into a recession after nine years of growth, BGNES reported citing data of the Romanian Statistical Institute.

Romania's GDP year-on-year has declined by 6,4% according to preliminary data. Data of the Romanian Statistical Institute cited by BGNES also shows that Romania's GDP already decreased by 3,4% in the final quarter of 2008 compared to the third quarter.

In 2008 Romania registered a growth of 7,1% which was among the highest in the EU. Yet, Romania has been affected substantially by the global financial and economic crisis in March 2009 its industrial production declined for a sixth month in a row.

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