Wednesday, August 12, 2009

Romanian economy likely to drop 7.5 pct.

BUCHAREST, Romania, Aug. 12 (UPI) -- Romania's economy could decline 7.5 percent for all of 2009 as compared with a previous prediction of a 6.4 percent drop, Merrill Lynch analysts said.

Romania's 2010 gross domestic product is likely to decrease 2 percent, an improvement from 2.5 percent in the previous forecast, the Romanian HotNews.ro Web site said Wednesday quoting the Merrill Lynch analysis. In the first three months this year, Romania's GDP dropped 6.2 percent when compared with the same period in 2008.

The 2009 second quarter GDP declined 8 percent when compared with the second quarter in 2008, Romanian Finance Minister Gheorghe Pogea said. The second quarter GDP deterioration apparently forced world analysts to revise their predictions for Romania's recession. On Monday, the International Monetary Fund revised its forecast of Romania's 2009 GDP drop to between 8 percent and 8.5 percent from its March prognosis of a 4.1 percent drop.

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