Monday, May 16, 2011

Romania emerges from two-year recession with growth in first quarter of 2011

By Associated Press, Published: May 13

BUCHAREST, Romania — Officials say Romania’s economy expanded by 0.6 percent in the first quarter, meaning the country has officially emerged from a two-year recession as strong exports and industrial output offset weak domestic demand.

The National Statistics Institute in Bucharest published the figure Friday. It follows 0.1 percent growth in the fourth quarter of 2010. Recessions are technically over after two quarters of positive growth.

Gross domestic product was up 1.6 percent from a year earlier in the first quarter.

Romania, which took a two-year precautionary loan of €3.6 billion ($5.1 billion) from the International Monetary Fund and the European Union this year, is expected to see economic output grow 1.5 percent in 2011, according to government and IMF forecasts.

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