Romania: Economy exits recession in the first quarter
May 13, 2011
According to the flash estimate released on 13 May by the National Institute of Statistics (INS), GDP expanded 1.6% in the first quarter over the same period the previous year. The reading represents an improvement compared to the 0.6% contraction tallied in Q4 2010, as the economy recovers from the severe austerity measures introduced last year. In seasonally adjusted terms, the economy expanded 0.6% over the previous quarter, on top of a 0.1% expansion tallied in Q4 2010, thus technically exiting a two-year recession. The reading also overshot market expectations of a 0.2% expansion. A revised and more complete set of data will be published on 8 June. The government expects the economy to return to positive growth this year and expand 1.5% before accelerating to 4.4% in 2012.