Romania: GDP contracts at record pace in Q2 on Covid-19 fallout
The economy received a massive blow in the second quarter due to the constraining effects of the Covid-19 pandemic. According to a flash estimate released on 14 August, GDP dropped 10.5% year-on-year (Q1: +2.4% yoy), marking the worst contraction on record. Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, economic activity nosedived 12.3% in Q2, contrasting Q1’s 0.3% increase.
Comprehensive second-quarter national accounts will be released on 8 September.