Romania: Economy contracts in Q3
November 15, 2012
According to the flash estimate released on 15 November by the National Institute of Statistics (INS), GDP contracted 0.6% in the third quarter over the same period last year. The reading contrasted market expectations of zero growth and marked the first contraction recorded since the last quarter of 2010. The third quarter reading contrasted the 1.1% expansion tallied in Q2, as the Eurozone crisis dampened economic activity. In seasonally adjusted terms, the economy contracted 0.5% over the previous quarter, contrasting the 0.5% rise tallied in Q2. A revised and more complete set of data will be published on 6 December.