Romania`s economy shrinks 8.7 percent y/y in Q2, revised data of the National Statistics Institute show
Romania's gross domestic product (GDP) compressed 8.7 percent in the second quarter versus the same period in the previous year, according to revised data of the National Statistics Institute (INS). INS initially indicated an 8.8 percent contraction for the second quarter.
The GDP stood around 109.93 billion lei (26.2 billion euros) in the second trimester. The average exchange rate was of 4.1923 lei per euro in the period April – June.
Compared to the first three months of the year, Romania's GDP lowered 1.1 percent in the second quarter, slightly down from the initial estimate of 1.2 percent.
Romania's economy shrank 7.6 percent in the first half, just like in the previous forecast, and the GDP amounted to 206.45 billion lei, according to INS.
Statistics show the compression affected all sectors of the economy. Constructions plunged 14.2 percent, activities in retail, restaurants, hotels, transportation and telecommunications fell by 11.4 percent, the agriculture lost 9.1 percent year-on-year, industry diminished 7.3 percent, while financial and real estate activities lost 7.4 percent.
A slight advance of 1.4 percent was witnessed by other services.
The government expects an economic contraction of 8.5 percent for the year and a GDP of 497.3 billion lei at year-end.