Romanian 1Q GDP Seen Dn 2.9% – Prognosis Commission

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“The economic growth in the first quarter is projected at about -3%,” CNP president Ion Ghizdeanu told MEDIAFAX.

CNP sees a 10% contraction in industry in the first quarter compared with the same period of 2008.

The agriculture sector is to post a 1% decrease, while the services are seen contracting by 0.7%.

The commerce is projected to drop by 2%, and a growth is expected only in the construction sector, of 2.5%.

According to CNP, the first quarter has an 18% contribution to the full-year GDP.

The International Monetary Fund sees Romania’s GDP contracting by 4% in 2009, but the Romanian authorities said this was the worst case scenario in the negotiations.

Bolojan, after the European Commission reduced Romania’s economic growth forecast

Last week, Romania agreed with the IMF, the European Union and other international institutions a EUR20 billion financial package to help the country cushion the global crisis effects.

Romanian Statistics Institute will publish data regarding the first quarter GDP on May 15.