Romania 2010 GDP Fall Revised Down To 1.3%

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Gross domestic product declined by 1.3% during 2010, compared to a contraction of 1.2% initially estimated, according to fresh data from the National Statistics Institute (INS).

However, the fall was les severe than authorities had expected. Official forecasts pointed to a 1.9% economic contraction for 2010.

Constructions had a negative contribution of 10.7% to the 2010 GDP, while the retail and services sectors had an impact of -4% and -2.8% on the year, respectively, INS data showed.

The decline was somewhat tempered by a 5.1% increase in industry and a 0.8% growth in the financial and real estate sector.

INS maintained unchanged earlier figures on fourth-quarter GDP, with seasonally adjusted data showing a 0.1% increase compared with the same quarter of 2009.

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Adjusted data indicate the fourth-quarter GDP fell 0.5% from the same period of 2009. In unadjusted data, the yearly contraction in the October-December period was of 0.6%.

Agriculture had a positive contribution of 7.4% to the fourth GDP, while the industry and the services sectors had positive contributions of 5.8% and 1.2% on the year, respectively.

INS said domestic demand fell by 1.2 percentage points in the last quarter of 2010, mostly due to a 4.7% decline in gross capital formation. Final consumption was down 2% on the year in the fourth quarter.

On a positive note, INS said net exports had improved in the fourth quarter of 2010 compared with the same period a year earlier, outgrowing imports.