Romania 2Q GDP Sees 6th Largest Annual Decline In EU

Romania's second-quarter GDP fell 8.7% on the year, from a 6.2% decline in the first quarter, EU's statistics office Eurostat said in its second estimate.

In the first quarterly estimate, Eurostat said Romanian GDP fell 8.8% on the year in the second quarter, while the EU's GDP dropped by 4.8%.

The sharpest economic contractions in the EU bloc were reported in Lithuania (-20.4%), Latvia (-17.3%) and Estonia (-16.1%).

At the opposite side, Greece, Cyprus, and France posted the lowest yearly declines in the second-quarter GDP data. Greece's GDP fell 0.3% on the year, Cyprus' was down 0.7%, while France saw a contraction of 2.8% on the year.

Romania's second quarter GDP was down 1.1% compared with the first quarter, revised from a 1.2% decline previously estimated by Eurostat.

Compared with the previous quarter, EU's GDP fell 0.3% in the second quarter.

Seasonally adjusted data for the second quarter showed Slovakia's GDP grew by 2.2% compared with the previous quarter, the fastest growing rate in the EU. Slovenia (+0.7% from the first quarter) and Poland (+0.5%) posted quarterly increases.

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