Romania 3Q GDP -0.7% On Quarter, -7.1% On Year

Romania’s third quarter gross domestic product shrank by a seasonally-adjusted 0.7% compared with the earlier quarter, a flash estimate of the National Statistics Institute, or INS, showed Friday.

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Preliminary unadjusted data showed third quarter GDP fell 7.1% from the same period of last year.

In the first nine months of 2009, Romania's GDP posted a 7.4% drop on the year in unadjusted terms.

Romanian GDP fell 7.6% in real terms in the first half compared with the same period of 2008, largely weighed down by declines in industry and services.

The International Monetary Fund, whose aid Romania sought even since the spring to cope with the recession, estimates the country's GDP will contract by 7.5%-8% at year-end, a slight improvement from a decline predicted at up to 8.5%.

INS is due December 3 to release a more detailed statement on the Romanian GDP evolution in the third quarter.

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