Romania 3Q GDP -0.7% On Quarter, Down 2.3% On Year

Preliminary adjusted data showed the third-quarter GDP fell 2.3% from the same period of 2009. In unadjusted data, the annual contraction in July to September was of 2.5%.

The GDP fall was in line with expectations, as economic analysts said a 5-percentage point increase in the sales tax to 24% early-July had a negative impact on consumption.

In the second quarter, Romania's GDP grew by 0.3% in seasonally adjusted terms, compared with the previous quarter.

Detailed figures for the first-quarter economic evolution are due for release December 2.

The International Monetary Fund expects Romania's GDP to fall by around 2% in 2010, after a 7.1% decline in the previous year.

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