Romania Economy Officially in Recession

Business » FINANCE | May 18, 2009, Monday // 20:05
Romania Economy Officially in Recession: Romania Economy Officially in Recession ccording to the official information the Romanian economy has shrunk by 6,4% in the first quarter of 2009 year-on-year. File photo

The Romanian economy has officially entered a period of recession over the negative effects of the global financial crisis.

That is what a repot of the Romanian statistical institute on the country's gross domestic product (GDP) showed Monday, the Pari Daily announced.

According to the official information the Romanian economy has shrunk by 6,4% in the first quarter of 2009 year-on-year.

The decrease compared to the last three months of 2008 is by 2,6%, and this is the second consecutive month of negative results.

The Romanian Government had expected an overall fall of 4% in 2009, and an increase of the budget deficit by 4,6% of GDP for the same period.

 

 

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Tags: Romania, Global Financial Crisis

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