Romania avoided entering into technical recession

Written by: Bridgewest


Romania’s economy grew by 1.9% in the third quarter of 2014, compared to the second quarter, and by 2.8% in the first nine months, with 0.4% higher than the annual advance recorded in June this year. The revised data issued by the Romanian National Institute of Statistics indicates that the country avoided entering into technical recession. The data is encouraging for foreign investors in Romania and the economic outlook remains positive.

The GDP increased compared to last year

Compared to the third quarter of 2013, the Gross Domestic Product (GDP) grew by 3.2% on the gross series and by 3.3% on the seasonally adjusted series. During the first nine months of 2014, the GDP increased by up to 2.58% on the gross series and by 3.1% on the seasonally adjusted series, compared to the same period in 2013.
The data published by the National Institute of Statistics shows that Romania avoided entering into technical recession as the GDP in the first quarter rose by 0.5% compared to a decrease of 0.1% since the last published data. The European Commission estimates that Romania’s GDP grew by 1% in the third quarter compared to the previous quarter, which means that the country was clearly not in technical recession.

Important growth in the third trimester of 2014

Romania managed to record the most important growth of the GDP in the third trimester compared to all of the other European Countries. Romania recorded a 1.9% growth and it is followed by Poland with 0.9%, Greece - 0.7%, the United Kingdom - 0.7% and Slovakia - 0.6%. Germany managed to record a 0.1% growth of the GDP in the third trimester.
Compared to the third trimester of 2013, Romania’s economy has the second largest growth in the European Union, at 3.3%, as it is preceded by Poland with a 3.4% growth. The UK, Hungary and Lithuania follow Romania in the top five countries with the largest economic growth.
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