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Eurostat: Romania has third annual GDP reduction in EU in second quarter
The European Union (EU) economy registered in this year's second quarter an annual growth higher than initially estimated, according to a second estimation published on Wednesday by the statistical office of the European Union (Eurostat).
According to the revised data, the European Union registered in this year's second quarter, compared with the similar period of the previous year, a 2 percent growth of the GDP, above the initial estimations that mentioned a 1.9 percent growth. In the euro area, Eurostat did not change the estimations of a 1.9 percent economic growth. Romania and Bulgaria had the third annual reduction of the GDP in the EU in the second quarter, with a 1.5 percent decrease. More important GDP decreases were only registered in Latvia (minus 3.9 percent) and Greece (minus 3.5 percent).
In the last quarter of 2009 Romania's economy suffered a 1.5 percent drop from the previous quarter, in the first quarter of 2010 it decreased 0.3 percent and in this year's second quarter it grew 0.3 percent. President of the National Institute of Statistics Vergil Voineagu last month estimated that the Romanian economy could technically come out of recession in the third quarter of 2010, but it could decrease again in the last quarter, Agerpres informs. He explained that the cyclic phenomenon of the quarterly growth pace of the Romanian economy is very powerful and it shows a drop in the first quarter from the last quarter of the previous year, slight increases in the second and the third quarters and a decrease in the last quarter.