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Romania GDP close to 90 bln euros in 9 months

The Romanian gross domestic product (GDP) totalled roughly 89.9 billion euros (38.651 billion lei) in current prices over Jan. 1 - Sept. 30, 2011, up by 2.7 percent in real terms from the nine months of 2010, reveal estimates published by the National Institute of Statistics on Tuesday. (1 euro=4.35 lei)

Such growth was significantly prompted by the increase in the activity volume and consequently in the gross added value in agriculture, hunting and forestry, fishing and fisheries (+16.4pct) and industry (+6.8pct).

According to the Institute, relatively lower rises in the activity volume were recorded in construction (+1.8pct) and trade, repair of vehicles and home appliances; hotels and restaurants; transport and telecommunications (+1.1pct).

The cut in the public administrations' end-consumption spending (-3.7pct) was offset by the increase in the households' end-consumption spending (+1pct) so that the overall final consumption kept unchanged Jan. to Sept. as compared to the same period in the prior year. The gross formation of fixed capital posted a 4.4 percent rise.

The international institutions' anticipation of the Romanian economic growth this year ranges from 1.5 percent (the International Monetary Fund's projection) to 1.7 percent (the European Commission's autumn predictions). Romania's National Commission for Projection (NCP) maintained its 1.5 percent forecast of this year's GDP growth.

As for 2012, the economic growth of Romania was revised downwards to 2 percent from 3.5 percent, given the country, according to the IMF, will feel the problems facing the European economy.

Furthermore, the NCP revised downwards its 2012 economic growth projection from 4 percent anticipated in spring to some 1.8 - 2.3 percent as per the autumn version of the 2011-2015 medium-term prognosis.

The Romanian Government drew up the 2012 draft budget starting from a deficit of 1.9 percent of GDP and economic growth at 2.1 percent.

The Romanian economy dipped into recession two years ago, after having shrunk for two consecutive quarters - in the last quarter of 2008 and the first quarter of 2009 respectively. The Romanian economy contracted 1.3 percent last year, Agerpres reports