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The crisis is over for agriculture, and industry is next
Romania is slowly recovering from the recession. According to data provided by the National Institute of Statistics (INS), agriculture, industry, financial activities, the real estate sector, and services for companies have emerged from the recession and posted growth in the third quarter, compared to the previous three months, while construction and trade are still in the red.
The situation is even worse in annual terms, with agriculture the only sector that managed to register positive results. On average, gross domestic product (GDP) fell by an annual 7.4 percent in the first nine months of this year. The annual decline was 7.1 percent in the third quarter, and data provided by Eurostat indicates that Romania registered the fifth-sharpest drop in GDP in the European Union, while Poland is the only EU member whose economy is still growing.
While agriculture rose by an annual 2.4 percent in the third quarter, the construction sector registered the sharpest decline, of 17.4 percent, followed by net taxes (-14.9 percent), and trade (-11.3 percent). In monetary terms, GDP amounted to RON 127.78 billion (€30.2 bln) in the third quarter, with the average exchange rate in the July-September 2009 period at RON 4.2247/€1.
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Autor:
Dragos Serban
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