Videos


Polls

  • Do you agree with the controversial cyanide mining at Rosia Montana?
  • show result

    all polls



Cosmo and Nanu - Aliens

Romania back in recession, growth to resume in H2

romaniantimes.at

   
Romania officially entered recession today, following the figures published by the National Statistics Institute (NSI) that show a decrease of the GDP for two consecutive quarters (Q).

According to the NSI, the economy contracted by 0.2 percent in Q4 2011 and by 0.1 percent in Q1 2012.

Despite the slight decrease of the GDP, the Central Bank and the Finance Ministry assures that Romania is not sinking in recession and growth will resume as of the second half of the year (H1).

The early estimates made by the Prognosis Commission point to an economic growth of 1.7 percent at the end of 2012, the GDP being estimated at some 609.6 billion Euros.

Recently the International Monetary Fund (IMF) revised downward the initial economic growth forecasts, from 1.8 percent to 1.5 percent .

"Our take on the Romanian economy didn’t change in the past three months. We are expecting a positive growth in 2012, of 1.5 percent of the GDP and even more in 2013 (…) 1.5 percent is not much but it is significantly above the European average, as the eurozone is currently in recession. Under these circumstances, it is an acceptable achievement", IMF’ representative for Romania Jeffrey Francks said earlier this month.

Meanwhile, the national currency, the RON continues to sink, reaching today a new record low against the common European currency, 4.44 RON/ 1 Euro.

Compared to other currencies in the region, the RON had a rather stable evolution. The RON lost 2.8 per cent against the euro since the end of 2011.

However, the formal entry in recession might add more pressure on the national currency, with analysts forecasting an exchange rate of 4.5 RON/ 1 Euro in H2.

According to analysts, the depreciation trend is a consequence of the instability in Greece and also of the deterioration of the fiscal positions caused by austerity in the whole of Europe.




Tag cloud reaching  analysts  circumstances  National  percent  region  estimates  growth  decrease  stable  resume  Romania  currencies  European  Euros  economy  austerity  recession  record  currently




Latest News

 

Policeman Beating Girl, 13, Divides Romania
A Romanian police officer has resigned after a video that has split the country showed him beating a 13-year-old girl in custody who was part of a gang of convicted killers that preyed on the elderly.

Granny Spinner Likely To Escape With 30 GBP Public Order Fine
The Romanian teenager who grabbed a terrified woman and spun her around in the middle of a street for a "joke" is likely to escape with a 30 GBP fine - because his victim is too terrified to file a complaint.

National History Museum shows ancient gold coins returned from UK
The Romanian National History Museum in Bucharest has exhibited a rare collection of ancient gold coins that had vanished and have now been returned from the UK where the customs had held them.

Romanian woman gives a birth for free in Serbian hospital and then leaves a baby
Hospital staff in the northern Serbian town of Pozarevac where shocked when a Romanian woman entered there, gave birth and then secretly left abandoning the baby.

Arctic opens a new fridge production line in Gaesti
Romanian company Arctic has opened a new fridge production line in the town of Gaesti in the south of the country.

Romanian businessmen discuss cooperation with Oman
Businessmen representing Romanian companies will stay in Oman for two days discussing possible ways of cooperation between the two countries.

Serbia is a homeland of vampires, not Romania, claims American journalist
An American journalist has revealed the homeland of vampires is Serbia, not Romania.

Simona Halep wins a tournament in Sofia
Romanian tennis star Simona Halep has won the WTA tournament in Sofia, the capital of Bulgaria.

Emil Constantinescu meets president of Azerbaijan
Former President of Romania Emil Constantinescu has met the president of Azerbaijan Ilham Aliyev in Baku

Architect of Romanian Parliament Palace dies
The Architect of the Parliament Palace in Bucharest has died.

 


The most popular stories –
last 7 days


Friends and Partners





Cosmo and Nanu - Hey Cool