Romania's Gross Domestic Product fell by 1.2% last year, lessthan analysts' and authorities' forecasts, which hovered around2%.
The Romanian economy rose by 0.1% in the last three months of 2010against the preceding quarter, contrary to most analysts'expectations of a decline.
Analysts, however, say that the figure was very close to zero andcould be later revised, with the "plus" or "minus" sign being lessrelevant.
"This positive figure can be explained by revisions of past data.The -1.2% decline can only be explained if historical series wererevised. There could be major revisions both for 2010 and for 2009.One cannot rule out the possibility that the minus of the firstquarter has been turned into a plus. If 2009 data have not beenrevised, one could only come up with 1.2% if first-quarter economicgrowth were positive," commented Nicolaie Chideşciuc,chief-economist of ING Bank.
He says considering that the 2010 economic decline was lower thanexpected, there is a big chance this year's economic growth couldexceed 0.2%.
The austerity measures adopted by the authorities, the VAT hike andthe 25% public sector wages cut, were reflected in the GDPdynamics. After the economy's feeble return to positive territoryin the second quarter, the seasonally-adjusted GDP dipped back intonegative territory in the third quarter. The GDP fell 2.5% in thethird quarter against the corresponding period of 2009, after adecline of just 0.5% in April-June of 2010.
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