The economy fell by merely 0.5% in the second quarter comparedwith the same time of last year so that even though it did not stepinto the black again, it at least managed to slow down its declinefrom about 9% in the spring of 2009.
According to informative data published by the National StatisticsInstitute (INS), the GDP witnessed a decline by 0.5% in grossseries compared with the same quarter of 2009 and by 0.6% iflooking at seasonally adjusted data.
Still, compared with the first quarter, the economy went upslightly by 0.3% (seasonally adjusted series) in the secondquarter, owing to export growth and slight consumption rebound inJune.
The trend is in line with IMF's and analysts' expectations thatanticipated a temporary return of the economy into positiveterritory in the second quarter. There were even voices that saidthe growth confirmed the vision about a return to positiveterritory in the absence of fiscal austerity measures in2010.
President Traian Băsescu yesterday talked about Romania havingmanaged to post a slight economic growth, explaining, however, thatit had a long way ahead of it before getting rid of the burden ofthe excessive budgetary spending compared with revenues that theeconomy provided.
The second half of the year looks like it will be much moredifficult, as the effects of the 25% cut of the public sectoremployees' salaries and the VAT hike to 24% are due to show.
The economic growth posted by Romania in the second quartercompared with the first is among the weakest in the entire EuropeanUnion.
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