Industry accelerated its growth pace in the third quarter thanksto external demand, while consumption slowed down its decline,fuelling hopes that the economy may be doing better thananticipated.
New orders in the industry rose by 26% in the first nine monthsof the year, after an increase of 23.9% in the first half of theyear, with companies in the industrial sector standing by their10.8% turnover growth rate, show data from the National StatisticsInstitute.
In parallel, sales in the wholesale sector slowed down theirrate of decline from 5.1% in the first six months to 4.9% betweenJanuary and September. The slower turnover decline in the industryis more likely to have occurred because of higher inflation in thewake of the VAT hike from 19% to 24% than because of a consumptionrevival. "The progression of these indicators suggests we could seea less significant economic contraction in the third quarter thananticipated. The GDP decline that occurred between July andSeptember could be somewhere between -1% and -2%. We currently havea -2.5% estimate for the third quarter," says Nicolaie Chideşiuc,chief economist of ING Bank.
The Gross Domestic Product (GDP) saw a 0.5% decline in realterms in the third quarter against the similar period of 2009. Dataon economic performance in the third quarter will be published onNovember 12th.
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