Most economic branches had a negative contribution to the GDPprogression in the first quarter of the year, with the economyperforming worse than expected, and analysts saying Romania willremain in recession this year, following the fiscal adjustmentmeasures.
"According to our estimates, the only sector that had a positivecontribution to the gross domestic product was industry, while theother sectors continued to see declines, with constructionsremaining the most affected branch of the Romanian economy," saysMelania Hancila, chief economist of Volksbank.
The GDP fell by 2.6% in the first quarter against the similarperiod of last year, and by 0.3% against the first quarter of lastyear, according to preliminary data. Tomorrow the NationalStatistics Institute will publish details on the GDP progression inthe first three months of the year, including its nominal value.This value could mean a higher budget deficit in the firstquarter.
Ionut Dumitru, chief economist of Raiffeisen Bank, says all fourmain branches than make up the GDP - services, industry,constructions, and agriculture - had a negative contribution to theGDP progression in the first quarter of the year, with economicactivity falling significantly short of expectations. "The reboundof monthly indicators in March could not offset the rather abruptdeclines in industry and constructions in January andFebruary."
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