Romania's GDP for the second quarter of 2009 dropped by 8.8% compared to the last quarter, last year and by 1.2% compared to the first quarter, this year, Romania's National Statistics Institute data shows. In the first half of the year, Romania's GDP dropped by 7.6% compared to the same period in 2008.
Romanian Finance minister Gheorghe Pogea declared, earlier this month, that Romania's economy decreased by over 8% in the second quarter. IMF chief of delegation to Romania, Jeffrey Franks declared on Monday that Romania's economy will register a 8% to 8.5% decrease this year. Franks said that Romania is undergoing a severe recession.
At the level of the Union, Romania is ranked four in a top economic decrease for the second quarter of 2009, Eurostat data shows, quoted by Romanian news agency NewsIn. The European statistics office analyzed available information from 17 EU countries.
In the Union, the economy dropped by 4.8% of GDP in the second quarter of 2009.