Romania’s economy expanded by 0.2 percent in 2012
2013-02-15 15:08:21
The domestic economy added 0.2 percent during the fourth quarter and posted the same overall growth figure last year, while the Euro zone and EU 27 economies fell short at 0.6 percent and 0.5 percent respectively in the fourth quarter, according to flash estimates from the National Statistics Institute and Eurostat.
Romania averted a technical recession after the GDP shrank by 0.5 percent in the third quarter. Output was impacted last year by a poor agricultural harvest and a low level of EU funds absorption. Meanwhile, the Euro zone economies – Romania’s largest trading partners, registered sluggish growth figures.
The economies of Germany, Italy and France fell by 0.6 percent, 0.9 percent and 0.3 percent quarter-on-quarter. Austrian and Spanish GDP lost 0.2 percent and 0.7 percent, while Dutch output lost 0.2 percent.
Romania was among the five EU members that had any growth at all. The government expects the GDP to move up by 1.6 percent this year.