Romania misses economic comeback with 0.7 percent GDP drop in third quarter

The Romanian gross domestic product (GDP) contracted by 0.7 percent in the third quarter of this year from the second and it dropped by 2.3 percent from January to September, according to the National Institute of Statistics. The Romanian GDP in the third quarter shrank by 2.5 percent in gross series compared to July-Sept. of 2009 and by 2.3 percent by seasonally adjusted series. Romania posted an economic growth of 0.3 percent in the second quarter of this year, which was a first this year. Analysts were expecting a second quarter of increase, which would have meant the end of the recession for the country. According to the International Monetary Fund and the European Commission, the Romanian economy will contract by 2 percent this year and it will grow by 1.5 percent in 2011. AGERPRES