Romanian economy up 0.8% in six months, second quarter marks recession exit

Romania's economy grew by 0.8 percent in the first six months of the year, in the raw series, compared to the first half of 2011, and managed to grow in the second quarter of the year, after two consecutive quarterly drops. The country's GDP was up 0.5 percent quarter-on-quarter in Q2

Compared to the second quarter of 2011, the country's Gross Domestic Product was 1.2 percent higher in raw series and 1.7 percent higher using adjusted figures in the second quarter of the year, according to the National Statistics Institute. Romania's economy was in recession in the first quarter of the year as it was the second quarterly economic contraction for Romania. The country slashed its economic growth forecast for this year, from a previous forecast of 1.5 percent, to 1.2 percent, according to a recent budget rectification project. Romania's GDP last year went up by 2.5 percent fueled by agriculture, which was up 11.3 percent, and by industry, which advanced by 5 percent. editor@romania-insider.com photo source: sxc.hu