Statistics show Romania's economy, up 0.7% in first quarter

Romania's estimated Gross Domestic Product increased by 0.7 percent in the first quarter of the year compared to the last three months of 2010, according to data released on Wednesday by the country's Statistics Institute. The industry was the sector which posted the biggest increase in activity, with 10.1 percent, followed by trade, car repairing and household items. The services sector witnessed a decrease of 6.1 percent, while the financial activity segment, real estate went down by 3.2 percent. Domestic demand went down by 0.5 percent in the first three months of this year, compared to the last quarter of 2010. A positive effect on the GDP came from the improvements in net exports, as more products and services were sent abroad- a growth of 23.6 percent, while imports grew by only 15.4 percent. editor@romania-insider.com (Photo source: Sxc.hu)