Romanian Economy Grew By 2.5% In 2011

02.15.2012 By Florentina Dragu

Romanian economy expanded at an annualized rate of 2.5% in 2011, after a decline of 1.3% in the previous year, a flash estimate of the country’s statistics institute showed Tuesday.

The figure matches the one advanced last month by President Traian Basescu, who said the economy had performed better than expected in 2011, owing to a bumper harvest and higher exports.

Official forecasts put the economic growth at around 2% in 2011.

The fourth-quarter gross domestic product shrank by 0.2% in seasonally adjusted data compared with a quarter earlier, INS data showed.

Compared with the fourth quarter of 2010, Romania's GDP increased by 1.9% in the last three months of 2011.

The statistics institute is due to release a detailed report on the fourth-quarter GDP on March 6.