Romania’s Economy Makes It Out Of Recession

05.13.2011 ZF English

Romania's economy expanded by 0.6% in the first quarter, after a meager recovery of just 0.1% three months earlier, a flash estimate of the country’s statistics institute showed Friday.

Preliminary adjusted data showed the first-quarter gross domestic product increased by 0.3% from the same period of 2010. In unadjusted data, the annual growth was 1.6%.

The statistics institute reading was in line with economists' forecasts and translates into a technical exit from recession for the eastern European country.

Detailed figures for the first-quarter GDP are due for release June 8.

The economy slipped into recession in the second half of 2008 and remained in negative territory until the last quarter of 2010, with a few exceptions when it posted quarterly growths.

Romanian authorities estimate an economic increase of 1.5% in 2011, after a decline of 1.3% in the previous year, broadly fueled by exports.