The Gross Domestic Product fell in the Q3 this year by 0.7% from previous quarter, while compared to the same period of last year, the GDP dropped 7.1%. Conclusions are optimistic: Romania could emerge from recession sooner, and the economy could turn positive in the fourth quarter.

Fifth successive quarter of economic contraction

Romania’s economy remained weak throughout the third quarter this year, contracting at 0.7% quarterly rate, and by 7.1% from the same period of last year, statistical office said. This is the fifth successive quarter of decline in Gross Domestic Product from previous quarter, but the rate fell in third quarter this year to the lowest since Q3 2008.

The first quarter of negative GDP growth has been Q3 2008, when the economy fell 0.1% into the negative territory. Contraction deepened further into the following quarters by 2.8% in Q4 2008 and by 4.6% in Q1 2009 only to show the first signs of recovery with 1.1% decline rate in Q2.

Q3 data are seasonally adjusted while third-quarter 2008 data are unadjusted.

For January to September this year, the economy fell 7.4%, below the six-month decline of 7.6%.

Romania’s economic growth could turn positive in the first three months of 2010 from previous quarter, said the chairman of the National Prognosis Commission (CNP), Ion Ghizdeanu (photo). He added he didn’t roll out the likelihood of a positive or near 0 growth in the final quarter of this year.

“As of next year, the economy will be back at its growth rate (on a quarterly basis). It is not excluded to see a positive economic growth as soon as in fourth-quarter, or at least near 0. Compared to fourth quarter 2008, the economic contraction will be lower than expected, of 5.6% from annual projection of 7%”, said Ghizdeanu.

In a more positive note, the head of CNP said he expects the GDP to climb 1.2% in