ING Ups Romanian GDP Growth Forecast To -1.6% In 2010

ING Bank Romania has lifted its forecast on Romanian gross domestic product growth to minus 1.6% in 2010, on better-than-expected third quarter GDP data, the lender said in a report Monday.

14 views

Earlier, ING analysts predicted a decline of 2.8% in 2010.

Romania's third quarter gross domestic product shrank by 0.7% in seasonally adjusted terms compared with the previous quarter, beating market expectations of a 1.3% contraction. In annual terms, the GDP declined 2.5% in unadjusted data.

ING analysts had predicted a quarterly decline of 2.5% and an annual contraction of 4%.

ING Bank also revised upward its forecast for the 2011 GDP growth to 0.2%, from a decline of 1.8% previously estimated.

Romanian authorities estimate the economy will contract by around 2% this year, from a decline of 7.1% in 2009.

If you liked this story, please follow MEDIAFAX.RO on FACEBOOK »

The content of mediafax.ro is for your information only. Republishing or using this content is forbidden without express consent of MEDIAFAX. For this consent, please ask for it by mail at vanzari@mediafax.ro.