Business News
Romanian economy shrinks further in third quarter
Nov 12, 2010, 10:47 GMT
Bucharest - The Romanian economy contracted by 2.3 per cent in the third quarter compared to the previous three months, as investment and demand fell, the National Statistical Institute INS said Friday.
The month-on-month decline was 0.7 percent. The data was in line with expectations.
Romania's gross domestic product in the first three quarters of 2010 declined by 2.3 per cent year-on-year.
In early 2009, Bucharest received a two-year, 20-billion-euro (27.5-billion-dollar) bailout from the International Monetary Fund and European lenders. It agreed to cut spending in return.
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