Romania – Ebbs and flows

Romania: Quarterly Macroeconomy Digest Erste Group - Romania Macroeconomy Digest Page Summary:

The economic downturn moderated in 4Q09 in yearly terms; the fall ofdomestic demand slowed down as well, while the impact of the external sector again proved supportive and mitigated the decrease in the last quarter.

Industry turned positive in 4Q09, on improved economic sentiment in the Euro Area; external new orders in manufacturing pushed industry up more than 4% y/y, while the automotive industry remained the leader in terms of growth rates.

Agriculture recovered some in autumn, due to improved weather conditions; overall, agriculture was down 0.4% y/y in 2009, while gross value added was 12% lower in real terms than that seen in 2004.