Romania Economy Grew 1.7% in First Quarter

Romania’s economy expanded more than initially reported in the first quarter on surging exports boosted by demand from western Europe. Gross domestic product (GDP) rose 1.7 percent, the first annual growth in two years, compared with a 0.6 percent decline in the fourth quarter, the National Statistics Institute in Bucharest said.

The figure was revised from a preliminary estimate of 1.6 percent on May 13th. Romania, which has taken two international loans from the International Monetary Fund and the European Union since 2009, will probably see economic output grow 1.5 percent in 2011, helped by western European demand for the country’s manufacturing products, including Dacia SA cars, according to government and IMF forecasts.

Source: Bloomberg