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Romanian economy avoids recession

Analysis

Romania’s economy averted a recession last quarter as gains in consumption and communication services offset a slump in agriculture. Gross domestic product rose a seasonally adjusted 0.1% from the previous three months, less than the 0.2% announced in a Feb. 14 preliminary report, after a 0.3% decline in the third quarter, the National Statistics Institute in Bucharest said Wednesday. GDP advanced an unadjusted 0.3% from the fourth quarter of 2011. Romania’s economy is struggling to recover from a two-year recession that ended in 2010. The rebound was limited last year by a poor harvest and slowing export growth amid Europe’s sovereign debt crisis. GDP grew 2.2% in 2011.

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