Romaniaʼs gross domestic product (GDP) contracted 10.5% year-on-year in the second quarter of 2020, matching preliminary estimates, after it advanced 4.4% in the same period last year and saw a 2.4% expansion in the first quarter of this year, the Bucharest-based National Institute of Statistics (INS) says.
Final household consumption volume fell by an annual 9.3% in the second quarter. The agricultural sector’s output fell by an annual 11.4%, while gross fixed capital formation increased by 1.8%. The industrial sector’s output shrank 20.4%, while construction contracted by an annual 9%.
Imports of goods and services fell by an annual 21.6 % in the second quarter of 2020, while exports dropped by 28.5%.
On a seasonally adjusted quarterly basis, the economy shrank 12.3%, the most since the data began in the second quarter 1995, after a 0.3% growth in the first quarter, INS added.