Economy up by just 5% in Q3, say 18 analysts

The economy saw a significant slowdown, from 6% increase in Q1 to a 5.6% in Q2 and to 5% in Q3, according to 18 analysts and officials asked by ZIARUL FINANCIAR. The vast majority of the analysts (16 out of the 18 included in ZF’s research) are pessimistic, and say the economy continued to lose pace in the third quarter. The average of the 18 estimates points to a 5% economic growth in the third quarter of the year (compared with Q3 in 2006), an obvious slowdown against the 6% seen in Q1 and the 5.6% witnessed in Q2. As a result, the economy (the Gross Domestic Product)is likely to have increased by 5.5% in the first nine months of this year, compared with 5.8% in the first half of the year, say the 18 analysts. Just one of the 18 analysts thinks the GDP increased faster in Q3 (up 6%); another believes the economy preserved its growth rate (5.8%), while the remaining 16 are confident that GDP witnessed slower growth. The National Statistics Institute will publish official data on the economic growth in Q3 and on the first nine months of this year this Friday (November 30). The macroeconomic situation has significantly worsened this year, with almost all targets being revised downwards. The economy was expected to rise by 6.5%, but the estimate was revised downwards, (to 6.1%), however analysts are even more pessimistic and suggest a 5.5% increase nine months into the year.