Voineagu, INS: Signs of exit from recession are emerging

Industry, services, and agriculture could be the leading sectors that will help the economy out of recession over the coming quarters.

The crisis is still present in the economy, but signs of a lessened intensity are starting to emerge, creating the premises for an economic rebound, believes Vergil Voineagu, chairman of the National Statistics Institute (INS).

“When I say the intensity of the effects of the crisis in the economy is lessening, I have two aspects in mind: the rise in the share of services to GDP composition and the positive trend of industry, especially the manufacturing industry,” Voineagu told a conference organised by the INS.

In the first quarter of the year, the economy fell by 2.6% against the similar period of last year, to 96.7 billion RON (23.5 billion euros). Industry was the only rising sector during this period, up by 4.2% against the similar period of 2009, while services and constructions each contributed 1.2% to the 2.6% GDP decline.

The industry increase, mainly that of the manufacturing industry, was largely fuelled by external demand, with exports reaching 10.8 billion euros in the first four months of the year, compared with 8.6 billion euros in the similar period of last year. The trade deficit declined 10%, to 2.8 billion euros.