Worst news: GDP up only 1.8% in Q3

The announcement of the National Statistics Institute (INS) at the end of last week that the Gross Domestic Product for the first nine months of the year was only 3.6% higher than in the same time last year upset the expectations of every single analyst and official. According to ZIARUL FINANCIAR”s calculations, this means the GDP went up by only 1.8% in the third quarter from the third quarter of 2004, compared with a 5.9% growth in the first quarter and of 4.1% in the second quarter on the corresponding periods of 2004. Eight analysts and officials consulted by ZIARUL FINANCIAR two weeks ago offered a 4.1% average estimate for the third quarter growth. Even ZF on Friday wrongly estimated the GDP trend, saying, based on market sources, that INS would announce a 3.6% growth for Q3. Under the circumstances, the Government”s target of 5.7% for this year, already revised downwards from 6%, has been completely upset, with analysts saying 4.5% growth is an optimistic target. ZF