Q1 economic growth at 5.3%-5.4%

Preliminary statistical data for the first quarter points to a 5.3%-5.4% economic growth rate. According to Finance Minister Mihai Tanasescu, this trend makes the attainment of the full-year Gross Domestic Product growth target of 5.5% more likely. As reported by Mediafax, he explained that the growth rate was supported by a positive export trend during the first three months. The full-year outlook is favourable, as agricultural production is expected to be higher than in 2003. Romania’s economy progressed by 4.9% last year, the same as in 2002, with GDP reaching about 50bn euros. The initial growth target for 2003 had been set at 5.2% but was revised downwards to 4.8% mid year because of a decline in agricultural production. Data from the National Statistics Institute (INS) shows industrial output in the first quarter of 2004 registered one of the highest increases in the last few years, growing by 9.4% in March. It increased 5.8% in comparison to the same time last year, while the index calculated in terms of the comparable number of working days rose 4.2%. Growth in March 2004 stood at of 9.4%, and the index calculated in terms of the comparable number of working days was 2.6%, INS data reveals. ZF