Romania reached a 8.8% economical contraction – large companies in decline

The evolution of the recession was under analysts expectations, who estimated a drop of up to 10% for the April-June period of 2009. This is the fourth largest economical decline in the EU, after the Baltic area. Compared to the January-March interval, the decline was only 1.2%.

Romania’s economy suffered a 8.8% contraction in the second trimester of this year, in contrast to the same period last year, and by 7.6% in the first semester of the year.

According to analysts Romania will break out of the crisis no earlier than 2010. Some specialists estimate that the gap between Western Europe and Romania is of about three trimesters. Taking into account that in western countries signs of economical rejuvenation are already starting to appear, in Romania this effects will start to show in the first part of 2010.