The statistics institute INS confirmed an earlier estimate showing a 1% decline in seasonally-adjusted gross domestic product in the second quarter, after a 0.2% contraction in the previous three months. This puts the economy in technical recession.
The first-quarter figures were revised from a growth of 0.2% initially reported. The annual growth data for the first three months was also revised down to 3.7%, versus a 4% increase previously.
Compared with the second quarter of 2013, the adjusted GDP increased 1.5% in the April-June period, up from an annual rate of 1.4% previously estimated. The unadjusted growth was unchanged at 1.2%.
The statistics institute said retail sales fell 3.6% on the quarter in April-June, while construction and industry investment declined 1.5% and 0.1%, respectively.
On the other hand, agriculture added 2.6% to the second-quarter GDP, despite poor weather conditions. Property transactions were up 1.3% in the second quarter compared with the previous three months.
Domestic demand inched down 0.1% on the quarter, while gross capital formation fell 1.9%, the data showed.
Exports were down 1.2% quarter-on-quarter, while imports decreased 2.1%.
In the first half of 2014, Romania’s economy grew by 2.4%, as consumption rebounded and the industrial sector continued its good performance. First-half GDP was up 2.6% on the year, according to seasonally adjusted data.
The authorities in Bucharest forecast a growth of 2.8% in 2014.