GDP down 6.9% over three months

The nominal value of the Gross Domestic Products for January-March this year was 12.974 billion lei. In real terms, the GDP decreased by 6.9% compared with the corresponding period last year, the National Bureau of Statistics said. The growth rate of the gross value added in the economy fell from 105.1% in January-March 2008 to 93.4% in the same period this year. The gross value added in the service sector and industry dropped by 19.5% and 2.0%, contributing to a lower GDP growth (-3.8% and -1.3%). The share of the service sector in the GDP rose by 1.5 percentage points, while of the industry fell by 0.9 percentage points. The taxes on products and import decreased by 12.8% compared with January-March last year, leading to a 2.4% decline in the GDP growth. The final consummation drooped by 9.0%. The gross fixed capital formation fell by 36.4%, contributing 16.8% to the formation of the GDP, as against 25.4% in the first three months of last year. Exports and imports declined by 14.7% and, respectively, 28.2% compared with the corresponding period last year.