ING: Romania's economy might drop by more than 8.6% in the second quarter

Romania’s economy might drop by more than 8.6% in the second quarter of the year, due to a significant decrease in the constructions sector, an ING report reveals. ING analysts explain that for the moment, estimates pointing to an economic increase might be reconsidered after the report on the GDP dynamics.

The report reads that data from the constructions sector reveal that the initial 15% decrease estimate actually reached -24.5% in May compared to the same month, last year. ING analysts declared that the sector advanced only by 9.5% this year, compared to 22% in May 2008.

ING experts added that in consumption, sales decreased significantly which might have negative implications on the economic evolution of the country if the trend will be the same.