According to second estimates from Eurostat, the statistical office of the European Union, the economy of the European Union and of the euro area turned back on a positive track between July and September 2009 period, thanks to an increase in GDP by 0.3% in EU and by 0.4% respectively in the euro area, in the third quarter of the year compared with the second.

According to the data available, Romania scored the 4th contraction in GDP in the EU in the third quarter of the year against the second. The previous estimates of Eurostat, issued on December 3rd 2009, pointed to an economic decline in Romania of 0.7% between July and September 2009. The biggest fall in GDP was recorded in Latvia (-4%), Estonia (-3%), Hungary (-1.8%), followed by Cyprus and Romania (both - 0.6%).

Eight EU member states, among which Romania, scored a lower GDP in Q3 as compared with Q2. In exchange, in 18 member states, the GDP recorded growth compared with the previous quarter. Both in the case of EU 27 and in the euro area, the economic growth in the third quarter of the year came after three consecutive quarters of decline. Nevertheless, while looking into the YoY figures, the EU GDP shrank 4.3% in Q3 (following a contraction of 5% in Q2), while the euro area saw a 4% contraction in Q3 (after a contraction placed at 4.8% in Q3).

Romania scored the 8th contraction in GDP in Q3 of 2009 as compared with the same interval in 2008, in the EU, with 7.1%. Ranking first was Latvia (-19.3%), followed by Estonia (-15.6%), Lithuania (-14.2%) and Finland (-8.8%).

To keep tab on steel prices in Europe, subscribe to services of www.steelprices-europe.com by registering or sending a mail to admin@steelprices-europe.com with full contact details. Please note that this is a paid service with subscription charges of EUR 500 for 12 months.

(Sourced from www.steelprices-europe.com)