The return to growth of agriculture in the last quarter of theyear alongside the continued rise of industry helped the economyreturn to positive territory, as show detailed data of the 2010 GDPannounced by the National Statistics Institute (INS).
The biggest growth in terms of seasonally adjusted data wasrecorded in agriculture, by 6%, with industry rising 1.3%. Theconstruction sector saw a 0.6% increase, while trade volumesremained unchanged.
The economy rose 0.1% in the last quarter of 2010 against the thirdquarter in seasonally adjusted data, whereas most analysts expecteda decline.
After the decline of the agricultural sector in the third quartersurprised most analysts, the extent of the return recorded in thelast three months of the year was in turn surprising.
"I think one needs to mention the very good performance of industryin 2010 and the negative trend of the construction sector. Domesticdemand was weak, with only external demand recording a positivetrend amid the recovery of the eurozone economy," commented IonuţDumitru, chief economist of Raiffeisen Bank.
Against the fourth quarter of 2009, agriculture rose 7.4%, whileindustry went up 5.8%.
The construction and the trade sector, which had until 2008 beenthe main drivers of the economy, continued to decline in 2010,after the 2009 collapse, driving the GDP down. The GDP fell 1.3%last year. The GDP decline in 2010 has been revised by the INS, up0.1% against the -1.2% original estimate.
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