Romania’s economy recorded a decline of 12.3% in the second quarter of this year (Q2) as compared to the first quarter, according to data released Friday by the National Institute of Statistics.

Compared to Q2 2019, the decrease of the Gross Domestic Product was of 10.5%, both on the gross series and on the seasonally adjusted series.

In the first six months of this year, Romania’s economy decreased by 3.9% compared to the same period last year, on a seasonally adjusted series, and by 4.7% on a gross series, according to Agerpres.

The Minister of Finance, Florin Cîţu, announced on Thursday evening that the National Commission for Strategy and Forecast also revised the estimates regarding the evolution of the economy this year, so that currently the institution estimates a contraction increasing to 3.8%, compared to the previously announced 1.8%.

According to the economic forecasts from this summer, published by the European Commission, Romania’s GDP will register a significant decrease, of 6%, in 2020, a level similar to the one forecast in May by the EU Executive.