Romania will face an imminent economic crisis in 2009, said international consulting company Oxford Analytica, adding that a lower than expected 8.9% gross domestic product (GDP) growth in the first nine months shows the first symptoms of the global financial crisis. In the third quarter, Romania's economy rose 9.1%, in line with analysts' estimates.

Oxford Analytica stated that Romania has already faced its first economic crisis since the fall of Communism as of the fourth quarter of 2008, reported Nine o'Clock.

In October, Romania's industrial production dropped by 3% on the year and was 0.7% down on the month, hitting a three-year low. Oxford Analytica said that the most obvious crisis symptoms were noticeable in the metal processing and vehicle manufacturing industries.

Moreover, Oxford Analytica pointed out that the depreciation of the national currency will affect borrowers in 2009.

The Romanian Commercial Bank has warned that exchange rate of the EUR should stand at RON 4.2, versus RON 3.9 it stood in the last trading day of 2008, in a bid for the debtors to avoid major paying issues.