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Local economy loses 1 million employees in 8 years
Local economy had last year 3.88 million employees, 900,000 people fewer than in 2009, the best year in point of number of employees.
In fact 2008, the last year of economic boom and 2009, the first year of crisis, were the best year for the labour market in the context in which important investments still started, apartment and office buildings were being built and new brands were “attacking” Romanian trade.
During crisis, every active company in economy (with a business figure higher than zero) gave up at least one employee over 2009-2015, according to calculations made by Ziarul Financiar (ZF) based on data from the Finance Ministry. Those data took into account only companies which presented their financial report annually.
One of the most affected industries was that of constructions, which lost about a third of positions, and 100,000 jobs between 2008 and 2015.
This sector is the second largest loser after retail trade (except for car trade) with minus 115,000 people. This “industry” is in fact the main employer in economy, with 444,000 employees, that is more than 11% of overall employees in economy.
The loser category is completed by the advertising industry which was left with 26,000 employees from 80,000 in 2008. This industry was also seriously affected by crisis in the context in which the first budget cuts were made in advertising. However, the advertising market gave the first real signs of recovery last year, when it had a 6% advance to 351 million euros, according to the Media FactBook report, made by Initiative agency, part of Media Brands. During the boom period, the market value had reached 600 million euros.
Although most industries have started to recover, the total number of employees in economy continues to drop, but at slower rate. About 10,000 people were lost in 2015. By comparison, the number of employees dropped by about half a million in 2010.