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European Commission forecasts for 2020: GDP growth of 3.8% in Romania and 1.2% in the euro area

Friday, February 14, 2020

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The European Commission (EC) has increased its growth estimates for Romania’s economy to 3.8% in 2020 and 3.5% in 2021, according to the Winter 2020 Economic Forecast. The expected economic growth for both 2020 and 2021 is 0.2 percentage points higher than in the Autumn 2019 Forecast (3.6% and 3.3% respectively). Romania should thus record the second-highest economic growth in EU after Malta, whose economy is expected to increase by 4.0% this ...

The annual rate of inflation went down to 3.6 pct in January

Friday, February 14, 2020

The annual inflation rate dropped to 3.6 percent in January this year, from 4 percent in December of last year, given that the food stuff prices went up by 4, 75 percent, services by 4.01 percent, and non-food goods by 2.68%, according to data released on Thursday by the National Institute of Statistics (INS).Consumer prices in January 2020 compared to December 2019 increased by 0.4 percent. The average rate of consumer prices in the last 12 months (February 2019 ...

Consumer prices were up 0.4% in January

Friday, February 14, 2020

Consumer prices were up 0.4% in January 2020 compared to December 2019. The average consumer price rate based on the CPI over the last 12 months (February 2019-January 2020) as compared to the previous 12 months (February 2018-January 2019) is 3.8%. Vegetables, fruit and pork are the products that have become more expensive in January of this year, while in the services ...

Isarescu: Romania is concerned about maintaining macroeconomic balance

Friday, February 14, 2020

Romania further needs solid strategies, based on investments in priority areas, but at the same time is concerned about maintaining the macroeconomic balance, governor of the National Bank of Romania (BNR) Mugur Isarescu told a specialist conference on Thursday."As a veteran in this position, having served since 1990, I understand very well how the support provided by the European Investment Bank (EIB) has benefited Romania. The projects financed by the EIB have ...

FinMin Citu: Excessive deficit procedures start don't exclude increase in wages and pensions forecast for 2020

Friday, February 14, 2020

The starting by the European Commission of procedures against excessive deficit does not exclude the wages and pensions' increases forecast according to the budget for this year, said, on Thursday, the designated Minister of Finance, Florin Citu, at a select conference organized by the European Bank for Investment in Bucharest."What we are saying is that the moment we built the budget we took into account the legislation in force, but we are taking note also of ...

Current account deficit, up almost 17 pct in 2019, to 10.48 bln euros

Friday, February 14, 2020

The balance-of-payments current account registered a deficit of 10.478 billion euros last year, an increase of almost 17 pct compared to the similar period of 2018, shows a press release of the National Bank of Romania (BNR) sent on Thursday.In 2018, the current account deficit was 8.96 billion euros.According to the BNR, structurally, the goods balance recorded a deficit by 2,554 billion euros higher, the surplus of the balance of services was by 194 ...

FDI up in 2019, to EUR 5.296 billion

Friday, February 14, 2020

Foreign Direct Investment (FDI) increased mildly in 2019, by rd 0.56 pct against 2018, to EUR 5.296 billion, according to data released by the National Bank of Romania (BNR)."Direct investments by non-residents in Romania totalled EUR 5.296 billion (compared to EUR 5.266 billion in 2018), out of which the equity investment (including the estimated net reinvested profit) amounted to EUR 5.177 billion, while the intra-group loans recorded a net value of EUR 119 ...

Dumitru (Raiffeisen Bank): Romania has low economic performance mainly for lack of investments

Friday, February 14, 2020

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Public investments have been cut in Romania in the last two years, in order to allow higher social expenses, and the major problem concerning investments is uncertainty and lack of predictability, said Ionut Dumitru, the chief economist of Raiffeisen Bank at a specialized conference. “Compared to other countries, it is clear that Romania has a low performance, mainly because of the lack of investments. Public investments in Romania have been cut ...

EIB Group grants Romania financial support worth 865 million euro in 2019

Friday, February 14, 2020

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The Group of the European Investment Bank, comprising the European Investment Bank (EIB) and its subsidiary, the European Investment Fund (EIF), granted Romania 865 million euro in the form of loans, guarantees, risk capital and microfinancing for 2019, the Public Finance Ministry (MFP) informs.According to a release of the institution, sent on Thursday, the support of the public and private sectors in domains such as industry, energy, education and services, as ...

Eurostat:Romania, among the EU countries with the largest decline in industrial production in December

Friday, February 14, 2020

In December 2019 compared with November 2019, seasonally adjusted industrial production fell by 2.1% in the euro area (EA19) and by 2.0% in the EU27, according to estimates from Eurostat, the statistical office of the European Union. In November 2019, industrial production remained stable in the euro area and in the EU27. In December 2019 compared with December 2018, industrial production decreased by 4.1% in the euro area and by 3.9% in the EU27. The ...

Study: Seven out of ten Romanians want to stop being emotionally connected to people, brands, things and workplaces in 2020

Friday, February 14, 2020

Seven out of ten (69%) feel the need, more and more to have personal space and will make efforts in 2020 to stop being emotionally connected to people, brands, things and workplaces According to the results covered in the third edition of the national study which measures trends in the lifestyle of the Romanians. The data included in the research made by the division of trends Hunters of the market research Agency Unlock says, at the same time, that in ...

Most expensive countries in The World To Live In, 2020 : Romania, among the cheapest countries

Friday, February 14, 2020

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Switzerland is officially the most expensive nation on earth to live in, according to a report from the CEOWORLD magazine. European countries were prominent on the most expensive list, of the top-twenty nations, nine were in Europe, five in Asia, one in North America, one in Africa, two in the Caribbean, and two in Oceania. Norway ranks second in the list of the world’s most expensive countries to live, followed by Iceland, Japan, Denmark, ...

Momondo study: 54 percent of Romanians are still paying cash when traveling

Friday, February 14, 2020

Romanians are still keen to cash payments instead of cards or other forms of payment. A study by momondo reveals that 54 percent of Romanians still pay cash when they travel, being one of the highest percentage of the 24 nationalities questioned. Only respondents from Germany and Austria outnumber us, 58 percent of the study participants marking this payment option. The ones who use the least cash during their travels are the Norwegians, 75 percent of ...

A Romanian confirmed with Coronavirus on the cruise ship under quarantine in Japan

Friday, February 14, 2020

A Romanian on the cruise ship under quarantine in Japan has been confirmed with Coronavirus, the Romanian Foreign Ministry announced Thrsday. 200 people on the ship have been confirmed with Coronavirus. 17 Romanians have ...

Romanian Journalists, against tax exemption applied to them

Friday, February 14, 2020

Several journalists have signed an open letter asking President Klaus Iohannis not to promulgate the law on tax relief granted to them, a law initiated by PSD and recently voted in Parliament. “Dear Mr. President Klaus Iohannis, We are a group of journalists from different generations and editorial offices. We are working in public media or in private media institutions, foreign-owned or with Romanian capital, ...

Orban Cabinet to have its first meeting since being dismissed through censure motion, on Thursday

Thursday, February 13, 2020

The Orban Cabinet will have on Thursday its first meeting since being dismissed last week by censure motion, among the items on the agenda being several draft government decisions targeting areas such as defence, the judicial system and the public administration.Thus, the Executive is set to adopt a draft decision approving the maximum average number of personnel for 2020, for economic operators in the national defence industry.Another draft decision ...

CCR sustains constitutionality objection over gov't's dealing with OUG 114

Thursday, February 13, 2020

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The Constitutional Court of Romania (CCR) has sustained a constitutionality objection filed by the Social Democratic Party (PSD) over the government's assuming responsibility for Emergency Ordinance (OUG) 114/2018, which concerns some tax and budget measures and the amendment and completion of some pieces of legislation, according sources with CCR.The Social Democratic Party filed on December 30, 2019 a constitutionality objection over a draft amendment of the ...

Court overrules Senate, Chamber chairs complaint of judicial conflict between gov't, Parliament

Thursday, February 13, 2020

The Constitutional Court of Romania (CCR) on Wednesday overruled a complaint filed by the chairs of the Senate and the Chamber of Deputies over a legal conflict between the government and Parliament on the passage of the national budgets, according to officials with CCR.CCR discussed on Wednesday the complaints regarding a legal conflict between the Government and Parliament on the Law on the national budget for 2020 and the Law on the state social security budget ...

Court overrules constitutionality objection filed by Ombudsman

Thursday, February 13, 2020

The Constitutional Court of Romania (CCR) on Wednesday overruled a constitutionality objection filed by the Ombudsman over the provisions of Emergency Ordinance 57/2019 regarding the Administrative Code, according to sources with CCR.On August 28, 2019, the Ombudsman announced having filed a constitutionality objection over the provisions of Emergency Ordinance 57/2019 regarding the Administrative ...

Official Morar: No legal conflict arising from Gov't assuming responsibility for budget laws

Thursday, February 13, 2020

The procedure of the government's assuming responsibility for the budget laws did not generate a legal conflict, argued the Justice Ministry's Secretary of State Olivia Diana Morar on Wednesday, as she presented before the Constitutional Court the government's stance on the challenges moved by the heads of the Senate and the Chamber of Deputies."From the jurisprudence and the very definition of the constitutional legal conflict we can easily see that the existence ...

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