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BNR projections: Sharp economic slowdown in 2023, followed by slight rebound in 2024

Wednesday, November 23, 2022

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 This year's economic activity will probably pick up more than previously anticipated, but exclusively as an effect of the evolution beyond expectations in H1. A sharp economic slowdown will follow in 2023, with just a slight rebound in 2024, show the minutes of the monetary policy meeting of the National Bank of Romania's Board of Directors from November 8, 2022.According to the cited source, private consumption will probably remain the major driver of ...

Erste cuts Romania's 2022, 2023 GDP growth f'casts

Wednesday, November 23, 2022

 Erste Group analysts said they are lowering their forecasts for Romania's gross domestic product (GDP) growth for this year and next to 4.7% and 2.1%, respectively.   "We downgraded our FY22 GDP growth estimate to 4.7% y/y, from 6.2% previously, though high frequency data suggests further downward revision to the 2022 GDP data series," Erste said in an e-mailed statement on ...

Romania, a large importer of agri-food products, but also of inflation, INS head says

Wednesday, November 23, 2022

Romania is a large importer of agri-food products from three important countries, namely Germany, Hungary and Poland, but, together with these products, we also import inflation, the chairman of the National Institute of Statistics (INS), Tudorel Andrei, said on Tuesday, at a conference dedicated to the financial and banking industry within the "Bucharest Leaders' Summit: Emerging challenges of the future".According to Andrei, in October 2022 compared to ...

Pension computation point to increase by 12.5pct

Wednesday, November 23, 2022

Prime Minister Nicolae Ciuca, the national leader of the National Liberal Party (PNL), announced on Monday evening that the ruling coalition decided to increase the state pension computation point by 12.5% starting in 2023 and grant cash aid to pensioners drawing pensions up to RON 3,000."In the meeting of the ruling coalition, which took place this evening, we decided the following: for contributory pensions, we decided to increase the pension computation ...

Italian group Enel to sell Romanian assets in 2023

Wednesday, November 23, 2022

Italian energy group Enel wants to sell its Romanian assets and exit the country next year, according to its 2023-2025 strategy revealed on Tuesday, November 22. Activities in Europe are set to center around Italy and Spain, while in Latin America, the group expects to exit from Peru and Argentina.   In Romania, the Enel Group serves about 3 million customers through its supply and distribution network, ...

Foreign Minister Aurescu discusses Romania's Schengen accession with French President, Swedish counterpart

Tuesday, November 22, 2022

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On the sidelines of the third Ministerial Conference of the Moldova Support Platform taking place in Paris, Minister of Foreign Affairs Bogdan Aurescu had on Monday brief discussions with French President Emmanuel Macron, and with his Swedish counterpart Tobias Billstrom."Honored to briefly discuss today with President Emmanuel Macron in the margins of the Moldova Support Platform in Paris. Thanked for the strong support of France for Romania's accession to ...

Euractiv: When will the Schengen disgrace end?

Tuesday, November 22, 2022

The obstructions Romania and Bulgaria are facing to enter the EU’s passport-free Schengen area are a disgrace that ultimately makes the bloc look divided and incoherent to the outside world, euractiv.com reads.   For 11 years now, the European Commission has said that Bulgaria and Romania have met all the conditions to join Schengen, the pillar of the EU’s common market that allows the free ...

Cross-border projects of over 70 million EUR, financed by Romania - Republic of Moldova Program

Tuesday, November 22, 2022

Cross-border projects worth over 70 million EUR are financed through the Romania Republic of Moldova Program, the Ministry of Development, Public Works and Administration informed on Monday in a release sent on Monday.The members of the Joint Monitoring Committee of the ENI Romania - Republic of Moldova Operational Program met last week in Chisinau for the program's annual review meeting."The Romania - Republic of Moldova program finances 81 ...

ForMinAurescu: Never in recent history has Republic of Moldova needed help of international community as much as now

Tuesday, November 22, 2022

Never in recent history has the Republic of Moldova needed the help of the international community as it does now, declared the Minister of Foreign Affairs, Bogdan Aurescu, at the beginning of the third Ministerial Conference of the Support Platform for the Republic of Moldova, held in Paris."And I want to tell my good friend, the Deputy Prime Minister and Minister of Foreign Affairs Nicu Popescu, that the Republic of Moldova can totally count on us. The ...

Romania provided emergency energy aid to Ukraine in August, September

Tuesday, November 22, 2022

Romania provided emergency energy deliveries to Ukraine in August and September of this year, aiming to balance the tension in the interconnected grid of continental Europe.   Ukraine and Moldova ...

President Iohannis calls on OMV Petrom to start offshore exploitation as soon as possible in Neptun Deep perimeter

Tuesday, November 22, 2022

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President Klaus Iohannis received, on Monday, at the Cotroceni presidential Palace, a delegation of OMV Petrom, led by Chairman of the Executive Board and the CEO of OMV Alfred Stern, informs the Presidential Administration.The topics addressed by the company's management concerned the activity and investment plans in Romania, with the OMV Petrom leadership presenting the main directions for the implementation of an ambitious investment plan, which also aims ...

PM Ciuca, South Korean ambassador discuss nuclear energy, digitization, military cooperation

Tuesday, November 22, 2022

Prime Minister Nicolae Ciuca met on Monday at the Victoria Palace of Government with South Korean ambassador Rim Kap-Soo, with the two looking at the priorities in bilateral relations: nuclear and renewable energy, digitization, the microchip industry and military cooperation, the government informs a release.The meeting also occasioned a review of the strategic bilateral relations between Romania and the Republic of Korea, which will turn 15 next year. ...

Romania, the Czech Republic and Hungary are at risk of a monetary crisis in 2023, according to Nomura analysts

Tuesday, November 22, 2022

The Czech Republic, Romania and Hungary face the risk of a crisis of the exchange rate next year, as the fiscal and foreign challenges multiply, consider the analysts of the investment bank Nomura Holdings Inc. in a report published on Monday, says Bloomberg.The extent of import coverage by foreign reserves, short-term interest rates, as well as fiscal deficit and current account deficit ...

Only 27.7pct of Romanians benefit from salary increases, most of them of up to 5pct

Tuesday, November 22, 2022

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Only 27.7% of Romanians benefited from salary increases this year, among whom 47.1% benefited from salary increases of up to 5%, and 36.8% from increases between 5% and 10%, shows a survey carried out by the CEC Bank in partnership with the banking comparator FinZoom.ro.When asked if they benefited from a salary increase since the beginning of the year, 61.6% of the respondents stated that they did not benefit from salary increases, 27.7% said that their ...

Commission approves €500 million Romanian scheme to support companies in the context of Russia's war against Ukraine

Monday, November 21, 2022

  The European Commission has approved an approximately €500 million (RON 2,500 million) Romanian scheme to support companies across sectors in the context of Russia's war against Ukraine. The scheme was approved under the State aid Temporary ...

Austria will not support the entry of Bulgaria and Romania into Schengen

Monday, November 21, 2022

Austria will not support the accession of Bulgaria and Romania to the Schengen area, stated the Minister of the Interior, Gerhard Karner,https://www.novinite.com/ ...

ForMin Aurescu to co-chair Moldova Support Platform ministerial conference in Paris

Monday, November 21, 2022

Romania's Foreign Minister Bogdan Aurescu will co-chair today in Paris the third ministerial conference of the Moldova Support Platform, a permanent support tool created at the initiative of the foreign ministers of Romania, Germany and France in the spring of 2022 in order to mobilise financial contributions from the world community and to support reforms necessary for Moldova's EU accession.According to the Romanian Foreign Ministry (MAE), Aurescu will ...

Venice Commission publishes urgent opinion on three laws related to judicial system in Romania

Monday, November 21, 2022

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The European Commission for Democracy through Law (Venice Commission of the Council of Europe) published on Friday an urgent opinion on three laws regarding the judicial system in Romania: the law on the Superior Council of Magistracy, the law on judicial organization and the status of magistrates (judges and prosecutors), the Council of Europe informed in a press ...

Ministry of Justice: Venice Commission generally appreciates Justice laws are oriented "in right direction"

Monday, November 21, 2022

The Ministry of Justice reported on Friday that the Venice Commission Report generally appreciates the fact that the Justice laws are oriented "in the right direction", even though they were adopted in an emergency procedure.According to a press release from the Ministry of Justice sent on Friday, the Venice Commission published the Urgent Opinion (preliminary version) on the Justice laws - the Law on the status of the CSM, the Law on judicial organization ...

EC: Military pensions must be reformed along with special pensions

Monday, November 21, 2022

Military pensions must be reformed, together with special pensions, and Romania must fall within the percentage of 9.4% of GDP, in the pension chapter, from next year, the European Commission claims. The ceiling of 9.4% of GDP for pension expenses “is part of the measure regarding the reform of the public pension system. This measure provides for the adoption of a new law on the pension system”, which “will replace the current pension law (Law ...

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