Romanians’ actual individual consumption –  at 63% of EU average. Eurostat says we have surpassed Croatia and caught up with Hungary

Romania has reached 63% of the EU 28 average living standard in 2016, according to the actual individual consumption indicator (AIC), according to the data released by Eurostat By the more familiar way of measuring the living standards, consisting of GDP per capita at the purchasing power parity, we are at 59% of the EU average Our country has caught up with Hungary, surpassed Croatia and ...
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About how much money would political circus cost. Concrete figures

The average for the first five months of 2017 of the long-term government loans was 385%, while for the last five months of 2016 it was 322%, significantly lower The matter is NOT just about bigger or smaller decimals since for a public debt of 376% of GDP at the end of 2016, applying this interest rate means annual payment obligations of 121% of GDP Interest rate for long-term ...
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GfK: Retail businesses will grow in Romania five times more than European average in 2017

Dynamics of turnover in retail sector in 2017 The turnover growth rate of the retail units in Romania will be of 10% this year, far above the average of 15% in the EU countries and five times more the EU27 average (excluding the UK), according to a report by the market research firm GfK, released on Tuesday "The champion countries of last year are in the forefront in 2017 as ...
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Energy security – left at disposal of Russians and winter: Committee for Industry from Chamber of Deputies is working to cancel obligation to make natural gas stocks

  Natural gas suppliers will no longer be obliged by the Romanian Energy Regulatory Authority (ANRE) to make stocks for the coming winter if the Parliament adopts a draft law that is now at the Committee for Industry of the Chamber of Deputies "The security of gas supply is to be ensured by a strategic reserve that should be established by Transgaz (TNG), which operates the national ...
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Germany & France / Romania’s economic relations with key reform EU players

The transatlantic tour de force of Romanian diplomacy has been marked first by the political references, but Romania's economic partnership with France and Germany gets new meanings, in view of the fact that the EU's biggest powers except for the UK (EU27) are determined to decisively set the future and the new architecture of the EU The President of Romania met on Monday with the Chancellor ...
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How much labour cost increased in 2017. Implications, explanations

Hourly labour cost has already increased this year by 1820%, in gross terms, in the first quarter of 2017, compared to the same period of 2016, according to the data announced by INS The increase is 1625% if adjusted for the number of working days and seasonality (to ensure comparability of this indicator with the values recorded during the year) In the context of the requests for salary ...
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Partially undeclared work – legislative campaign to combat it: redefinition of non-declaration, work program recording, drastic fines

Employers are required to accurately record the time worked by the persons employed under part-time contracts as well as the start and end time of their work program If the inspectors find out that the duration set in the contract is exceeded, employers risk a maximum fine of 10,000 lei, according to a draft amendment to the Labour Code The bill has been launched for debated on the Labour ...
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How much tourism is in tourism: 66% of visitors are on business trips. And 40% of others do not travel for holidays

Share of expense groups in total business travel expenses and private travel expenses, in Q1 2017 Other   Healthcare expenses              Recreation      Shopping         Transportation Restaurants and bars             Accommodation Foreign tourists’ spending in Romania amounted to over 103 billion lei in the first quarter of the year, of ...
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The logical, the political, the accounting one – 3 answers to the real budget issue: arbitrary increase of pensions

Budget deficit, cash    Budget deficit, ESA    Structural deficit We made a memory effort and sought to see the budget commitments for the current year Taken directly from the source, they look like in the table below, where almost all the points have been reached, with the big exception (explainable because the deadline has not been exceeded) of the pension point ...
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Valentin Naumescu / Between Washington and Berlin. Can Romania’s ambiguous long-term foreign policy withstand?

Key points: The question is not whether Romania’s ambiguous foreign policy, pro-American and pro-European, is correct and should be continued, for any lucid and minimally prepared mind can confirm this, but whether in the long run there might be pressure elements occurring to force a prevailing option, in one direction or another In this analysis, I will precisely refer to the divergent ...
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Map of multinationals’ tax compliance issues. Romania – between Russia and the Netherlands in global hierarchy

Romania ranks 54th in a global ranking of the complexity of financial and accounting regulations faced by foreign companies in another country The last position (94) represents the lightest environment and is held by the Cayman Islands, according to a survey by the TMF Group consultancy firm, which operates in 80 countries around the world The TMF Group report is the result of surveying the ...
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Empty figures and real money of institutionalized irresponsibility: Billions of euros concrete risks of new unitary pay law

The Parliament approved on Wednesday the new unitary pay law, but the evolution of the bill from initiation and communication stages to the final vote is not reassuring at all for the taxpayer The proof stays not only in     the actual timetable assumed by the Government for increasing the wages, which requires the legal compliance guarantee, but also (or especially) the ...
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Good news for deficit: Unitary pay law comes with all contributions transfer to employee. Effect – enthusiastic increases, largely neutralized by taxes

The net wage increases generated by the unitary pay law will be neutralized, at least in the first year, by the transfer to the employee of all social contributions as of 1 January 2018 That means that much of the wage increase will return to budgets in the form of taxes paid by the employee This is also the explanation for Minister Olguta Vasilescu’s statement, according to which some ...
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Beware of workforce structure: Romania – most vulnerable to automation, 62% of current jobs will be lost

Romania is the European country where the largest number of jobs will be lost following the automation - about 6193% of the current jobs, draws the attention the National Bank of Romania, in the first Financial Stability Report of this year The European average share of jobs threatened by automation is 54%, estimated for the next one or two decades Ratio of jobs that risk ...
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Software and IT services industry to exceed EUR 4 billion in 2017. Outsourcing vs. innovation

The turnover of the software and IT services sector increased by 113% in 2016 compared to 2015 and will exceed the EUR 4 billion threshold this year, according to the research "Software and IT Services in Romania 2017", an ANIS project (National Software Industry Association) conducted by Pierre Audoin Consultants Last year, the sector's turnover was EUR 36 billion, and the advance has been ...
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Mugur Isarescu – Explicit position: Save and grow SMEs. Economy is unbalanced. National currency "is where it should"

The Governor of the National Bank of Romania, Mugur Isarescu (foto), has launched harsh allegations against the policy of encouraging consumption, which has unbalanced the ... Read more

ANAF arms itself: Starting Friday, June 23, electronic garnishment system is functional

The National Agency for Fiscal Administration announces on Friday that “electronic garnishment” – the system for communicating the enforcement documents to credit institutions by electronic ... Read more

Romania still has time until November to persuade EU about hosting European Medicines Agency

Current headquarters of the European Medicines Agency The decision on the relocation of the European Banking Authority and the European Medicines Agency from London has ... Read more

Uzina Moreni and Rheinmetall signed documents for establishing joint venture to produce armored conveyors

Prototype previously produced at Uzina Moreni The Ministry of Economy announced on Thursday that Uzina Automecanica Moreni and the German military technology provider Rheinmetall signed ... Read more

Siegfried Muresan has detailed 2018 EU draft budget in Bucharest. Second tier MFP personnel seems to not understand European funds stake

MEP Siegfried Muresan (photo) acknowledged on Friday in Bucharest that member states had an unexpectedly difficult start in accessing the European funding under the new ... Read more

Political crisis /Leu-euro exchange rate, at lowest average since referendum to dismiss Traian Basescu

The National Bank of Romania (BNR) announced an average rate of 4.5872 lei on Thursday, following the sharp depreciation in the first part of the ... Read more

Investments in economy in Q1 2017 - below 2013 level. Issue: Diversion of growth from production to consumption

  In the first quarter of 2017, the net investments in the national economy amounted to 12,836.9 million lei, representing a decrease of 3.1% compared ... Read more

Official proposal: Below 90,000 euros, abuse of office is not a criminal offense

Florin Iordache’s views have been fought also in the past PSD Deputy Florin Iordache, former Justice Minister, said on Thursday that the 200,000-lei threshold for ... Read more

All Romanian commercial attachés from abroad have been convened back to country for an analysis of activity

Alexandru Petrescu, Minister for Business Environment The Ministry for Business Environment, Commerce and Entrepreneurship has asked Romania’s commercial attachés from Romanian embassies to come to ... Read more

"Ciolos amendments" to "Dragnea unitary pay law": Wage pay game or how to deceive 1 million people without even blinking

The evolution of the draft unitary pay law on wages for employees from the public sector and the final version of the law passed by ... Read more

Unitary pay law for state employees - approved by Chamber of Deputies. Increases are postponed - final version

A vote. (Photo: Agerpres) The Chamber of Deputies adopted on Wednesday the bill on pay law with 188 votes in favour, 28 against and 47 ... Read more

EY European attractiveness survey: Romania, 4th in European ranking of new jobs created in 2016 by foreign investments

Romania ranks 12th in the European Top foreign investment by the number of projects started in 2016 and fourth by the number of jobs created ... Read more

CNP: Dazzling rates of economic growth at country regions level for next years. Over 6% annually, in North-East and Centre regions

The Bucharest-Ilfov region will continue to have the highest net monthly average wage per employee in the next four years but will register the lowest growth ... Read more

"Cathedral Plaza Ordinance": Government expands Gabriela Firea's rights for issuing building permits, including in monument protection areas

The Government approved on Wednesday an emergency ordinance to amend an article in the Law on authorizing construction works and extended the categories of works ... Read more

Draft law/Companies, forced to declare who controls them behind offshore front companies. Reporting threshold, reduced to 10,000 euros

Banks and other credit institutions will report all transactions worth more than 10,000 euros equivalent, according to a draft law launched by the National Office ... Read more

CFA Romania: Analysts' confidence in economy has improved, but is far from peaks registered last year and in 2015

* Macroeconomic confidence index * The macroeconomic confidence index of CFA Romania increased to 60.8 points in April, considerably above the previous month (by 4 ... Read more

Prevention Law: Infringers get maximum 90 days to resolve irregularities and authorities have new obligations

Infringer entrepreneurs will have maximum 90 calendar days to correct the irregularities identified, according to the draft Prevention Law discussed on Thursday by the Government. ... Read more

Romanian Commodities Exchange accuses an attempt to "nationalize natural gas trading" behind which is Iulian Iancu

The management team of the Romanian Commodities Exchange (BRM) launched on Wednesday a public call to PSD to reject what they called an “attempt to ... Read more

Members of Chamber of Deputies approved salary increases provided by OUG 2/2017: + 20% for doctors, policemen and civil servants. Students lose free travel with CFR but receive scholarships during vacation

Deputies voted in favour (232 votes in favour, 21 against and 1 abstention) of the bill approving the Government Emergency Ordinance 2/2017 on fiscal and ... Read more

EC forecasts for Romania: Economic growth revised downward to 4.3% in 2017. Budget deficit: 3.5% of GDP

The European Commission (EC) revised downward the estimate of Romania’s economic growth in 2017, to 4.3%, according to the spring economic forecast released on Thursday. ... Read more

Commissioner Corina Cretu says Romania has lost funding for Transportation equivalent to a Pitesti-Sibiu highway cost

Romania loses EUR 1 billion in the transportation field, money that could have been spent in the 2007-2013 financial period, says the European Commissioner for ... Read more

Ministry of National Defence has received approval from Parliament to start 8 programs of military endowment

Defence Minister Gabriel Les (photo) announced on Wednesday that the Romanian Parliament sent the Ministry of National Defence the prior approval for launching the eight ... Read more

New method of payment for VAT on public procurement, explained by Minister of Finance: Italian model

The 2017-2020 convergence program approved Friday by the Government includes the measure of introducing a split VAT payment mechanism as of 1 July. The Minister ... Read more

Oil price increase, cost and investment cuts, as well as "pole tax" elimination doubled net profit of OMV Petrom in first quarter compared to Q1/2016

OMV Petrom (stock symbol SNP) posted a net profit of 619 million lei (attributable to shareholders), 113% higher in the first quarter of 2017 than ... Read more

"Romanian model" for the Sovereign Fund: investments in "small projects with high rolling speed"

The Government is in a hurry and building the Sovereign Fund for Development and Investment (FSDI) so that it can come to fruition as quickly ... Read more

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