Horrifying draft of new fight against corruption: granting pardon to convicts, disguised amnesty for prosecuted people. A small list of famous beneficiaries

After solving the wage increases and amending the Tax Code, the parliamentary majority started the second week of exercising the governance: amending the criminal legislation, especially that part relating to the situation of prosecuted and convicted people The government draft ordinances on granting pardon and amending the criminal codes seem "tailor-made" like – at the client’s request ...
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How Romania entered again the top league of most innovative economies in the world: We rank 38th out of 50

Romania has achieved a score of 5706 points following the calculations for the global 2017 Bloomberg Innovation Index and ranked 38th out of 50 positions in the top innovative economies Our country missed the 2016 ranking and in 2015 ranked 37th The Bloomberg ranking scores economies based on factors including research and development spending and the concentration of high-tech public ...
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Average national gross salary exceeded 3,000 lei: structure of incomes by fields of activity

The average national gross salary announced by INS for November 2016 exceeded the psychological threshold of 3,000 lei by five lei, after an increase of 3% in the previous month The average net wage had also a three percent advance and reached 2,172 lei or 481 euros, calculated at the average exchange rate from December, the month when money have actually been received In terms of purchasing ...
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Social security and budget spending, after 10 years in EU

The social security spending increased over the ten years of EU membership by slightly more than two percent of GDP and about a quarter of the allocations for pre-accession, all in relation to the country's economic outcome This change took place almost entirely in 2009, the increases from 2008 being offset by the negative change from 2012-2015 (see table)   Social ...
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Beware of industry! And take it easier with redistributing an alleged increase – take a look at Germany

In a time when all public attention has been focused on redistributing the benefits of a robust economic growth, presumed to happen by itself, almost nobody is looking at the sector of activity which sets, in fact, the general tone: the industry Even if it only accounts for a quarter of GDP, it determines the solid, long-term sustainable results Or, the result announced by the National ...
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Document / Analysis by Fiscal Council: The 14 social measures decided by Grindeanu government have a negative budgetary impact of 8.9 billion

  The Fiscal Council estimated Wednesday that the budgetary impact of the social measures decided by Grindeanu government will amount 89 billion lei, representing 11% of GDP Presidential Adviser Cosmin Marinescu, Head of the Department of Economic and Social Policies, requested the Fiscal Council to make an analysis regarding the first-round effects on the balance of the general ...
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10 years of EU / Devastating income inequality: exceeding the level recorded at the time of accession and the highest within the Union. Inequality in UE28

Somewhat paradoxically, the unequal distribution of income in Romania decreased during the crisis and returned in 2015 to a higher level than at the time of joining the European Union In other words, the benefits of resuming the economic growth and recovering the GDP above the 2008 level have been mostly awarded to a small segment of the population, which largely explains the growing social ...
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Consequences of removing the maximum threshold for CAS and CASS payment. Philosophies about tax in the EU 28

Just appointed in office, Grindeanu government implemented the first social measures announced by PSD since the elections, among which the decision that employees will pay pension and healthcare contributions calculated for the total wage, as the current maximum amount equivalent to 5 average gross salaries has been removed The decision places Romania into the small group of the EU states ...
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High impact tax measures taken by Grindeanu government. Trap of repealing maximum threshold for CAS and CASS

The emergency ordinance by which Grindeanu government will increase some wages of the employees from the public service (salaries in administration, culture) will have a budget impact of - 513 billion lei in 2017, according to the draft emergency ordinance published by the Ministry of Finance On the other hand, according to some other changes of the Tax Code expected for Friday, the employees ...
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So it begins / Ombudsman challenges in the CCR law banning offenders to lead Romania. “Indignation” for the Presidency: it opens the door for convicts to take decisions

So it begins / Ombudsman challenges in the CCR law banning offenders to lead Romania "Indignation" for the Presidency: it opens the door for convicts to take decisions The Ombudsman filed a notice to the CCR, Thursday, on the unconstitutionality of art 2 of Law 90/2001 that does not allow criminal convicts to hold a minister positions – consequently, it does not allow Liviu Dragnea to be ...
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Government program of Grindeanu’s cabinet: social measures right away, investment when it can be

The PSD-ALDE coalition submitted a government program to Parliament It emerges from the document the current government’s intention to control most of the economy against the background of social tranquillity created by tax cuts, pension and salary increases Against the background of the predictably significant decreases in the budget revenues, caused by the intent to implement the social ...
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10 years of Europe: Real wage, purchasing power and advantages of the EU membership

  Romanians’ purchasing power returned to the benchmark set for October 1990 with the accession to the European Union From a level of 935% in October 2006, this indicator climbed to 1096% in October 2007 and exceeded the limit of 160% in October 2016 Therefore, in the ten years since receiving the status of EU citizens, Romanians’ real wages increased by about 70% Called real ...
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Revenues of Foreign Direct Investment: Economic questions, figures’ answer

During the time since joining the European Union, dividends distributed to foreign investors exceeded EUR 20 billion and interest paid on loans to their local enterprises from Romania have also brought them about EUR 65 billion In almost all the nine years analysed, the amounts obtained from the investments made here exceeded 2% of GDP What about the reinvested profit About the ...
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A table: Distressing image of Romanian agriculture. Few and poor farms: a comparison with Europe

  The ratio between the standard income obtained by a farm from the Netherlands and a farm from Romania is 92 to 1, according to the Eurostat data They would have an average of 303,760 euros, while we would have only 3,303 euros To keep in mind, this average level also includes large farms, in which case the ratio drops to less than 4 to 1, with 4,101,551 euros for the Dutch and ...
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Foreign investment in 2015: strengths and weaknesses

Foreign direct investment (FDI) in Romania reached EUR 64,433 million last year, equivalent to 40% of annual GDP Centralized BNR data shows that 70% of this amount (EUR45,098 million) was contribution to the equity (including reinvested earnings) of foreign firms The remaining 30% represented the net credit received from abroad (EUR19,335 million) This is the result of the overall FDI ...
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Prime Minister Grindeanu about 2017 budget: 5.2% economic growth, 815 billion lei GDP, 253 billion revenues

Prime Minister Sorin Grindeanu said on Sunday evening on Romania TV that the budget deficit in 2017 will fall within the set target of 3%, ... Read more

Liquidity of Romanian banking system - the lowest from Central and Eastern Europe, relative to GDP

The excess liquidity of the Romanian banking system was 4.5 billion lei in December, or 1.3% of GDP, excepting the minimum reserve holdings from the ... Read more

President Iohannis: Power and opposition should reach agreement on parliamentary oversight over intelligence services. Warning on amnesty and pardon!

President Klaus Iohannis announced Tuesday that he signed the two decrees regarding Florian Coldea: the removal from post and placing him in reserve. In his ... Read more

The government is preparing a law on prevention. Companies will no longer be penalized unless they have previously been guided to correct certain mistakes

The Minister of Business, Trade and Entrepreneurship, Florin Jianu submitted for examination in the Government meeting on Thursday, the principles and operation mechanism for a ... Read more

”Civil war between ranks”: SRI First Deputy suspended from office. An internal committee to check any failures to comply with professional ethics

The Romanian Intelligence Service released Thursday a statement announcing that Lieutenant General Florian Coldea will be placed “at the disposal of the SRI Director”. According ... Read more

Deputy Prime Minister Daniel Constantin announced discussions about differentiated tax on some types of income

Deputy Prime Minister Daniel Constantin told Digi24 that flat tax will not be repealed, but there are discussions about the possibility of introducing, as of ... Read more

Official excuse launched for cutting investment: Dragnea criticizes Ciolos for 10 billion lei, precisely the impact of the Government measures decided on Friday

PSD Chairman Liviu Dragnea announced on Sunday evening at Romania TV that “it is very likely” to initiate an inquiry parliamentary commission before which former ... Read more

New Minister of Education changes the rules: School principals who failed the exam may remain in office

The new Minister of Education, Pavel Nastase, changed one of the principles of the competition organised for principals from secondary school. Principals and deputies who ... Read more

Quota of green energy reduced to 8.3% of the final consumption of electricity

The Government decided to cut down from 12.15% to 8.3% of the gross final consumption of electricity the mandatory quota of electricity from renewable energy ... Read more

Hornbach to boycott the wood from Holzindustrie Schweighofer

German DIY retailer Hornbach will waive, starting January 2017, the contract with the Austrian company Holzindustrie for the trade of timber and planed wood. Hornbach ... Read more

Erste Research: Fiscal instruments designed to stimulate the economy have reached their limits. Countermeasures to fiscal loosening to follow in 2017

Romania and Poland “have a very limited room for manoeuvre in the tax area” – if needed, in case that the budget deficit would exceed ... Read more

Profit for the state: not even EUR6 million from 278 companies, overseen by 220 AAAS employees

  The situation of the companies monitored or managed by the State Asset Administration Authority (AAAS) – the successor of former post-communist institutions in charge ... Read more

Emergency Ordinance: Ciolos Government makes room for the future government’s budget

The Government approved on Thursday an Emergency Ordinance to postpone some measures that would have entered into force on 01 January 2017 and had a ... Read more

Firm agreement between KazMunayGas and Chinese CEFC for 51% of Rompetrol shares

KMG International NV (KMGI), the major shareholder of Rompetrol Rafinare, announces that negotiations between the National Company KazMunayGas from Kazakhstan (KMG NC) and Chinese company ... Read more

Top 10 measures of economic impact to be taken if PSD keeps its promises

Many of the economic promises from the government program that PSD launched during the election campaign repeat older themes from the collection of economic policies ... Read more

Business environment: Two of the tax law changes bring taxpayers in the position to no longer be able to obtain cancellation of the notices of assessment

  The Coalition for the Development of Romania (CDR) points out that the legislative package for simplifying and improving the tax legislation, recently approved by ... Read more

Country ‘s residents owning agricultural land equal to 2/3 of the territory - the lowest consumption of fruits and vegetables

Regular consumption of fruits and vegetables is considered an important factor of health and balanced diet. However, an Eurostat report warned that more than one ... Read more

Up to EUR 7 million aid for those who forest the agricultural land in the areas exposed to erosion

Agricultural and non-agricultural land owners, either public and private, can receive up to 7 million euros for creating windbreaks and plantations to combat soil erosion ... Read more

Prime Minister Ciolos's draft budget for 2017: realistic growth of over 4%, deficit below 3% of GDP

The budget draft prepared by the Ministry of Finance is based on an economic growth of over 4% and a budget deficit below 3% – ... Read more

Minister of Defence: There are signals that give us food for thought – antiaircraft protection from Deveselu must be strengthened

“We obviously have to think, and we do that together with our partners and allies, to some elements for strengthening the antiaircraft protection of the ... Read more