Mains

An essential indicator in (great) pain: Observations and solutions to proportion of workers with a temporary employment relationship

Romania marks one more indicator where it ranks the last in the European Union, namely the share of workers with a temporary employment relationship The level of 14% announced by Eurostat for 2016 is ten times lower than the EU average, of 142%, and nearly twenty times below the size of the country that is closest to us in terms of size and level of economic development, Poland ...
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Map of debts / savings: Average level of debts and savings in richest counties are four times higher than in poorest counties

Statistics on the debt and saving capacity give a measure of the gap between developed and underdeveloped counties of Romania The counties where the population and companies save more have, on average, the highest level of loans relative to the number of active natural persons, respectively to the active legal persons, according to the latest comparative data of the National Bank of Romania, ...
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Labour statistics: 3 million full time contracts in private sector and 1.2 million employees in public sector. Almost 2 million minimum national wages

At the end of 2016, there were 4,763 million employees in Romania with permanent, full-time contracts, according to the data from the Ministry of Labour If the expanding employment pace maintains, in 2017 we will reach the record of the last 18 years, registered in July 2008 - 4,833 million employees Even with this record level, Romania remains though, by far, the EU country with the lowest ...
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Beware of mechanism chopping billions of euros for investments: Unseen face of PNDL – in a Court of Auditors report kept secret for two years

The winning team does not change The PSD Chairman Liviu Dragnea announced last week at Antena 3 that the launching of the PNDL II program was among the objectives already achieved from the government program Why was that a priority "Because the PNDL I program was a success," says Liviu Dragnea The Court of Auditors says otherwise The Court's findings present the severe anomalies of the ...
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“Educated Romania” in EU: Lowest rate of graduates in 30-34 age group, among highest shares of young people who graduated a maximum 10-year cycle

The latest Eurostat data on two education indicators reveal the Romanian education system Romania is the EU country with the lowest rate of university graduates in the total population aged 30-34 (256%) But it ranks 3rd, after Spain and Malta, in the category of 18 to 24-year-olds who graduated a maximum 10-year, according to the Eurostat data It is a situation that will not allow ...
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Incredibly simple solution that increased VAT collection: Government drives economy back to postponing VAT refund

The optimistic figures announced by Prime Minister Sorin Grindeanu last Thursday regarding the increase in tax collection seem to be based on a forced "loan" from companies for the state The data announced by the prime minister, corroborated with the phenomena behind the optimistic figures, show that things are not better, but even worse than predicted The prime minister announced a ...
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A grim picture: list of things we DO NOT know we can produce. What Romania imports from EU and from what countries. It is not too clear (or is it?) and why

Trade exchanges with the EU countries amounted last year to about EUR 43 billion in exports (75% of total exports) and almost EUR 52 billion in imports (77% of total imports) In terms of non-EU trade, exports amounted to EUR 143 billion (25% of total exports) and imports to EUR 154 billion (23% of total imports) Structure of foreign trade in 2016 (million euro) Export ...
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Unitary pay law widens gap between salaries in public and private sectors. Risks

Increasing discrepancies between the wages in the public and private sectors will broaden inequalities between the two sectors and have serious effects on the labour market and the real economy, warn business community and trade unions leaders and human resources experts A forgotten lesson The unitary pay law, in the form presented by Liviu Dragnea, will broaden the salary gaps that have ...
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Accelerated depopulation: Romania’s population has decreased by 74,050 people over last 12 months. Most prominent depopulation – in Teleorman

Romania’s population declined between March 2016 - February 2017 by 74,050 people The number is comparable to the population of a middle-sized city, a capital of a county like Alba Iulia, for instance (74,085 inhabitants) Romania's annual natural growth went, for the first time, below the threshold of -70,000 people: in the 12 months between the beginning of March last year and the end of ...
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A paradox: Hunger of stockholder state to push Romania at top of world dividend yields ranking in 2017 as well

The dividends proposed to stockholders by the management of the companies listed on the Bucharest Stock Exchange (BSE) are very likely to place Romania also this year at the top of the world ranking of the yields of investments made for this purpose Bucharest's capital market ranked first last year among the world's highest average yields, according to a report by the German investment bank ...
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Trade deficit, consolidated by negligence, reached EUR 1.3 billion. After only two months of 2017

  The trade deficit in the first two months of 2017 was EUR 1259 million, 27% higher than the same period of the previous year, according to the INS data The exports increased at a good pace (+ 92%, to EUR 9,7499 million), but have been outweighed by the imports that advanced by 109%, to 11,0089 million The import coverage ratio by exports still maintained a reasonable level (924%, ...
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How badly distributed is cost for wages in Romania – country with the largest increase of labour costs in 2016

Romania leads by far among the EU countries with the highest growth of the labour costs, according to the Eurostat data for 2016 With an increase of + 116% (in euro) registered last year, our country is far ahead of Bulgaria (+78%) and the Baltic countries - Lithuania (+75%), Latvia (+64 %) and Estonia (+56%) To note, the cost for wages in Romania almost tripled in November compared to 2004 ...
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10 billion Sovereign Fund – congenital diseases: midwives were selected, birth certificate is already to be written

The first step for establishing the Sovereign Fund for Development and Investment has been made Wednesday when the Official Gazette published Grindeanu government's decision to create the inter-ministerial committee that will draft the legal framework for the establishment and operation of FSDI A note should be made: the initiative has a great significance for Romania’s big partner ...
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Energy companies – squeezed out of dividends worth billions: government program does not include an estimation of investment

Dividends of at least 2,000 million lei will be paid this year to the state budget, representing profits registered last year by the most important state-owned energy companies, according to the proposals that their management will make to the shareholders: Romgaz, Hidroelectrica, Transgaz, Transelectrica și Nuclearelectrica On the other hand, the government program displayed on the website ...
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An analysis right from very basic: Assets and liabilities of Romanian households in European context

Romania ranks last among the EU countries both in terms of assets and liabilities of households to GDP, according to the latest data published by Eurostat for 2015 With assets (holdings) of only 726% of GDP and liabilities (obligations) of 214% of GDP, we are positioned well below the averages of 2279% for assets and 694% for liabilities recorded at the EU level The amounts that the ...
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NEWS

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

Without environmental stamp, car registrations increased by 73%. Most of them are old cars

The new registrations of motor vehicles for passengers increased by 73% in the first quarter of 2017, compared to the first quarter of 2016, according ... Read more

Project to fight Russian propaganda in media and social networks proposed by Siegfried Muresan in EU 2018 budget

The European Deputy Siegfried Muresan, Chief Negotiator of the European Parliament for the EU 2018 Budget, proposed for the European budget for the next year ... Read more

Document/Tax Code: implementing rules, additions, clarifications

On Thursday, the Government amended and supplemented the methodological norms for implementing the Tax Code, mainly on the corporate income tax, micro-enterprise income tax, income ... Read more

CupruMin – Government’s solution after failed privatizations: state to build a steel plant for processing copper reserves

The Government’s solution after the failed attempts to privatize CupruMin is to build a steel plant to process the company’s copper reserves, said the Minister ... Read more

Multinationals in Romania: some statistics

The National Institute of Statistics (INS) identified in Romania 73,663 groups of enterprises, of which 5,469 groups of resident enterprises and 68,194 groups of multinational ... Read more

Draft regulations to create a new source of financing: Loan Guarantee Fund for SMEs to grant financing and loans

The Government will significantly expand the scope of the Loan Guarantee Fund for SMEs (FNGCIMM) which will be able to grant direct funding from its ... Read more

PIAROM requests an impact study on unitary pay law from Government: This generates a massive migration of qualified personnel from economy to budget institutions

The Romanian Local Investors Employers (PIAROM) appreciates the public debate initiative on the future unitary pay law in Romania, which is made, says a press ... Read more

Manufacturing industry: Production volume at the highest level of 11 months. But managers do not trust this trend sustainability

In March 63.6% of the Barometer indicators show positive changes compared to the previous month, a similar percentage to the one registered in February, while ... Read more

Romania to buy Patriot missiles - it will be the 13th country in the world that owns this defence system

The Chief of the Military Staff, General Nicolae Ciuca (photo), announced in a press conference on Thursday that Romania intends to buy American missiles Patriot, ... Read more

IMF has improved forecast for Romanian economy growth in 2017 and 2018: but far below Government’s calculations

The International Monetary Fund (IMF) has revised its estimates for the Romanian economy growth to 4.2% from 3.8% – previous estimate for this year, and ... Read more

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