The economic growth on the first three quarters of 2018 was 4.2%, both in gross series and the seasonally adjusted series, according to data published… Mai mult›
Budget revenue, historical minimum – below two-thirds of EU average as a share of GDP. Declining trend and low values across the board
Romania ranked penultimate among EU member states in 2017 in terms of budget revenues share of GDP, according to Eurostat data. With only 25.8%, our… Mai mult›
Hourly labour costs grew by 13.91% in the third quarter of 2018 compared to the same period in 2017 (+1.53% compared to Q2 2018), according… Mai mult›
“Man, there is still time”/ We meet 13 out of 14 criteria on European dashboard: but how do we overcome two neuralgic points?
According to Eurostat, Romania observed 13 of the 14 indicators set for the scoreboard of the macroeconomic situation in the EU member states last year.… Mai mult›
Romanian research has come below the level registered at the EU accession moment. And it reached one sixth of EU 2020 target
Romania insists on staying on the penultimate position among the European Union member states in terms of R & D expenditure in 2017, according to… Mai mult›
de Marin Pana , 24.9.2018
Romania is the EU member state that has benefited the most from EU membership, with an increase in the standard of living expressed in GDP per capita at the standard purchasing power parity (adjusted with the country price levels) from only 39% in 2006 to 63% last year, according to data released by Eurostat.
The advance of 24 percentage points was above the one recorded by Lithuania (23pp), Poland (19pp, although it was the only country that went through the crisis without a decline in the economy), Malta (18pp, surprisingly positioned among colleagues from the 2004 accession round), Slovakia and Latvia (14 pp.) and Estonia (13 pp.).
- GDP/capita Advance in 2006-2017 compared to EU average
- Country 2016 2017 Percentage points Percentage
- Czech Republic
Our EU accession round colleague Bulgaria, which started from a GDP/inhabitant level very close to ours (37% of the EU average at that time, only two percentage points below us), managed to advance by only 12 percentage points and is the only country left below half of the EU average, despite its intentions to join the Eurozone.
While the ten-point advance is a solid and sustainable one for the Czech Republic, with a certain approach to the West, Hungary has gained only 7 pp. and saw an increase in the standard of living by only 11% over the past 11 years, after going round in circles since 2014. It has thus achieved only a performance similar to the European driver Germany.
In fact, Germany is the only Western state that has benefited massively from the eastward expansion of the EU, followed from the distance by its sister Austria (+2pp, which ranks, though, slightly higher in the last year’s Eurostat statistics, with 128% of the EU average vs. only 123% in Germany’s case). Only Denmark has also managed not to lose ground to the EU average.
Surprisingly, there is also a state in the former socialist bloc that lost a percentage point to the mobile benchmark of the European average, namely Slovenia, which slightly regressed from 86% to just 85% of this benchmark. It joined several Western states that declined in relative terms, which is a natural result of the higher rhythms of development of new members.
- Countries that moderately regressed compared to the EU average (2006-2017)
- GDP/capita Advance in 2006-2017 compared to the EU average
Unlike those countries that were relatively well yet not so well as the EU newcomers, but they had resources to support relatively minor losses in the GDP/capita (a notable exception is Portugal, which declined from where it had not actually the chance to advance, although it is an EU member since 1986 and accessed substantial funds during that time), we also have countries that lost more than ten percentage points compared to the EU average.
The most interesting situation is UK’s one, in fact, the only country that has managed to maintain the level above the EU average, but the negative feeling (caused by those who searched elsewhere for the blame that the EU had no use, on the contrary) brought the surprising vote that would lead to the UK leaving the bloc.
Other two relatively large economies, Italy and Spain, had a performance of pronounced speed loss, which (significantly to us who are also of Latin origins) was caused, to a significant extent, by the socio-cultural coordinates. Their situation has confirmed the assertion that it is not enough to reach a certain level, you also have to maintain there, which is not obtained by itself.
- Countries that regressed significantly compared to the EU average (2006-2017)
- GDP/capita Advance in 2006-2017 compared to the EU average
This is also the case of smaller countries, not primary cousins, but almost sisters, Cyprus and Greece. The first has lost the target attained in 2006, of reaching the EU average, while the enthusiasm of approaching the same target was so high for the latter that it led to major economic policy slippages and a real collapse, from 96% to just 67% of the EU average.These are some aspects and experiences at hand, from which we should learn so that we do not repeat the experience of others. Especially that we are, although obviously not British, both Latin and Balkan nationals.
Perhaps we shall succeed though in getting the Latin nature closer to France, and positioning ourselves in the Balkans, in terms of economy, as a sort of Poland, since we started to progress.
Lăsați un comentariu
The benchmark government bond yield jumped above the 5% threshold on Thursday. The Ministry of Public Finance (MFP) attracted RON 300 million from banks on… Mai mult›
The Ministry of European Funds has taken out Iasi-Tg. Mures highway project from the Large Infrastructure Operational Programme 2021-2027 and the Ministry of Transport already… Mai mult›
Senate postpones discussions on DNA’s request on waiving immunity of Calin Popescu Tariceanu until February 2019
The Senate has decided that it will put to the vote the decision to waive Calin Popescu Tariceanu's immunity only in the spring session, that… Mai mult›
Implementation of 5G technology, a multiplication effect in economy of EUR 4.7 billion - announces Sorin Grindeanu (ANCOM)
The National Authority for Management and Regulation in Communications (ANCOM) launched on Wednesday the National Strategy for the Implementation of 5G Technologies in Romania for… Mai mult›
Some of the amendments to the criminal codes will generate mistrust regarding Romanian state's ability to ensure the legality, stability and predictability of business relationships… Mai mult›
European Semester / European Commission asks Romania to correct its medium-term structural deficit by 1% of GDP
Minister Eugen Teodorovici is pressured by the EU to reduce the budget deficit After finding that the Government has done nothing to adjust the deviation… Mai mult›
The Government adopted on Thursday the ordinance that provides for the general framework for the establishment of a Sovereign Fund. Later, after new talks with… Mai mult›
The representatives of Ford Craiova met on Wednesday with mayors of 30 localities from Dolj county in order to stimulate the attraction of 1,700 new… Mai mult›
Development strategy / Government squeezes even investment money from its own companies: EUR 120 million from only two entities in energy field
Nuclearelectrica (SNN) and Romgaz (SNG) have calculated the additional dividends to be paid to the state after the Ministry of Finance (MFP) sent to the… Mai mult›
DNA, officially: Senate President is suspected of having received a USD 800,000 bribe. Case file opened at a request from Austrian judicial authorities
The case file in which the DNA requested the waiving of the Senate President’s immunity was opened at the request of Austrian judicial authorities and… Mai mult›
Romania has to recover illegal state aid worth EUR 60 million granted to Compexul Energetic Hunedoara, announced the European Commission with a statement released on… Mai mult›
The Ministry of Public Finance (MFP) intends to borrow in November RON 4.74 billion, 1.4% more than in the previous month, according to the Ministry.… Mai mult›
IRUM Reghin launched the first 100% Romanian tractor, announced Digi24, designed and built by the company’s engineers, 15 years after the Romanian tractor manufacturing disappeared.… Mai mult›
Romanians from abroad sent as much money to Romania as Government attracted from European funds and subsidies
Romanians working abroad sent EUR 2.695 billion to the country in the first eight months of 2018, equalling the European funds and subsidies received in… Mai mult›