In Q4 2023, seasonally adjusted GDP remained stable in both the euro area and the EU, compared with the previous quarter, with Romania ranking among the member countries with the strongest quarterly economic contractions, according to an estimate published on Friday by Eurostat, the statistical office of the European Union.Denmark (+2.0%) recorded the highest increase of GDP compared to the previous quarter, followed by Croatia (+1.3%) and Slovenia (+1.1%). The highest decreases were reported in Ireland (-3.4%), followed by Estonia, Finland (both -0.7%) and Romania (-0.5%).In Romania's case, the contraction of 0.5% in Q4 2023 comes after an advance of 1% in Q3, as well as an advance of 1.4% in Q2.Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.2% in the EU in Q4 2023, after +0.1% in both zones in the previous quarter.Romania's economy grew by 1.1% at an annual pace in the last three months of 2023, a significant slowdown after a 3.5% advance recorded in Q3.Also on Friday, Eurostat announced that the number of employed persons increased by 0.3% in the euro area and by 0.2% in the EU in Q4 2023, compared with the previous quarter. In Q3 2023, employment had increased by 0.2% in both zones.In Q4 2023, Romania (+1.5%), Malta (+1.4%) and Spain (+0.8%) recorded the highest growth of employment in persons compared with the previous quarter.Based on seasonally adjusted figures, Eurostat estimates that in Q4 2023, 217.1 million people were employed in the EU, of which 169.3 million were in the euro area.As for Romania, the National Institute of Statistics (INS) revised upwards the economic growth in 2023, to 2.1%, and downwards that of Q4 2023, to minus 0.5%. Thus, the Gross Domestic Product (GDP), seasonally adjusted, estimated for Q4 2023, was RON 415.906 billion in current prices, decreasing - in real terms - by 0.5% compared to Q3 2023, and up by 1.1% from Q4 2022.At the level of 2023 current prices, the estimated Gross Domestic Product was RON 1,598.576 billion, up 2.1% from the previous year.
Haleon, a global leader in consumer health, has appointed Wael Kaskas as General Manager for its Hungary, Romania, Czechia, and Slovakia cluster. With a strong background in FMCG, consumer healthcare, and supermarket retail, Kaskas brings extensive experience in managing billion-dollar portfolios and leading business transformations, the company said. Before this role, Kaskas was responsible for […]
Vadoo Fest returns on August 21–24 to the meadows of Vadu Oii, Buzău County, with a new edition that invites participants to slow down and reconnect. Now in its seventh year, the festival promises a special experience rooted in nature, music, and human connection. This year’s line-up blends depth and groove, featuring Grammy-winner Judith Hill, […]
LIBERTY Galați, Romania’s largest steel producer, is undergoing significant leadership changes as part of its broader restructuring efforts aimed at improving operational performance. The company has initiated a global executive search to appoint a new permanent General Manager and has made several key interim and permanent leadership appointments. Radu Ionescu is stepping down as General […]
A major player in the private equity market in the Baltic region, the INVL Baltic Sea Growth Fund, announced on Monday, July 14, that it has completed the investment in Pehart Group, a leading producer of household and industrial paper products in Romania, a deal valued at EUR 150 million. With a 187-year tradition, Pehart […]
Cyclists will be able to cross the border between Romania and Serbia between July 26-28 on a 37-kilometer route that starts in Timișoara and follows the course of the Bega River to the Serbian border. The Otelec border crossing point will allow the cyclists to cross the border. The bike path will be accessible between […]
With EUR 12.9 billion in direct investments and 125,000 jobs generated, France ranks as the third largest foreign investor in Romania, according to the French Chamber of Commerce, Industry and Agriculture in Romania (CCIFER). The French business community includes 600 members, ranging from major corporations to startups, universities, and NGOs. In 2024, bilateral trade between […]
