In 2020, household consumption expenditure in the EU decreased by an unprecedented 8% compared with 2019, the largest annual reduction recorded since the time series started and it is due to the effects of the COVID-19 pandemic, the European Commission Statistics Office (Eurostat) reported on Monday.Social distancing measures, government restrictions imposed on the movement of people and non-essential economic activities severely affected household consumption expenditure.All the EU Member States recorded a decrease in household consumption expenditure. Data for Romania, Greece, Germany, Belgium, France, Croatia, Cyprus, Hungary, the Netherlands and Portugal are provisional, Eurostat said.When comparing 2019 with 2020, the largest decrease was recorded in Malta (around -22%), followed by Croatia, Spain and Greece (all around -16%). On the other hand, the smallest decreases were recorded in Slovakia and Denmark (both around -2%), followed by Lithuania and Poland (both around -3%), Sweden (minus 3.8%), and Romania (minus 4.3%).According to Eurostat, the largest decreases in household consumption expenditure were observed for 'Restaurants and hotels' (-38% compared with 2019), 'Clothing and footwear,' 'Transport' and 'Recreation and culture' (all -17%). On the other hand, the largest increases were recorded for 'Food and non-alcoholic beverages' (+3%) and 'Communications' (+2%).In 2020, over a quarter (26%) of household consumption expenditure was devoted to 'Housing, water, electricity, gas and other fuels,' making it the EU's largest household expenditure item, ahead of 'Food and non-alcoholic beverages' (15%) and 'Transport' (12%).
The Atlantic Council will honor Romanian president Klaus Iohannis with the Distinguished International Leadership Award for his remarkable career, exemplary leadership of Romania, and his transatlantic and European leadership role. The Atlantic Council’s Distinguished Leadership Awards are often referred to by media as “the Washington Oscars.” Among the honorees are a European head of state, […]
The colorful rapeseed fields in the southern part of Romania have been photographed by NASA from a satellite and featured in an accompanying article titled “Golden Fields in Romania.” The spectacular images were taken last month above the area where the Olt River intersects with the Danube. According to the article, NASA personnel were impressed […]
UiPath, an AI-based company founded by Romanian entrepreneurs and listed on the New York Stock Exchange in 2021, has recruited Raghu Malpani as Chief Technology Officer. Malpani, who was Corporate Vice President at Microsoft for the Microsoft 365 Application and Data Platform will report to the Director of Innovation and the Executive President of UiPath, […]
Production and new orders rise after nine straight months of decline Business confidence picks up, while hiring is back on the agenda Cost inflation eases and selling prices rise only fractionally An improvement in the health of the Romanian manufacturing sector was signalled for the first time in the survey's history, according to the latest […]
Raiffeisen Bank Romania continues its growth strategy in personal financial planning, up 50% in the first quarter of the year in the segment of investment plans, voluntary pensions and life insurance with a savings component. At the same time, it continued to support SMEs and accelerated investments to launch new functionalities in the mobile banking […]
Road crews have begun snow removal on Romania’s spectacular mountain road known as Transfăgărășan. Since there is less snow than in other years, the road could be opened much earlier than the usual date of July 1, according to authorities. Transfăgărășan, Romania’s second-highest road after Transalpina, is being cleared of snow so it can be […]
