Economic activity slowed its growth considerably in Q3 - to 0.4%, from 1.5% in Q2 -, contrary to expectations, according to the minutes of the Board of Directors of the National Bank of Romania monetary policy meeting from January 10, 2022."As regards the cyclical position of the economy, the members of the Council showed that the economic activity slowed down considerably in the third quarter - to 0.4%, from 1.5% in the second quarter -, contrary to expectations. It was noted, at the same time, that the annual dynamics of economic activity recorded a visibly more pronounced decline in the third quarter than the anticipated one, to 7.4%, from 13.9% in the second quarter, but still high from a historical perspective, with the majority contribution of the population's household consumption, as well as the unusually large one also brought in this interval, by the stock variation," the BNR document shows.The BNR notes that the contribution of net exports to the annual GDP dynamics remained negative, but decreased significantly compared to the previous quarter.At this juncture, the RON/euro exchange rate remained relatively stable at the highest level reached in the last month of the third quarter of 2021, even in the face of higher increases in key interest rates carried out by central banks in the region.Council members also noted the steady annual growth rate of credit granted the private sector, which continued to rise in double-digit territory in October and November, given the extension of the rise in the particularly high variation of the RON component, including with the contribution of programs but also against the backdrop of the slight revitalization of foreign currency credit. The credit balance in the national currency accelerated its growth to 19% in November, and its share in the overall credit increased to 72%.
Daniel Christian Hulea, a Romanian man accused of contributing to the NetWalker ransomware attacks, has been sentenced to 20 years in prison after pleading guilty to conspiracy to commit computer fraud and wire fraud, according to a public announcement from the US Department of Justice. NetWalker was a Ransomware-as-a-Service operation launched in 2019, which recruited […]
The new Romanian government, headed by the same Social Democratic prime minister, Marcel Ciolacu, recently made its governance program public. Among its objectives are reducing the level of bureaucracy, maintaining the flat tax rate, and reducing the budget deficit to 7% in 2025. To reach its goals, the government reduced the number of ministries to […]
The European Commission (EC) announced on Monday, December 23, that it disbursed payments under the Recovery and Resilience Facility (RRF) to Czechia, Germany, Italy, Portugal, and Romania, totaling EUR 26.8 billion in loans and grants. Under this latest disbursement, Romania received EUR 37.05 million as part of its second payment request. By comparison, according to the...
Romanian film trilogy Moromeții, directed by Stere Gulea, will be presented at the 54th edition of the Rotterdam International Film Festival, taking place from January 30 to February 9, 2025. This renowned European event, which annually presents hundreds of films across more than 20 sections, will feature the three films - Moromeții (1987), Moromeții 2 […]
Romania issued state aid worth EUR 1.3 billion during 2019-2023, with 62% of the projects being granted to foreign companies, according to an analysis conducted by EY Romania. The sectors that benefited the most from aid were the automotive industry, technology, manufacturing (light industry), medical industry, and the food and beverage industry. According to the […]
The Abracadabra – Secrets of Magic interactive exhibition will transform Arcub – Hanul Gabroveni in Bucharest into a magical universe starting December 27, 2024. Running until May 4, 2025, the event offers visitors the opportunity to explore a labyrinth of magic, featuring over 20 interactive attractions and more than 500 live performances by MAGITOT and […]
