Economic growth will considerably decelerate in 2022 and 2023, more pronounced than expected, according to the minutes of the central bank leadership talks, released on Monday. Inflationary expectations of companies are rising, amid the trend of eroding consumer purchasing power. During the meeting, the Board of the National Bank of Romania discussed and adopted the monetary policy decisions, based on the data on and analyses of recent macroeconomic developments and the medium-term outlook submitted by the specialised departments, as well as on other available domestic and external information. Looking at the recent developments in consumer prices, Board members showed that, in December 2021, the annual inflation rate had climbed above expectations, to 8.19 percent from 7.80 percent in November, rising even higher above the variation band of the target and adding 6.13 percentage points from the end of 2020. 80 percent of the advance seen in 2021 had come, however, from the increases in natural gas, electricity and fuel prices, while half of the contribution of only 15 percent made by core inflation had been attributable to processed food, Board members remarked, underlining the much more modest rise in the annual adjusted CORE2 inflation rate to 4.7 percent in December 2021, from 3.3 percent in December 2020. It was emphasised yet again that inflation developments in Romania had been driven by global supply-side shocks, which had triggered a steep upward movement of inflation worldwide in 2021, way above central banks’ inflation targets, including in numerous European countries. On the domestic front, their impact had been compounded by the liberalisation of the electricity market for household consumers at the beginning of 2021, several Board members reiterated. (Details on :https://www.bnr.ro/Minutes-of-the-monetary-policy-meeting-of-the-National-Bank-of-Romania-Board-on-9-February-2022---23913.aspx)
Hotel Cișmigiu in downtown Bucharest, part of Hercesa Romania’s portfolio since 2004, saw revenues and occupancy rise in the first half (H1) of 2025. Total revenues rose by 9% compared to the same period last year, while the hotel’s occupancy rate increased to 77%, up by six percentage points year-over-year. The Average Daily Rate (ADR) […]
The modernization of Reactor 1 within the Cernavodă nuclear power plant and the expansion of storage capacity for spent fuel have received environmental approval, according to energy minister Bogdan Ivan. Combined, the two projects will allow Reactor 1 to operate safely for another 30 years, providing 700 MW of energy, according to the official. The […]
The far-right Alliance for the Union of Romanians (AUR) filed a constitutional challenge against the "austerity law" recently passed by the Ilie Bolojan government through the assumption of responsibility procedure. AUR claims the law through which the first fiscal corrective package was adopted is "profoundly unjust, unconstitutional, and a cynical abuse of power that bypasses […]
Romanian defense minister Ionuț Moșteanu welcomed US president Donald Trump’s decision to continue supporting Ukraine with modern weaponry, including Patriot systems, on Monday, July 14. The minister noted that the announcement made by president Trump and NATO secretary general Mark Rutte regarding the delivery of weapons to Ukraine is a strong signal to the Kremlin. […]
Art Safari, one of Romania's most popular art events, is calling on visitors to put down their phones and reconnect with art in a more meaningful way. The initiative, titled #SăptămânaFărăTelefoane (#WeekWithoutPhones), is set to run from July 17 to 20 and encourages guests to experience exhibitions without distractions from screens, stories, or selfies. In […]
Charge point operator E.ON Drive Infrastructure announced the largest electric vehicle charging hub in Romania in Pitești on Tuesday, July 15. Located in the Vivo! Shopping Complex, the facility includes 50 charging points of various power levels. The company has now surpassed the threshold of 400 publicly available charging points in Romania. The new hub […]
