The draft budget for next year is configured on an economic growth of 2.8%, in the context in which the economic shock caused by the pandemic is one of the most significant in recent history, shows the draft state budget law for 2023 published on Tuesday by the Ministry of Finance.The gross domestic product in current prices is estimated to increase to 1,552 billion RON, from 1,396 billion RON this year.The ESA budget deficit in 2023 is calculated at 4.4% of GDP, and it will reach 2.9% of GDP in 2026, falling within the provisions of European regulations at the end of the forecast horizon (year 2024), respectively 2.95% of GDP. In 2024, the cash budget deficit reaches the value of 2.95% of GDP, with which it falls within the European regulations, reads the cited document.On the general consolidated budget, total expenses are expected to be 607.924 billion RON in 2023. Budget expenses next year will represent 39.17% of GDP, with a downward trend in 2026. Investment expenses amount to approximately 112.1 billion RON, representing approximately 7.22% in GDP, and in 2026 they will reach approximately 154.2 billion RON.Budget revenues in nominal terms are estimated at 539.6 billion RON (34.77% of GDP), increasing in nominal value over the reference horizon, reaching 655.1 billion RON in 2026 (32.78% of GDP). Social insurance contributions (30.1% of total revenues) account for the largest share of budget revenues in 2023, followed by VAT (21.1%), amounts received from the EU (13.2% of total revenues), and excise duties (7.1%).According to the draft budget, inflation at the end of the year would slow down to 8% in 2023, compared to 15.2% in 2022, while the current account deficit will decrease to 8.5% of GDP, from 8.8 % this year.Salaries are expected to rise 1.7% next year, after a 2% decline this year.
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 […]
