Romania's agricultural companies posted the second largest nominal annual increase in the last 10 years, of over RON 8 billion, reaching a historic high of RON 68 billion in 2022, which is 48% over that of 2018, according to KeysFin annual study "Romanian Agricultural Sector."For 2023, KeysFin analysts estimate the continued growth of the sector and thus exceeding the record level reached in 2022, close to the RON 80 billion threshold, based on the persistence of inflationary pressures and the estimated increase in annual crop production of 24%, the third largest annual advance among member states as forecasted by the General Directorate for Agriculture and Rural Development from the European Commission this year."Although for 2023 we estimate the continuation of the sector growth, we point to the need to prioritise investment in infrastructure and modernisation of this sector, so that Romania remains a net exporter of agricultural produce, after in the year of the pandemic it became a net importer for the first time in the last 10 years. As a strategic direction, we should follow the example of Poland, namely invest in processing, so that in the long term we have a positive balance of international trade with agri-food products, which has a higher added value," says Diana Florescu, economic analyst KeysFin, a leading provider of business information solutions in Romania.According to KeysFin specialists, the number of companies that reported their financial results in 2022 remained close to that of the previous year, namely 26.5 thousand companies (based on data extracted in September 2023).The net result increased by 13% compared with 2021 and was 131% above that of 2018, to the record level of over RON 9.2 billion in 2022. Of the 26.5 thousand companies that reported their financial results, about 16.7 thousand made a profit (63%), 7 thousand were at a loss (26.3%) and the rest recorded a zero result in 2022.As a direct impact of the transmission of inflationary pressures, the value of crop production in the European Union increased by 15% in 2022 from the previous year, despite a decrease in harvested volumes according to Eurostat data: grain maize (-29%), sunflower (-11%), soybeans (-8.1%) and wheat (-3.1%), with rapeseed being among the few crops that posted an annual advance (+14.5%).The "Romanian Agricultural Sector" study covers all companies that reported their annual results to the Ministry of Finance and had as their main area of business one of the following NACE groups: Plant and animal husbandry - 011, 012, 013, 014, 015, 016, 017; Fisheries - 031, 032 and Forestry - 021, 022, 023, 024.
During a meeting on Monday, May 12, the Cluj-Napoca Local Council approved a draft resolution that imposes smoking restrictions in several public spaces in the city, including public transport stations, parks, and sports facilities. The resolution was adopted with 22 votes in favor and 3 abstentions, and will come into effect 90 days from the […]
An internal survey by Romanian Business Leaders, which does not have national representativeness but was answered by 417 entrepreneurs, shows that 62% of entrepreneurs expect to have to make layoffs, while a third expect the number of employees to remain the same. The expected layoffs are directly connected to the possibility of Romania choosing a […]
Romanian Istvan Kovacs will be the main referee for the UEFA Champions League final between Paris St-Germain and Inter Milan, which will be played on May 31 in Munich. The match will be Kovacs’ third European final in the last 4 years. The 40-year-old referee has previously officiated the UEFA Europa Conference League final in […]
Over 70 museums across Romania will open their doors after hours for the 21st edition of Night of Museums, one of the country's most anticipated cultural events. Held on the night of May 17, the event offers visitors a unique opportunity to explore exhibitions, installations, and creative activities in an unconventional, late-night setting. From major […]
Interim president Ilie Bolojan decorated Romanian star handball player Cristina Neagu with the Order "Faithful Service in the rank of Knight" during a ceremony on Monday, May 12. During the service, the official noted that Neagu gave Romanians many moments in which to feel proud. He also said that the athlete’s character, discipline, and courage, […]
The Praid Salt Mine, in central Romania, is still closed to tourists due to the flooding that took place following last week’s rains. Salt extraction activities are also halted due to the risk of collapse, while efforts are underway to remove the water accumulations. The management announced last week that the salt mine is temporarily […]
