On Thursday, the European Commission estimated that the growth rate of Romanian economy slowed down by 1.8% in 2023, 0.4% less than estimated in the fall, when the high inflation and slow credit growth affected domestic demand, while foreign demand was very low, according to winter economic provisions released on Thursday by EC. The Commission also reviewed estimates referring to the advance of Romanian economy in 2024 to 2.9% from 3.1% as foreseen in the fall of 2023. Although private consumption is expected to increase, investments will remain the main contributor to GDP increase this year. Monetary policy is expected to be a restrictive one in 2024 and will relax only gradually when inflation pressure drops. The relaxation of financial and monetary conditions, accompanied by a higher foreign demand will lead to a real GDP increase of 3.2% in 2025, somewhat less than autumn prognosis, the EC report shows. Concerning inflation, EC estimates that in 2023 it dropped to 9.7% from 12% in 2022, mainly due to the significant slowdown of private credit increase and strict monetary conditions, as well as lower energy and food prices. Except for a short period at the beginning of 2024, following some increase of indirect taxes, prices will continue to drop. Average annual inflation is foreseen to reach 5.8% in 2024 in order to slow down to 3.6% in 2025,”EC estimates, warning that there are risks of a disinflation process more gradual in case salaries and pensions continue to grow rapidly. The European Commission publishes two sets of detailed provisions every year, in the spring and autumn and two sets of intermediate provisions in winter and summer. Intermediate provisions include annual and quarterly GDP and inflation values of all member states for the on-going and future years, as well as data for the EU and euro areas.
Two castles in Romania's Cluj county, namely the Rákóczi-Bánffy Castle in Gilău and Bánffy Castle in Răscruci, will reopen in the coming weeks and host events dedicated to visitors. Rákóczi-Bánffy Castle in Gilău, one of Transylvania's historical monuments, will reopen its doors after a seven-year renovation process aimed at transforming it into a multifunctional cultural […]
The second edition of the Chicago Romanian Community Summit will take place on May 25, aiming to unite the Romanian community in Chicago. Leaders from various sectors - business, education, culture, and religion - will come together during the event to celebrate their shared heritage and establish a forum for addressing challenges. The summit also […]
In a recent promotional spot, Nicola Coughlan, Claudia Jessie, and Hannah Dodd, all part of the cast for Netflix’s hit show Bridgerton, played a game of True or False, Romanian Romance Edition. The game consisted of saying whether or not a particular superstition was actually true in Romanian folklore or if it was made up. The first […]
The organizers of the Untold and Neversea festivals in Romania announced the start of the 10th edition of their blood donation campaign - Blood Network. Under this initiative, blood donors can get free one-day tickets for the two summer events. This year's Blood Network runs between May 18 and June 30. Music fans can donate […]
Romanian mountaineer Adrian Ahriţculesei reached the summit of Mount Everest, Earth's highest mountain above sea level, after a 12-hour climb. The expedition, which started on April 11, is scheduled to end on May 30. "Ahriţculesei Adrian conquered the Roof of the World. He is on Everest (8,848 m). Next comes the hardest part of this […]
Hesburger, the largest chain of fast food restaurants in Finland and the Baltic countries, has entered the Romanian market with a first restaurant in Râmnicu Vâlcea. A family business with a history of over 50 years, Hesburger currently operates in nine countries and has over 470 restaurants. The company aims to open 10 new locations […]
