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%.
A new edition of Art Safari will take place from September 5 to December 14 in Bucharest, featuring a diverse program of art exhibitions. Highlights include "Paris Pallady," showcasing over 70 works by Romanian artist Theodor Pallady alongside pieces by Henri Matisse, in collaboration with Paris museums Musée de l'Orangerie and Musée Henri Matisse, the […]
According to a recent announcement from the Ministry of Foreign Affairs, Romania endorsed the Joint Declaration on the Security and Resilience of Submarine Cables in a Global Digitalized World, in coordination with the United States and European Union partners. The diplomatic effort takes place as allies are concerned with sabotage incidents, cyberattacks, and other forms […]
The media and entertainment industry in Romania is projected to experience steady growth over the next five years, driven primarily by the expansion of digital segments. According to the latest PwC Global Telecommunications, Entertainment & Media Outlook 2025-2029 report, the sector is expected to grow at an average rate of around 2% annually, reaching a […]
Romania’s state-owned railway company CFR announced on Thursday, August 7, that it will be installing sound-absorbing panels on routes around Bucharest for the comfort of neighboring localities. Nearly RON 11 million (EUR 2.1 million) from the state budget has been allocated for 800 meters of panels with heights between two and four meters. Panels will […]
A new urban regeneration project in Codlea aims to transform Romanian fairy tales into an attractive tourist and educational destination by revitalizing unused urban spaces. The project, titled "Romanian Fairy Tales Museum in Codlea," has a total funding request of over RON 18 million, with approximately RON 15.3 million coming from non-reimbursable European funds, according […]
The Romanian state has reportedly concluded a lobbying agreement with Global Security and Innovative Strategies LLC, an American consultancy firm specializing in security and public safety, which provided assistance to Qatar before it joined the US Visa Waiver program, according to Profit.ro. ...
