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.
Gold has been one of the most sought-after assets for centuries, and in the modern era, it has become a highly popular component of investment portfolios. A preferred asset for protection against economic risks, gold has delivered attractive long-term returns, increasing by approximately 8% per year over the past two decades. Since the end of […]
JTI Romania is the Top Employer for the 12th year in a row, being ranked third amongst 44 companies locally awarded, after an assessment conducted by the Top Employers Institute. The company was rated for about 20 criteria such as leadership, talent acquisition, on-boarding, digital HR, work environment, career development, learning, ethics & integrity, diversity, […]
Romanian defense minister Angel Tîlvăr stated that the contract for the Patriot system, which will replace the one ceded by Romania to Ukraine, is expected to be signed in February. The minister commended the decision of the United State government to approve the delivery of three Patriot systems to Romania. Raytheon stated it will collaborate […]
Romanian companies are entering 2025 with cautious optimism, focusing on managing risks and controlling costs, according to the Deloitte 2025 Romania CFO Survey conducted at the end of last year among approximately 130 Chief Financial Officers (CFOs). Most of the Romanian CFOs predict an increase in revenues for this year (58%), but their share has […]
Several employees of the Romanian Senate began protesting and booing while the president of the upper Chamber was announcing that staff restructuring would be implemented to reduce public spending. Ilie Bolojan, president of the National Liberal Party and head of the Senate, announced a reduction in the organizational chart from 796 positions to 618 positions. […]
The members of the Romanian angel investor network TechAngels put EUR 2.757 million in direct investments in tech startups in the second half of 2024, almost triple the amount invested in the year's first half. The investments for the entire 2024 rose to EUR 3.777 million, a 25% year-on-year increase. The rounds backed by TechAngels […]
