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.
Graffiti Plus (GRF+), active in Romania's communication consulting market, has signed the contract for the National Recovery and Resilience Plan (PNRR) funding for its listing on the AeRO market of the Bucharest Stock Exchange (BVB). GRF+ is also preparing to launch the private financing round it is conducting as a first step toward its debut […]
The wooden church from the village of Oncești, one of the oldest monuments in the heritage of the Maramureș Village Museum “Mihai Dăncuș” in Sighetu Marmației, has been restored. The church has now returned to the tourist circuit through the support provided by the US Ambassadors Fund for Cultural Preservation, in a project coordinated by […]
The Bucharest Stock Exchange (BVB) announced the establishment of its Corporate Governance Committee on Thursday, December 4, to support the implementation of the revised 2025 BVB Corporate Governance Code. Romania’s capital market recently celebrated 30 years of activity and is undergoing significant corporate governance reform. The revised BVB Corporate...
Daniel Băluţă, the mayor of Bucharest's District 4, signed the order to start work on the extension of the M4 subway line on Thursday, December 4. The investment is valued at EUR 3.5 billion and the route will be 11 kilometers long, between Gara de Nord and Gara Progresul railway stations. The extension will have 14 […]
Ten entrepreneurs and executives have launched Food Angels Hub, a community of investors dedicated to the food sector. The aim of the hub is to “develop and scale functional and profitable companies in the food, hospitality and food-tech sectors” and “turn Romania into a reference point for food innovation in the CEE region.” The founders […]
Romanian developer IULIUS announced that it secured a syndicated loan facility amounting to over EUR 305 million for its Palas Iași mixed-use complex. The financing is provided by a consortium made up of Erste Group Bank Austria, BCR, Raiffeisen Bank Romania, and Raiffeisen Bank International Austria. The loan will support the remodelling of Palas Iași […]
