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.
June is the richest month. The most awaited two weeks in my annual festival pilgrimage. The route starts with Romania’s Transilvania International Film Festival (TIFF), followed by Italy’s (and the world’s) most comprehensive festival for restored and archival film: Il Cinema Ritrovato. To shake up the traditional article on the two, I’ll start with the […]
Different Beauty, a recently opened exhibition of works by Czech photographer David Těšínský, offers a glimpse into everyday life in the war-torn region of Donbas in 2017. The photos were taken within the span of only a few days, as Těšínský traveled to eastern Ukraine to document the lives of women impacted by war. In […]
Different Beauty, a recently opened exhibition of works by Czech photographer David Těšínský, offers a glimpse into everyday life in the war-torn region of Donbas in 2017. The photos were taken within the span of only a few days, as Těšínský traveled to eastern Ukraine to document the lives of women impacted by war. In […]
Roughly 70% of Romanians are “very” or “moderately” concerned about how AI accesses and uses their data, according to the latest survey conducted by RoCoach in partnership with Novel Research between May and June 2025. Distrust in automated decision-making and the demand for regulation are becoming more pronounced, as Romania rolls out major digitalization projects […]
The Armenian Street Festival returns for a 9th edition between August 1 and 3, 2025, in the “Dimitrie Brândză” Botanical Garden in Bucharest. The festival brings into focus the living heritage of the Armenian community in Romania and the diaspora. According to the organizers, this year’s edition aims to strengthen the Bucharest–Chișinău–Yerevan cultural axis, articulated […]
The Romanian mergers and acquisitions market registered a total of 122 announced transactions in the first half of 2025, with a value exceeding EUR 2.7 billion, marking a slight increase of 6% in volume and 4% in value compared to the same period last year, according to an analysis by George Ureche, partner at PwC Romania. […]
