In its Regional Economic Prospects report of May 2022 released on Tuesday, the European Bank for Reconstruction and Development (EBRD) says that after a rebound of 5.9% Gross Domestic Product (GDP) growth in 2021, the rate of the Romanian economy's growth will slow down significantly in 2022.Romania's economy is projected to grow by 2.5% this year, as against 2.8% forecast in March 2022, and 3% next year, as against an initial forecast of 4.1%.According to the EBRD, the Romanian economy entered 2022 on a weak footing as GDP declined in the last quarter of 2021 by 0.1% quarter-on-quarter due to a fall in investment and slowing inventory build-up."Accelerating inflation from the second half of 2021 has already put pressure on consumers and firms. While real net wages have temporarily recovered in early 2022 and the removal of Covid-19 restrictions has improved confidence, the war on Ukraine has brought an additional layer of inflationary and supply chain difficulties," according to the EBRD report.Consumer prices increased by 10.2 per cent, year-on-year, in March 2022, despite a cap on energy prices, which is set to remain until March 2023. The government has adopted a range of measures to support vulnerable households and firms affected by the war. As such, the fiscal consolidation envisaged for this year could be constrained by these expenses and by weaker economic growth, warns the international financial institution.The National Bank of Romania (BNR) has raised the policy rate to 3% by April 2022 and, facing a tightening of liquidity since the start of the war, has intervened in the secondary market for sovereign debt to calm debt markets.GDP is projected to grow by 2.5% this year, with risks tilted to the downside and contingent on the evolution of the war and other supply pressures. In 2023, lingering inflation pressures, fading pent-up demand and supply chain issues are expected to restrain growth to a forecast 3%, the EBRD report says.
A special ‘Silent Day’ event will be held at the Bucharest Christmas Market in Constituției Square on Wednesday, December 3, aimed at creating a quieter and more accessible environment for children with sensory disabilities. The initiative is designed to make the festive market manageable for children who may struggle with loud noise, bright lights, and […]
Romanians have the highest level of trust in others in the European Union, according to the most recent Eurostat data for the year 2024, ahead of the usual leader of the ranking, Finland. The indicator ‘trust in others’ measures a person’s trust in people they do not know on a scale from 0 (‘I...
Monarc Development announces the acquisition, from a private investor with a strong reputation in premium real estate developments, of the strategic management and sales operations for a major urban project in Sector 1, valued at €27.5 million. The project is now being repositioned under the new identity Monarc Grivița 166, a contemporary serviced-residences concept with […]
Inter Computer Romania, part of Inter Computer Group (ICG), one of the largest IBM Platinum partners in Central and Eastern Europe, announces reaching €5 million in signed projects for 2025, an indicator of the accelerating demand for digitalization, data security, and AI-ready infrastructure initiatives. The company continues the development strategy announced at the beginning of […]
Former MEP Vlad Gheorghe has withdrawn from the race for the Bucharest City Hall and urged people to support the candidate of the National Liberal Party (PNL), district 6 mayor Ciprian Ciucu. The announcement was made in a press conference on Tuesday, December 2, alongside the latter. To motivate his decision, Gheorghe pointed at the […]
IT Genetics, a Romanian technology company specialized in digital automation and operational efficiency solutions for businesses, announced this week its intention to list on the AeRO market of the Bucharest Stock Exchange in Q1 2026. Upon admission to trading, the company’s shares are expected to be listed on the AeRO market under the ticker “ITG”. […]
