The significant slowdown in the economy has to be put down to the effects of inflation, the falling purchasing power of the population and the major problems faced by more and more companies, amid falling sales, from financial bottlenecks to a drop in supplier credit, said economic consultant Adrian Negrescu. According to the data published on Thursday by the National Institute for Statistics (INS), the GDP was not changed in Q3 of this year, as compared to the previous quarter, for a seasonally adjusted series, while against the same quarter of 2023 GDP dropped by 0.2%."The economy is operating with the handbrake on. Statistical data confirms that we are witnessing real economic stagnation, with many sectors where sales are falling significantly and the number of companies closing is increasing by the day. The significant slowdown in the economy has to be put down to the effects of inflation, the falling purchasing power of the population and the major problems that more and more companies are facing, amid falling sales, from financial bottlenecks to a drop in supplier credit," said Mr Negrescu. He said that, unfortunately, the industrial production has been dropping for months, the constructions register the highest drop since the previous crisis, agriculture is very much affected by the drought and commerce gives the first signs of dropping due to the reduction of purchasing power."Even the IT&C sector is no longer making a positive contribution to GDP, the economy is gasping for breath, and the outlook for 2025 does not look good. It's a paradox what is happening in Romania - we have borrowed almost €50bn, the deficit will pass €27bn, we have allocated more money for investment and yet the economy is heading for recession. It's a sign that the situation is not positive at all and that measures need to be taken", added the economic consultant. According to him, it is ‘absolutely vital to drop the work taxes, in order to leave more money in the people’s pockets’. He said that ‘ we will not be able to restart the economy unless we take measures meant to support private investments, recruitment and increase of salaries’.
The Romanian city of Alba Iulia has entered the Guinness World Records after building the world’s longest table made from recycled materials, stretching more than 2.7 kilometers around the historic Alba Carolina Citadel. Organized by Bloom The World and its partners, the event, named Masa Care Unește/The Table That Unites, drew over 10,000 guests from […]
The agency plans to expand its team and reach a turnover of EUR 450,000 by year-end. June Communications (JUNE), a business-to-business PR and integrated communications agency, has appointed Bianca Caragea as its new Operations Manager. The step strengthens the agency’s management team as it enters a new stage of growth after seven years of sustained […]
The Babeș-Bolyai University of Cluj-Napoca (UBB) has established an endowment fund, which the institution described as a "strategic" financial mechanism aimed at supporting academic excellence and ensuring the long-term sustainability of university projects. The initiative is a first of its kind in the local academia, UBB said. The endowment fund involves attracting donations/financial resources and […]
Romanian authorities are reportedly considering imposing an access fee for the Transfăgărășan mountain road. The funds would be used for setting up decent parking areas, selecting merchants, and similar initiatives. The beautiful, winding road is one of the most visited tourist attractions in the country. Local authorities say the funds from an eventual toll would […]
Colombian reggaeton superstar J Balvin will perform in Dubai for the first time this November, headlining Untold, the globally recognized festival born in Romania. The event will take place from November 6 to 9 at Dubai Parks and Resorts, featuring more than 100 international acts across five stages. The festival is staged in partnership with […]
More than 17% of Romania’s population faced severe material and social deprivation last year, which was one of the highest shares in the EU, according to the statistical bureau of the European Union - Eurostat. In 2024, 6.4% of people in the European Union faced severe material and social deprivation, a slight decrease compared to […]
