On Thursday, the European Commission estimated that the growth rate of Romanian economy slowed down by 1.8% in 2023, 0.4% less than estimated in the fall, when the high inflation and slow credit growth affected domestic demand, while foreign demand was very low, according to winter economic provisions released on Thursday by EC. The Commission also reviewed estimates referring to the advance of Romanian economy in 2024 to 2.9% from 3.1% as foreseen in the fall of 2023. Although private consumption is expected to increase, investments will remain the main contributor to GDP increase this year. Monetary policy is expected to be a restrictive one in 2024 and will relax only gradually when inflation pressure drops. The relaxation of financial and monetary conditions, accompanied by a higher foreign demand will lead to a real GDP increase of 3.2% in 2025, somewhat less than autumn prognosis, the EC report shows. Concerning inflation, EC estimates that in 2023 it dropped to 9.7% from 12% in 2022, mainly due to the significant slowdown of private credit increase and strict monetary conditions, as well as lower energy and food prices. Except for a short period at the beginning of 2024, following some increase of indirect taxes, prices will continue to drop. Average annual inflation is foreseen to reach 5.8% in 2024 in order to slow down to 3.6% in 2025,”EC estimates, warning that there are risks of a disinflation process more gradual in case salaries and pensions continue to grow rapidly. The European Commission publishes two sets of detailed provisions every year, in the spring and autumn and two sets of intermediate provisions in winter and summer. Intermediate provisions include annual and quarterly GDP and inflation values of all member states for the on-going and future years, as well as data for the EU and euro areas.
President Klaus Iohannis is to hold consultations with the parliamentary parties on nominating a candidate for the prime minister job on Sunday, December 22, the Presidential Administration announced. The president, whose mandate has been extended after the
Step into 2025 with music, excitement, and unforgettable performances! New Year’s Eve at JW Marriott Bucharest Grand Hotel is not just a celebration – it’s a grand spectacle where world-class entertainment, live music, and vibrant energy come together for a night to remember. This year, we’ve curated a sensational lineup of artists and performers to […]
The Bucharest Police recently announced that the city will host several commemorative ceremonies marking 35 years since the Romanian Revolution of December 1989, causing traffic restrictions around the city. The restrictions will be in place from Friday to Sunday, December 20-22, 2024. On Friday, December 20, at around 10:00 AM, a religious/military ceremony with wreath-laying […]
Alex Florența, the General Prosecutor of Romania, said on Friday, December 20, that harsher punishments are needed to combat incitement to violence and Legionnaire propaganda (related to Mișcarea Legionară, a Romanian interwar fascist movement) in public spaces effectively. To that end, the office of the General Prosecutor will propose new measures to combat such phenomena. However, […]
Dennis Lloyd, Inna, Damian & Brothers, and Killa Fonic are among the artists who will perform at Flight Festival 2025. The festival is scheduled to take place between June 20 and June 22 at Timișoara’s Banat Village Museum. For three days, the venue “will open its doors for an experience that combines music, nature, and […]
Around 67% of Romanians believe that the economic situation will worsen, 7% higher than the previous year, according to the EY Consumer Index Romania 2024. Findings suggest a challenging start of 2025 both economically and politically in Romania. Additionally, in 2024, more than half of respondents (59%) were extremely concerned about conflicts and external wars. […]
