The the economic growth of 6.5pct posted by the National Institute of Statistics (INS) for the first half of the year, and that of 13pct posted for the second quarter must be contextualized, head of the Fiscal Council Daniel Daianu told Agerpres, underscoring that we also need to consider the increase in the current account deficit and the need to correct the public budget before drawing the final conclusions."We need to understand that economic growth needs to be robust. We are looking at economic growth, but let's also look at growing external imbalances. Such growth rates are not sustainable. They are not sustainable even in developed economies that have a balanced external balance during such economic comebacks, big rebounds after the forced economic declines of 2020. It is inappropriate to say normalization, but you have unsustainable economic growth against the fundamental factors. Many economies will have lower growth rates than in 2021, in the years to come. And in our case, it is important to point out that we have a structural budget deficit and large external deficits, this combination is against us and needs to be corrected. So we need to consider this increase in the first half and the second quarter against the basic effect (we had lockdown in the first part of last year), against the external deficits and a larger structural budget deficit. This show that we shouldn't brag and we shouldn't forget that we have a major macroeconomic correction ahead of us. This year the budget deficit will be lower, it would be good to have it below 7pct of the GDP, even if the rectification target is 7.13pct. Also, we must not look at the figures for the second quarter alone. We should also consider the external balance, the external imbalances. The figure is 7pct of GDP for the entire year, but it is accompanied by an increase in the current account deficit and it must be correlated to the absolutely necessary correction of the budget deficit. We must contextualize all these figures," Daniel Daianu explained.
Romania registered the third lowest employment rate in the EU in 2023, following Italy and Greece, according to recent Eurostat data. Only 69% of Romanians aged between 20 and 64 are employed, meaning nearly one-third of Romanians are not working. Certain factors influence these figures. Romania makes use of a category of special pensions applied […]
Authorities are looking into the case of a Romanian minor who was allegedly sold for RON 8,000 (EUR 1,600) and arrived in Germany with false documents. Romanian authorities were notified by those in Germany regarding the case, but investigations are still ongoing. The minor is currently in the care of the German state. The boy […]
The residential market had a strong start in 2024, with the first quarter ending with an 18% increase in the number of residential transactions in Bucharest compared to the same period last year, according to Colliers data. In the rest of the country, the increase was slightly higher - 19%. According to Colliers consultants, buying […]
Siemens Healthineers, the medical technology branch of the German multinational, recently launched its newest MRI scanner, the MAGNETOM Flow, during an event held in Bucharest on April 24. Featured in one of the panels during the event, Sonja Wehsely, executive vice president CEECA Siemens Healthineers, highlighted the strengths of the new scanner. Wehsely, who has […]
The Romanian General Prosecutor's Office officially announced the indictment of former president Ion Iliescu, former prime minister Petre Roman, and former deputy prime minister Gelu-Voican Voiculescu for crimes against humanity, in the case of the Mineriada (miners' riot) of June 1990. Along with the three, the former director of the Romanian Intelligence Service (SRI), Virgil […]
Uber launched its Green service in the popular mountain city of Brașov, in central Romania, on April 25, with a fleet of environmentally friendly vehicles such as Toyota Prius, Hyundai Ioniq, Tesla Model Y, and Volkswagen ID.3. Previously, the Uber Green option was made available to residents and tourists of Cluj-Napoca in November 2023. “We […]
