The National Strategy and Prognosis Commission (CNSP) revised downwards to 2.9% the growth estimate of the Romanian economy for this year, from 4.3% as previously forecast.In the spring version of the Medium-Term Forecast, CNSP shows that the overlap of shocks (the geopolitical context, successive increases in energy prices and altered global supply chains) exacerbates risks and uncertainties on the economy, while affecting short-term business expectations. .The estimates published by CNSP are in line with the forecasts of the international financial institutions, which have significantly decreased the growth targets of the Romanian economy this year. Thus, the IMF was recently estimating an advance of 2.2% for 2022, from 4.8% in the autumn, while the World Bank indicated an even more modest increase for Romania's GDP of 1.9%.For the current account deficit, CSNP foresees the maintenance of the indicator at high values in the current year (-6.9% of GDP), against the background of a growing trade deficit, amplified by the price increases. Positive corrections are expected in the medium term.The estimated level of price increase is slightly higher than the previous forecasts, respectively 9.7% compared to 9.5% for the end of the year, and 10.1% compared to 9.9% as an annual average."Recent government support measures for the vulnerable population, as well as measures to increase the minimum wage in agriculture and the food industry, will keep the dynamics of purchasing power at positive values (about + 0.7%), given a high average annual inflation (+ 10.1%)," the cited source states.For 2022, the average gross earnings are estimated to increase by 9.7%, to a level of 6,120 RON, and the number of employees will record an advance of 1.6%. The BIM unemployment rate will continue to fall this year to 5.4%.The draft budget for 2022 was set at an economic growth of 4.6%.
Rompetrol Rafinare, a KMG International Group (Rompetrol) member company, announced it recorded in the first nine months of 2024 a gross turnover of USD 3.57 billion and an operational result (EBITDA, an indicator that measures the company's profitability before deducting depreciation, interest, fees, and taxes) of about USD 125 million. The financial results were impacted […]
The Romanian natural gas group Romgaz (BVB: SNG) announced that it obtained a net profit of almost RON 2.3 billion (EUR 460 million) in the first nine months of this year, 4.8% more compared to last year, according to a note sent to investors. The company's total revenues dropped by 16.3% y/y to RON 6.13 […]
Romania's energy group OMV Petrom announced that Transocean Barents, the mobile semi-submersible offshore drilling unit contracted for the Neptune Deep natural gas extraction project, has arrived in Constanta. "The arrival of the platform marks a crucial moment in our effort to develop the first gas project in the deep water area in Romania, together with […]
Romania's economy will expand by only 1.4% in 2024, slowing down from 2.4% in 2023 and 4.0% in 2022, but it will gradually recover to stronger growth rates in the coming years: 2.5% in 2025 and 2.9% in 2026, according to the European Commission's Autumn 2024 Economic Forecast. The rebound will be driven by a […]
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
Let’s talk about the lack of connection with our body and how this is closely tied to burnout, plus, what to do about it. So often throughout the day, we live almost entirely in our minds. We’re focused either on what we have to do at the moment—tasks that increasingly demand mental effort over physical […]
