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%.
The BCR Romania Manufacturing PMI index has further slipped to 47.2 in November from 47.6 in October, signalling that the downward momentum which began last month has persisted. Not only the output sub-indicator, but also the new orders have deteriorated marginally compared to October and significantly compared to September, when the index neared the 50-point […]
Prime minister Ilie Bolojan will travel to Vienna on December 3-4 for an official visit mainly focused on energy cooperation and strengthening bilateral ties. The visit takes place at the invitation of Austria’s federal chancellor, Christian Stocker, according to the official announcement from...
Nhood, an integrated real estate services and solutions company present in 10 European countries, including Romania, has appointed Mihaela Petruescu as the new Country Director for Property Services Romania & Poland as of October. With nearly 20 years of experience in the real estate sector, Mihaela brings robust expertise in property management and leasing, operational […]
“Catane,” a dark comedy inspired by real events and directed by Ioana Mischie, is set to have its first special screenings in Romania after a successful festival circuit. The film had its world premiere at the IFFI Goa festival in India and was nominated this year at the Hollywood Music in Media Awards for Best […]
Romania is among the European countries where water reserves are decreasing at an alarming rate, according to an analysis carried out by researchers from University College London in collaboration with The Guardian and Watershed Investigations. Scientists analyzed data from the period 2002–2024 provided by satellites that monitor changes in the Earth's...
George Smyth, 18, went missing on a hike near Romania’s famous Bran Castle more than a week ago. On November 23, the British citizen started to suffer from hypothermia and exhaustion and called the emergency services. Trying to locate him, mountain rescue services conducted searches over the next few days but were only able to […]
