The annual growth of Romania's Gross Domestic Product (GDP) will be moderate in 2024, of 1.8%, well below the initial economic forecasts of 3%, despite the positive trends recorded in the first half of the year to also be maintained in the next period as well, according to a team of economists running the Romanian Economic Monitor (RoEM), a research project of the Faculty of Economic Sciences and Business Management of the Babes-Bolyai University in Cluj-Napoca.According to a press release of the team of economists sent on Wednesday, in September 2024, the National Institute of Statistics published provisional data on Romania's economic growth in the first six months of this year, according to which Romania's GDP registered an increase of 0.8% in the second quarter compared to the first quarter, while in the first quarter an increase of only 0.5% was observed. While these figures might suggest a modest acceleration in economic growth, they are actually below analysts' expectations, which portends lower economic growth for the full year 2024 than expected earlier this year, RoEM research shows."Considering these developments, our team revised the forecast for Romania's GDP growth in 2024, reducing it from the level of 3%, estimated at the beginning of the year, to 1.8%, which already includes the effects of the weaker economic performance from the first half of the year. Moreover, this growth rate could decrease even more in case of new unforeseen events compared to those of the first semester. Therefore, in addition to our current forecast of 1.8%, the balance of economic risks until the end of the year inclines more downward," explained Levente Szasz, vice-rector of UBB Cluj-Napoca, coordinator of the Romanian Economic Monitor team.In the first half of this year, in Romania, there was an increase in domestic demand, stimulated mainly by the real increase in the population's income (including the increase in pensions in the beginning of this year, respectively the increase in the minimum wage per economy in the last quarter of 2023, as well as the gradual reduction of inflation. Although these trends continue in the second half of this year, the team of RoEM economists believes that the less favourable news comes from the companies sector, which fail to fully capitalise on the increase in demand by expanding their offer on the local market.All sectors of economic activity: agriculture, industry, construction, services, including the IT sector, make modest, and in some cases even negative, contributions to the evolution of Romania's GDP this year, say RoEM specialists. (Photo:https://www.facebook.com/RoEconMonitor)
The 16th edition of Les Films de Cannes, the festival showcasing productions awarded or selected at the Cannes film festival, returns this fall to Bucharest and four other cities in the country. The winner of this year's Palme d'Or, Jafar Panahi's It Was Just an Accident, will be screened at the event, as will be […]
Răsvan Angheluţă Natural Sciences Museum in Galaţi is scheduled to reopen on September 20, after the completion of modernization works worth over 15.1 million lei (approximately EUR 3 million) carried out by the County Council through the recovery and resilience facility PNRR. The building hosts an Aquarium, an Astronomical Observatory, a Planetarium, and temporary exhibitions. […]
A team of Romanian paramedics won first place at the World Rescue Challenge 2025, a competition that sees first responders and trauma teams from around the world develop new skills and share knowledge. This year, the competition took place in Karlovac, Croatia, and was attended by two Romanian paramedics from Bucharest who have been working […]
Artmark, one of Romania’s leading auction houses, registered record sales of over EUR 15 million despite economic instability, showing the growth potential of the national art market, according to the company’s 2024-2025 market report. Overall, auction sales totaled EUR 11 million, up 8.2% compared to the previous year, while sales through the “Dependent de Artă” […]
Cybersecurity has become a major global priority, impacting individual users, companies, organizations, and public institutions. Social engineering, deepfakes, digital manipulation, and coordinated geopolitical attacks are fundamentally reshaping how we view the digital future. In this context, DefCamp, the largest cybersecurity and hacking conference in Central and Eastern Europe, reaffirms its role as a strategic hub […]
Romanian airline AnimaWings has received its fifth Airbus aircraft, an A220-300, as part of an ambitious expansion plan to build a fleet of 18 planes by the end of 2027, valued at over USD 1 billion. The A220-300 is the airline’s third of this type and will serve both domestic and international routes. Configured with […]
