Termene.ro Study: Complete Overview of Romania’s Business 2008-2024

Termene.ro Study: Romanian companies exceeded 2,677 billion lei in turnover in 2024, achieved net profits of 229 billion lei and reached a record ratio of over 4 lei in profit for every 1 leu in loss. The business environment is officially entering the “new normal” of maturation.   A comprehensive study conducted by Termene.ro, based on official financial data from 2008–2024, highlights the profound transformation the Romanian business environment has undergone over the past decade and a half. Total turnover has more than tripled (from 857 to 2,677 billion lei), net profits have increased 4.5 times (to 229 billion lei), and the profit-to-loss ratio has reached a record level: over 4 lei of profit for every 1 leu of loss.   The analyzed period reflects the most significant transformation in the history of Romanian business. From the global financial crisis, through the pandemic, to the accelerated inflation of recent years, Romanian companies have experienced periods of rapid adjustment, followed by consolidation and accelerated growth—emerging from each crisis stronger than before.   “The data show an indisputable reality: the Romanian business environment has entered a stage of maturity. We have more active companies, businesses over three times larger, profits four times higher, and a net efficiency far superior to what it was a decade and a half ago. This proves that Romanian business has not only survived crises but emerged stronger. Of course, this is not a sufficient reason for it to continue facing more and more obstacles,” says Ionut Bonoiu, Head of Context & Clarity at Termene.ro.   Termene’s editorial division, Business Hub, continues the company’s mission of bringing transparency to the Romanian business environment by transforming raw data into accessible and relevant analyses. Based on over 180,000 monitored sources and supported by artificial intelligence, the team constantly produces reports, studies, and editorial materials that contextualize the numbers and turn them into useful information for entrepreneurs, investors, and journalists.   One of the key conclusions of the study is that this transformation occurred without a significant increase in the number of employees. The total number of employees in Romanian companies remained relatively constant throughout the analyzed period, around 4.1 million.   Under these conditions, labor productivity (turnover per employee) nearly tripled, and net profit per employee increased more than fourfold—a clear sign that Romanian companies grew through optimization, digitalization, and professionalization.   A snapshot of the Romanian business environment transformation 2008–2024 The number of active companies filing financial statements grew by 65% between 2008 and 2024, exceeding 900,000 firms in 2023. The share of companies generating actual revenue (turnover of at least 1 leu) rose from 33% in 2008 to 77% in 2024—a key indicator of business maturity. The segment of companies with turnover exceeding 1 million lei nearly tripled, reaching 149,000 entities. Total turnover of Romanian companies increased from 857 billion lei in 2008 to 2,677 billion lei in 2024—more than threefold. Even though growth has slowed in recent years, the average annual growth rate (CAGR) remains above 7%. Gross profit increased 4.4 times from 2008–2024, reaching 264.5 billion lei, while net profit rose 4.5 times to 229.1 billion lei. Total reported losses grew much more slowly (+50% over the analyzed period), resulting in a record profit-to-loss ratio of over 4:1—the best level in the analyzed period.   Key figures: +65% increase in active companies (2008–2024) approx. 900,000 companies filed financial statements in 2023 (slight decrease in 2024, expected to rise later) 77% of firms generating actual revenue (vs. 33% in 2008) 149,000 companies with turnover over 1 million lei in 2024 (vs. 57,000 in 2008) 2,677 billion lei – total turnover (over 3 times higher vs. 2008) 264.5 billion lei – gross profit (4.4 times higher) 229.1 billion lei – net profit (4.5 times higher) over 4:1 – profit/loss ratio in 2024 4,020 billion lei – total assets in 2024 (4 times higher vs. 2008) 2,191 billion lei – equity in 2024 (6 times higher vs. 2008) 4.1 million employees in 2024 (1.5% increase vs. 2008)   Methodological note (data valid as of November 1, 2025): The analysis covers the period 2008–2024 and is based on official financial data submitted by Romanian companies to the Ministry of Finance, processed and integrated via the Termene.ro platform. The study includes all active companies that filed financial statements during the analyzed period.   As of November 1, 2025, the number of companies that had filed statements for 2024 was approximately 7% lower than those that filed for 2023, because some companies—including large ones—had not yet published their financials on the Ministry of Finance’s website.   Consequently, the indicators for 2024 (turnover, profits, losses, and profit balance) are potentially underestimated and will be revised as the official data for financial statements become more complete.