The industrial sector was in serious trouble in the first half of 2015, while the construction market, which has born the brunt of the economic crisis, is now showing signs of recovery, thanks to the drastic reduction in the cost of financing. Data released by the National Institute for Statistics (INS) at the end of last week showed the industry up 2.6% in seven months, while the constructions market soared 11.3%.
Romania imported 3.97 million tons of oil equivalent in the seven months of this year, up 276,100 boe (7.5%) year-on-year, according to the National Institute for Statistics (INS). The crude output amounted to 2.2 million boe, down 10,300 boe on the year. Despite the declining output, Romania is still the European Union's fourth-biggest oil producer.
Romania's net coal output amounted to 2.6 million tons of oil equivalent in the first seven months of this year, up 0.8% year-on-year, according to the National Institute for Statistics (INS). Imports amounted to 315,700 tons of oil equivalent, up 29.4% year-on-year.
The retail and IT&C sectors had the biggest contributions to economic growth, both in the second quarter (0.9%) and in the first half (1%) of this year, according to the preliminary data released by the National Institute for Statistics (INS).
Banca Transilvania, the third-biggest player of the Romanian market, expects a 42% increase in net loans value this year, following the merger with Volksbank Romania. The bank's aggregated assets will climb to RON 43.8 million at the end of this year, according to the updated budget. At the end of H1, BRD's aggregated assets amounted to RON 47 billion.
Bancpost, the local subsidiary of Greek group Eurobank, has offered to convert CHF-denominated loans to the national currency without any management or analysis costs. The bank will use the exchange rate in force on the day of the conversion. However, it offered to reduce the interest rate to 1.5% for the first three years, followed by a variable interest rate based on the three-month ROBOR index.
eMag, Romania's biggest online retailer, will open an Apple Store next week in Bucharest, according to an announcement made by the company on Saturday. The store will be hosted by the eMag showroom on Virtutii Road.
Carrefour is planning to open its first Timisoara hypermarket, located at 100 Sagului Road. The retailer will also hire 150 new workers for the new store, while also looking for more staff in Bucharest, Brasov, Constanta and Oradea.
The new academic year starts today and it features a three-week winter holiday and a summer holiday that ends on September 11, which means that the academic 2016-2017 year will not start one week earlier, as requested by the National Council of Students (CNE).
Several leaders of party organizations who are close to Liviu Dragnea have urged the central leadership to hold the Social Democratic Party's (PSD) Extraordinary Congress in the first half of October, instead of November. Dragnea declined to say whether he would run at the upcoming congress.
The President of the European Commission, Jean-Claude Juncker, called on Sunday the leaders of five out of the six EU members opposing the mandatory refugees quotas ahead of Monday's meeting of internal affairs and justice ministers. President Iohannis was one of the five leaders approached by Juncker.