News

Daily Newsletter - 5 September 2017

Summary

Macroeconomic News (4)

PM Tudose vows to exceed growth rate estimate 

Prime Minister Mihai Tudose appeared before the Chamber of Deputies, at the National Liberal Party's (PNL) request in order to offer explanations regarding the economy's situation. The PM added that the 5.2% estimated growth rate would be exceeded this year.

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97% of SMEs reject split VAT 

97.5% of the SMEs polled by the National Council of Private Small and Medium-sized Enterprises (CNIPMMR) oppose the split VAT system and their representatives expect the measure to have an exclusively negative impact on their businesses.

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Industrial production prices up faster in Romania 

The prices of industrial products went up 0.1% in the European Union and 0.3% in Romania, after three consecutive months of contraction, according to data released by Eurostat on Monday. Bulgaria and Estonia also reported high price hikes: 2.4% and 1.4%, respectively.

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Retail turnover up 10.1% 

The turnover of the retail sector went up 10.1% in July, year-on-year, according to a press release issued by the National Statistics Institute (INS).

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Financial News (3)

UniCredit head denies rumors of retrenchment 

Jean Pierre Mustier, CEO of UniCredit, announced that the group is planning to boost its Central and Eastern European operations. The CEE division contributed more than 20% to the group's earnings in the latest financial report.

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Major change 

Provident, an NBFI, has started working with the National Agency for Fiscal Administration (ANAF) to improve and speed up its loan granting operations. The company will be able to check the clients' incomes by searching the ANAF database, thus eliminating the need for paperwork.

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ROBOR index surges 

The three-month ROBOR index, which is used to calculate the cost of adjustable rate loans (including Prima Casa loans), is up 0.07% in the past month. The index jumped to 0.92% per year, while the six-month ROBOR is 1.12%, according to BNR.

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Investment News (1)

Joint infrastructure project 

The Iasi County Council has unveiled a road infrastructure plan worth almost EUR 73 million, with EUR 58 million coming from the European Union and some EUR 9 million from the state budget. The project will be implemented through a partnership with the Suceava county and it will result in the rehabilitation of 170 kilometers of roads.

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Legislative News (1)

Civil Guard bill 

23 MPs belonging to the Social Democratic Party (PSD) filed a bill with the Chamber of Deputies regarding the reestablishing of the Civil Guard and volunteer army service.

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Politics (1)

PM Tudose summoned by PNL before Parliament 

Ludovic Orban, president of the National Liberal Party (PNL), announced last Monday that the party would summon Prime Minister Mihai Tudose before the Parliament to explain "the disastrous economic situation".

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