News

Daily Newsletter - 18 November 2019

Summary

Macroeconomic News (4)

GDP to grow 4% this year

Ciprian Dascalu, Chief-Economist of ING Bank, said Romania's economy will grow 4% this year, while the reference exchange rate will be relatively stable, although it could reach RON 4.85 per EUR by the end of 2020.

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Goods and services deficit up 56%!

At the end of September, the current account of the balance of payments showed a deficit of around EUR 8.1 billion, the equivalent of 3.7% of estimated GDP for 2019 (EUR 217.5 billion). The increase annual trend was a 16% increase from September, 2018.

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Food imports passed EUR 5.43 billion

The food trade balance was EUR 1.14 billion in the red at the end of August, up 24% on an annual basis, according to the Ministry of Agriculture and Rural Development (MADR). Exports reached EUR 4.28 billion, up approximately 6% on an annual basis, but imports surged 9.3% to EUR 5.43 billion.

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Romania, Hungary, Slovakia lead EU inflation index

The annual inflation rate in the euro area was 0.7% in October, down from 0.8% in September, and 1.1% in the European Union, lower than the previous month's 1.2%. Romania, Hungary and Slovakia had the highest inflation rates in the EU, according to Eurostat.

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Financial News (2)

Interest rates on standard mortgages range from 4.81% and 8.1%

The interest rates charged by the local banks on standard RON-denominated mortgages range from 4.81% and 8.1%, not including the additional fees and commissions. The rates charged by the top banks are: CEC Bank - 4.81%, ING Bank - 6.01%, OTP Bank - 5.48%, Alpha Bank - 6.11%, Raiffeisen Bank - 5.66%, BRD-SocGen - 6.43%, Banca Transilvania - 5.91%, Garanti Bank - 6.68%, BCR - 5.96%, UniCredit Bank - 8.10%.

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Patria Bank posts RON 5.83 million in earnings

Patria Bank posted RON 5.83 million in earnings for the first nine months of this year, compared to a net loss of RON 19.68 million logged for the corresponding period of 2018. The lender issued new loans worth approximately RON 602 million this year.

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Investment News (1)

Quarry condemnations to cost RON 8 million

The Ministry of Economy wants to allocate RON 8.42 million for the property condemnations needed to open the Timiseni-Pinoasa Quarry, in Gorj county. The Ministry wants the quarry to produce 8 million tons of lignite per year.

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Legislative News (1)

New retirement rules

Romanians working in special conditions will be granted one month of seniority for every year spent on the job, which counts when calculating the retirement age and pension. The new rule applies to work done after April 1, 2001.

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Politics (1)

President to meet with journalists at BCU

The campaign team helping President Klaus Iohannis announced the candidate will hold a debate with journalists and political scientists at the Central University Library (BCU) on Tuesday. Only eight individuals will be allowed to ask questions.

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