Daily Newsletter - 11 May 2017


Macroeconomic News (4)

Domestic milk production up 2.3% in Q1 (Source:; Date: 2017-05-10; Author: Unspecified)

Romanian dairy farmers produced 2.3% more milk in the first quarter of this year, compared to the corresponding quarter of 2016, while imports surged 12.8%, according to the National Statistics Institute (INS).


Romania exported goods worth EUR 15.4 billion in Q1 (Source:; Date: 2017-05-10; Author: Unspecified)

The aggregated value of exports reached EUR 15.4 billion in the first three months of this year, while imports came in at EUR 17.7 billion, according to the National Statistics Institute (INS). The trade balance deficit climbed to EUR 2.3 billion for the entire first quarter, up 18.5% from Q1, 2016.


Trade deficit passed EUR 1 billion (Source:; Date: 2017-05-10; Author: Unspecified)

The trade deficit was EUR 2.32 billion in the first quarter of 2017, up 18% on an annual basis, according to National Statistics Institute (INS) data. Exports moved up 11.5%, but could not keep up with the imports growth rate of 12.4%. While the gap between exports and imports widened in the first quarter, it's still smaller compared to 2015 and 2016.


EBRD upgrades Romania's economic growth estimate (Source:; Date: 2017-05-10; Author: Unspecified)

The European Bank for Reconstruction and Development has upgraded Romania's economic growth estimate for this year by 0.3% to 4%. The economic growth of all 36 countries where the EBRD operates is expected to increase with the help of higher oil prices and the recovery of the Russian economy.


Financial News (4)

ING earnings beat estimates (Source:; Date: 2017-05-10; Author: Unspecified)

ING Groep reported first quarter earnings before taxes worth EUR 1.65 billion, a 39% increase. The net profits amounted to EUR 1.14 billion, while analysts expected EUR 1.02 billion. The earnings include the EUR 506 million made from selling the group's stake in NN Group.


Vasilescu, BNR: Casa Mea is an alternative to Prima Casa (Source:; Date: 2017-05-10; Author: Unspecified)

Adrian Vasilescu, adviser to the BNR governor, stated at the Capital conference that the Casa Mea loan is a good alternative to the government's Prima Casa program. "The down payment is 15% and the loan can go as high as EUR 100,000, far above Prima Casa's EUR 65,000 cap," said Vasilescu.


How efficient are Romania's big banks? (Source:; Date: 2017-05-10; Author: Unspecified)

At the end of March, BCR and Banca Transilvania posted expenses/revenues rates of 51%, while BRD SocGen's rate was 61%, making it the most inefficient bank of the top three. BCR managed to lower its rate by four percentage points, from 55.1% in March, 2016, to 51.1% this year.


Banks started hiring again. Is restructuring over? (Source:; Date: 2017-05-10; Author: Unspecified)

When the crisis came, investment stopped and capital started withdrawing to more civilized countries. The banks, which were up to their necks into the credit bubble, started taking on water and had to throw their employees overboard, while cutting loose branch offices. Almost eight years after the fall of Lehman Brothers, the restructuring process seems to have hit rock bottom.


Investment News (1)

Ford Trucks opens in Romania its biggest European office (Source:; Date: 2017-05-10; Author: Unspecified)

Ford Trucks announced on Tuesday the opening in Romania of its biggest European office. The 17,000 sqm location is outside Bucharest, close to the A1 highway, and it includes sales, after-sales and spare parts areas. The repair shop is fitted to Ford's specifications and it offers all warranty and post-warranty services.


Legislative News (1)

Dragnea threatens to hold bill (Source:; Date: 2017-05-10; Author: Unspecified)

Liviu Dragnea, president of the Social Democratic Party (PSD), stated on Wednesday that he doesn't care what kind of pardon bill passes the Senate because he would not allow it to come to the Chamber's floor unless the Prime Minister and the Minister of Justice guarantee that the bill addresses the penitentiary overcrowding situation.


Politics (1)

Dacian Ciolos launches Romania 100 platform (Source:; Date: 2017-05-10; Author: Unspecified)

Former prime minister Dacian Ciolos posted on his Facebook account on Wednesday an open invitation to all those who want to get involved in transforming Romania to join the Romania 100 platform. The platform's team includes former ministers and secretaries of state from his government, such as Dragoș Pîslaru, Dragoș Tudorache, Vlad Voiculescu, Violeta Alexandru, Cătălin Drulă, Liviu Iolu, Raluca Prună and Valeriu Nicolae.


Social (1)

Romania's demographic decline worsens (Source:; Date: 2017-05-10; Author: Unspecified)

Romania's population continued to shrink, losing 7,420 residents in March, the equivalent of two average communes, even as the birth rate went up and the mortality rate retreaded.