News

Daily Newsletter - 13 February 2020

Summary

Macroeconomic News (4)

Industrial production down 2.3%

Industrial production contracted 3.9% (gross figure) and 6.9% (seasonally adjusted) in December, 2019, compared to the corresponding month of the previous year. The month-on-month contraction rate was 13.8% (gross figure) and 0.1% (seasonally adjusted). December was the seventh consecutive month of contraction for industrial production.

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Industry turnover up 5.3% in 2019

The turnover of industry companies jumped 5.3% in 2019, compared to the previous year, according to data released by the National Statistics Institute (INS) on Wednesday. The growth rate was a far cry from the 11.8% posted for 2018.

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Farmers could get RON 7.5 million in aid

Farmers could receive RON 7.5 million in aid for garlic production, according to a draft order published on the Ministry of Agriculture (MADR). "The financial resources required to implement the de aid scheme for 2020, amount to a maximum of RON 7.5 million, representing the equivalent of EUR 1.57 million, will come from the MADR budget for 2020," according to the order.

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Government debt was above RON 336 billion in November

The public administration's debt amounted to RON 336.4 billion, the equivalent of 37.1% of the GDP, at the end of November, 2019, according to data centralized by the Ministry of Finance (MFP). Of the total amount, RON 11.9 billion is short-term debt.

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Financial News (2)

PSD and PNL strike EximBank deal

The Budget and Finance Committee of the Chamber of Deputies had drafted a positive report regarding the decree by which EximBank, a state-owned bank focusing on business clients, could also provide retail services following its merger with Banca Romaneasca. The ordinance was not discussed during the committee session. However, when the report was published, PNL included an amendment which eliminates retail services from EximBank's activity, although the Orban Cabinet had announced its support the decree as adopted by the previous cabinet.

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Infringement procedure against Romania

On Wednesday, the European Commission sent official warnings to Romania and seven other states (Cyprus, Hungary, the Netherlands, Portugal, Slovakia, Slovenia and Spain) because these countries have not announced any measures to implement the Anti-Money Laundering Directive, according to a press release.

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Investment News (1)

Iasi Observatory to be rehabilitated and consolidated

The Iasi Astronomy Observatory (OAI), a heritage building owned by the Alexandru Ioan Cuza University, will be rehabilitated and consolidated under a project worth RON 8.9 million. The order endorsing the project was signed by Ion Stefan, the Minister of Public Works.

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Legislative News (2)

CCR accepts PSD complaint

The Constitutional Court accepted on Wednesday the complaint filed by the Social Democratic Party (PSD) regarding certain fiscal and budget measures, as well as the amendment banning citizens from drawing both a salary and a pension from the state.

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Amending Decree 114 by special procedure declared unconstitutional

The amending if Decree 114 by special procedure was declared unconstitutional by the Constitutional Court on Wednesday. The former cabinet had used the special procedure on December 24.

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Politics (1)

Rares Bogdan willing to be drafted for mayoral race

Rares Bogdan said he would be willing to run for Bucharest mayor if the National Liberal Party (PNL) asked him to.

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Social (1)

Ministry of Health considers diabetes drug imports

The Minister of Health, Victor Costache, said that he was considering the acquisition of diabetes drugs from abroad as a possible way of addressing the medicine shortage. The imports could be handled by Unifarm, a public company.

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