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Daily Newsletter - 17 November 2020

Summary

Macroeconomic News (5)

Wholesale turnover stagnated in September

The wholesale industry's turnover increased by only 0.1% (in nominal terms) in September, compared to August, and by only 0.2% (adjusted for working days and season) compared to the corresponding month of last year, according to a report by the National Statistics Institute (INS).

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Q2 layoffs affected mainly temp workers

In Romania, the number of employees working on temporary employment contracts was 82,000 individuals in the second quarter of 2020, down 11,000 compared to the fourth quarter of 2019, according to data released by Eurostat, the European statistics office. The annualized trend was a loss of 14,000 jobs.

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Romania is seventh biggest agricultural producer in EU

Romania's agricultural production amounted to RON 90 billion (EUR 19 billion), the equivalent of 5% of the total EU production, which puts the country in seventh place in the EU index, according to Eurostat data. The value of Romania's agricultural production increased by 2.2% in 2019, compared to the previous year.

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Construction work up

The volume of construction works increased by 19.3% (adjusted figure) in the first nine months of this year, according to the National Statistics Institute (INS). The highest growth rate was reported for capital repairs (56.5%), followed by maintenance and repairs (39.8%).

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Financial News (4)

BT earnings fall 35%

Banca Transilvania, the largest lender by assets on the Romanian banking market, posted RON 901.5 million lei in earnings for the first nine months of 2020, down 35% year-on-year. Considering the potential future effects of the health and economic crises, the cost of risk was 1.68% at the end of the third quarter of 2020. The balance of provisions increased 16.2% to RON 2.94 billion between January and September.

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CEC Bank bids for lottery card payments contract

CEC Bank submitted the only bid for the contract for providing card payment services via POS devices at the 910 offices run by the National Lottery (CNLR). The two-year contract is estimated at RON 1.64 million.

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Patria Bank's earnings show slight increase

Patria Bank reported earnings worth RON 5.98 million for the first nine months of 2020, up 2% compared to the correspondind period of 2019, according to the financial report published on the website of the Bucharest Stock Exchange (BVB) on Monday. "This financial performance occurred in an unexpected pandemic environment where predictability was very low, while the volatility of macroeconomic conditions was high," notes the report.

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"BNR's baseline scenario is burdened by a multitude of interconnected risk sources"

The National Bank of Romania's (BNR) current baseline scenario is still burdened by a multitude of interconnected risks sources and, especially, uncertainties associated with developments in public health, according to the quarterly inflation report published on Friday. "Against this backdrop, until the normalization of the situation in medical and economic terms, the risks of a reduction in economic activity remain dominant. Thus, the coordinates of the baseline scenario are dominated by possible future reconfigurations, potentially significant, as the current sources of uncertainty are gradually clarified," reads the report.

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Investment News (2)

TeraPlast builds EUR 10 million plant in Bistrita-Nasaud

The TeraPlast Group, the largest Romanian manufacturer of construction materials, will build a new plant in the TeraPlast Industrial Park in Saratel, Bistrita-Nasaud County. The project is estimated at EUR 9.8 million. The products manufactured in the new unit are intended for water, irrigation, and gas networks

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Renault to make hybrid SUV in Pitesti

The Renault Group is considering the production of a new hybrid SUV in Pitesti, beginning with the autumn of 2021. The new model would replace the Dacia Lodgy, with production set to reach the market in late 2021 or early 2022.

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Politics (2)

President Iohannis to visit Moldova

The President's Office announced on Monday that Klaus Iohannis would make an official visit to the Republic of Moldova once president-elect Maia Sandu is sworn in. Iohannis congratulated Sandu yesterday for her victory in Sunday's presidential election.

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PM congratulates Maia Sandu

Prime Minister Ludovic Orban has congratulated Maia Sandu on winning the presidential election in the Republic of Moldova, stating that she has shown that elections can be won with an honest and decent campaign and expressing his conviction that Sandu will be "the president awaited by the good people who voted for change".

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