Adrian Codirlaşu, Vice President of CFA Romania, believes that Romania
could reach double-digit inflation this year or next year, due to the
growing volatility of the three elements (energy, gas and fuels) that
had the biggest impact on the increase in the Consumer Price Index.
This projection exceeds the National Bank of Romania’s latest forecast,
launched several days ago, which estimated that the highest level of
inflation would be 8.6% in Q2 of 2022.
The National Commission of Strategy and Prognosis has maintained its
GDP growth estimates for 2021 at 7%, but has revised downwards the data
for 2022, to 4.6% from 4.9% in the summer report. Inflation could end
the year at 7.7%, compared to 5%, the projection from August. The
National Commission of Strategy and Prognosis has published an update
of the estimates on the evolution of the economy, keeping the forecasts
for GDP growth this year at 7%, as in the August report, but changed
the inflation data, the forecast for the end of 2021 being 7.7%, from
5% in summer.
Romania’s economic growth slowed down to 0.3% in Q3 of 2021 compared to
the previous quarter, while GDP grew by 7.2% as a gross series and by
8% as an adjusted series year-on-year, according to data from the
National Institute of Statistics. Moreover, the figures regarding GDP
growth in Q1 of 2021, compared with the previous quarter, were revised
downwards, to 2.2%, from 2.6%, and those for the second quarter of
2021, compared to the previous quarter, were revised downwards to 1.5%,
Insurance companies’ assets and liabilities recorded 7% and 8% advances
at the end of the first six months of 2021, compared to the same period
last year, according to the Financial Supervisory Authority (ASF)’s
report. Insurance companies’ assets thus grew by 7%, to RON 24.8
billion, while their liabilities were up 8% in H1/2021, to RON 19.3
billion. The excess of assets over liabilities stood at about RON 5.5
billion at the end of June 2021, slightly higher, by 2%, than the level
recorded in the same interval of 2020.
Patria Bank ended the first nine months of 2021 with a net profit of
RON 7.2 million, up by 20% year-on-year, mainly supported by the
favorable evolution of operating income, but also by the reduction of
operating costs which led to a 66% higher operating profit. In 2021,
the bank owned by Emerging Europe Accession Fund (EEAF) investment fund
granted over RON 762 million new loans, up by 28% compared to the end
Insurance company Groupama has expanded the ways it can come into and
remain in contact with clients through a virtual assistant, called
Amelie, using the conversational technology developed by the start-up
Druid. The assistant instantly answers questions asked by clients or by
persons visiting Groupama’s website, regardless of the time. The Amelie
Chatbot can provide useful information about the main product
categories in Groupama portfolio’s - Car, Travel, Properties and Goods,
Life or Health Insurance. Clients can find out more details about how
these products can be purchased, about procedures for notifying damages
and necessary documents, settlement deadlines or details related to
Teilor, the luxury jewelry stores chain present in Central and Eastern
European, has obtained a credit line and an investment loan worth EUR
8.47 million altogether from EximBank. The capital granted by the bank
will be used for the acquisition of jewelry stocks and for investments
in the stores that TEILOR will open abroad.
Sibiu City Hall announced on Tuesday, 16 November, that the delivery of
the 40 ecological buses had started. The buses will be delivered within
the following month, but will be put into operation starting from March
2022, after their registration and after conducting the necessary
technical inspections. The contract signed by Sibiu City Hall in June
2021 provides for the delivery of eleven 18 meter-long buses and of
twenty-nine 12 meter long buses, the investment amounting to RON 77
million. This contract includes the creation of a mobile application
and of a passenger information system in bus stops, a more modern
e-ticketing system and a fleet management system on the routes.
The company Elis Pavaje finalized the investment in photovoltaic panels
at the plant in Vinţu de Jos, in October, according to a press release
sent to the editorial office. The investment amounted to EUR 150,000
and was made from the company’s own funds. The electrical power
generated by the sun successfully replaces the power generated by
fossil fuels. This means that greenhouse gas emissions, especially
carbon dioxide emissions are reduced by using solar power. The gases
generated in the process of burning fossil fuels lead to rising
temperatures and climate change. Climate change already causes serious
environmental problems and even affects people’s health.
Real estate developer Hagag Development Europe is consolidating its
local portfolio and announces the acquisition of the Susai Hotel in
Predeal mountain resort. The company is considering about EUR 60
million investments for the renovation and modernization of the
property, which will operate as a hotel, the same as at present.
Currently in the design phase, the future project will be called H
Susai and will be developed based on references specific to the
international concept BIO & SPA hotel, which involves integrating
as many green elements as possible, supplying energy from renewable
sources, certified organic restaurants, supplied from organic sources,
On Tuesday, President Klaus Iohannis promulgated the normative act
amending the National Education Law 1/2011, with a view to adding a new
field of key competences, namely financial and legal competences, to
the primary and secondary education’s national curriculum. The law had
been adopted by the Senate, the decision-making body, on 18 October.
The Chamber of Deputies adopted, as the decision-making body, the
proposal approving Government Emergency Ordinance 33/2021 amending and
completing Law 156/2000 on the protection of Romanian citizens working
abroad. The draft law thus establishes additional obligations for
recruitment agents and recruitment service providers, for enhanced
protection of Romanian citizens looking for a job abroad.
The Chamber of Deputies adopted, as the decision-making body, a draft
law amending a provision of Law 227/2015 on the Fiscal Code, with a
view to applying a reduced VAT rate of 5% for textbooks and books in
audio, multimedia or electronic format. The law will be sent to
promulgation. According to the explanatory statement, this initiative
aims to support reading, especially among the younger generations
(those who extensively use electronic devices such as tablets, phones).
The center-right party PNL and the socialist PSD have largely agreed on
a governing program, but the prime minister’s name is not yet settled.
President Klaus Iohannis has the final say in choosing the future prime
minister. Together with their junior allies from UDMR, the two parties
have talked about the possibility of having a rotation for the position
of prime minister. But many leaders from PNL are opposing this
proposal, and a solution is expected from President Iohannis.
The chairman of the Chamber of Deputies’ Committee on Health, Nelu
Tătaru stated on Tuesday, 16 November, that a 30-day deadline for free
Covid-19 testing had been accepted, both for the public and for the
private sector, within the law regarding the green certificate at the
workplace. Mr. Tătaru indicated that the overall law had been discussed
during the Committee’s meeting on Tuesday, and the amendments submitted
by PNL, PSD and AUR had been presented, so that the members of the
Committee could take note of all those amendments.
Romania will receive another 2,000,000 doses of Pfizer vaccine this
month, the total for November being 4,001,400 doses of this type of
vaccine, according to Secretary of State in the Ministry of Health
Andrei Baciu. He has indicated that Romania had received a total of
26,585,599 doses of vaccine by 15 November, of which Pfizer-BioNTech -
16,865,699, Moderna - 3,182,400, AstraZeneca - 3,374,000, Johnson &
Johnson - 3,163,500 doses.