Since the fall of communism, Romania’s GDP has increased sevenfold in
32 years, from EUR 36 billion (equivalent in current prices, as the
euro did not exist at the time) in 1990 to a GDP of EUR 240 billion in
2021. However, while Romania had a population of 23 million people in
1990, there are only 19 million inhabitants left in 2022, and 4 million
Romanians live in Italy, Spain, Germany or Great Britain.
The National Bank of Romania (NBR)’s foreign exchange reserves grew by
EUR 83 million in August compared to July 2022, to EUR 42.8 billion,
following EUR 2.87 billion inflows and EUR 2.79 billion outflows during
the month. The EUR 2.87 billion inflows represented changes in credit
institutions’ foreign currency-denominated required reserves with the
NBR, inflows into the Ministry of Finance’s accounts, inflows into the
European Commission’s account and others, according to data published
by NBR on Thursday, 1 September.
Unemployment rate decreased by 0.2% in July 2022, to 5.2%, compared to
5.4% in June 2022, according to data published by the National
Institute of Statistics (INS) on Thursday, 1 September. The number of
unemployed (aged 15-74) estimated for July 2022 was 432,700, down from
both the previous month (449,000) and July 2021 (436,100). Gender-wise,
unemployment rate among men was 1.5% higher than the one among women
(the respective values were 5.8% for men and 4.3% for women).
BCR continues to develop the George platform by introducing a Safe
Travel insurance policy concluded with Omniasig, which clients can
purchase from the platform directly and which can be issued in about 7
minutes for one or several persons, according to the information
provided by the bank. Safe Travel is a complex travel insurance policy
and can contracted for traveling both in Romania and abroad in Europe
and/or to non-EU countries.
Banca Comercială Română (BCR) has announced that it has finalized the
implementation of the smart payment system for car parks at the
terminals of Henri Coandă International Airport in Otopeni, which
allows travelers to pay for parking at the airport directly at the
barrier, by simply bringing the contactless bank card or any smart
device that allows payments via the NFC technology close to the payment
unit. Travelers can also pay for parking in cash at the automated
payment machines available at the airport.
Patria Bank (stock exchange symbol PBK), a credit institution owned by
the Emerging Europe Accession Fund (EEAF) investment fund, recorded a
RON 10.1 million profit in H1 of 2022, up by 67% year-on-year, a result
boosted by the evolution of operating income from interest and fees.
Moreover, the institution has reported a RON 93.1 million net banking
income for H1/2022, up by 8% year-on-year.
Omnisig Vienna Insurance Group recorded a significant advance on the
Romanian market in the first six months of 2022, with an approximately
45% increase in gross underwritten premiums compared to the first half
of the previous year, and having exceeded the RON 1 billion threshold
in this period. The total value of compensations paid by the company in
H1/2022 amounted to about RON 550 million.
Chimcomplex (CRC), the largest chemical plant in Romania, with
industrial platforms in Onești and Râmnicu Vâlcea, plans to implement
several investment projects targeting the company’s "green"
transformation. The company’s total investment budget for the entire
year 2022 is RON 590.6 million, according to the information provided
for the 2022 edition of Ziarul Financiar’s "Biggest players in economy"
Prime Kapital, a real estate developer and investor operating in
Central and Eastern Europe, together with its partner MAS PLC, a real
estate investor listed on the Johannesburg Stock Exchange, have
announced EUR 1.97 billion investments in retail, office and
residential projects with a total area of 1.5 million square meters in
several cities in Romania, by 2029. Prime Kapital and MAS PLC entered
into a partnership six years ago. The two institutions have been mainly
investing in retail assets, residential projects and, depending on
opportunities, in other real estate sectors.
AFI Europe representatives together with Arad City Hall have started
construction works on the first retail park to be built in the city
center. AFI Arad will be the first retail park developed by AFI Europe
in Romania. The future retail park will have a built-up area of 30,600
square meters on a plot of land with a total perimeter of 79,900 square
meters. The project’s gross leasable area (GLA) is 29,400 square
meters, on one level, served by 950 underground parking spaces. The
project’s current occupancy rate is 70%.
Cora Drobeta Gallery has become Supernova Drobeta as of 1 September
2022. The Austrian group bearing the same name has invested EUR 1
million in renovating and modernizing the shopping center in Drobeta
Turnu Severin. Supernova Drobeta is the first project in the portfolio
of six shopping centers acquired by the Austrian group from the Louis
Delhaize and Galimmo Groups at the end of last year. The successful
finalization of the former Cora Gallery’s rebranding and modernization
process confirms Supernova’s position on the Romania market and
underlines the Group’s commitment to the works also planned to be
started and completed in the shopping centers in Bacău, Constanţa and
Bucharest (Lujerului, Alexandriei and Pantelimon).
On Thursday, 1 September, the Senate adopted the law on the protection
of whistleblowers acting in the public interest, re-analyzed following
President Klaus Iohannis’s request. There were 76 votes in favor, eight
votes against and three abstentions. The law had been initiated by the
Government, adopted by the Senate and the Chamber of Deputies, verified
by the Constitutional Court of Romania and sent back to Parliament for
re-analysis following the President’s request. The normative act
establishes the general framework for the protection of persons
reporting violations of laws in force that have occurred or are likely
to occur within authorities, public institutions, other legal entities
governed by public law, as well as within legal entities governed by
During a joint sitting on Thursday, 1 September, Parliament approved
the setting up of a Special Joint Committee of the Chamber of Deputies
and the Senate to analyze legislative initiatives in the judicial
sector, with 273 votes in favor, 48 votes against and 2 abstentions.
The aforementioned Joint Special Parliamentary Committee is to analyze,
both within the legislative procedure in the first notified Chamber and
within the legislative procedure in the decision-making Chamber,
legislative initiatives with an impact on the judiciary with a view to
reforming the judicial system, which are currently in parliamentary
procedure, as well as those that are about to enter parliamentary
procedure, throughout the entire period of the Committee’s activity.
On Wednesday, 31 August, the Government approved a decision which bans
foreign exchange companies and entities managing tourist accommodation
structures from carrying out currency exchange activities through
automated machines, among other things. The decision also establishes
that the documents based on which the foreign exchange activity for
individuals and the cashing of traveler’s cheques on Romania’s
territory can be organized and carried out are the authorization and
the statistical code assignment letter, documents with limited validity
The European Union should align its policies with international
corporate climate reporting rules in order to simplify life for
companies and save time in the long run, a global standard setting
board said on Wednesday (31 August). That could mean extending slightly
a November deadline to complete drafts as the EU draws up the text on
mandatory disclosures for 50,000 companies in the bloc to report how
climate change affects their business.
In all the European Union countries, young women tend to leave the
parental home earlier than young men. However, the largest gender gap
in the average age of leaving the parental home was recorded in Romania
in 2021, according to data published by Eurostat on Thursday, 1
September. At EU level, in 2021, young men left on average their
parental household at the age of 27.4 years, while young women did it
at the age of 25.5 years.
The National Institute of Public Health (INSP) reports that 32.3% of
COVID-19 cases registered during the week 22-28 August were in
Bucharest, Cluj, Timiş, Iaşi and Constanţa. According to the Weekly
Surveillance Report, 49.2% of confirmed cases were recorded in
unvaccinated people. Of those vaccinated who became ill, 51.5% had just
got vaccinated or had more than six months after the latest dose. The
INSP states that 34.4% of all deaths were recorded in Mureş, Iaşi,
Bucharest, Teleorman and Vaslui.