Csaba Balint, a member of the National Bank of Romania (NBR)’s Board of
Directors, has stated that he expects of 1.5%-2% GDP growth in 2023,
pointing out that NBR does not make forecasts on the evolution of the
GDP and that these figures reflect his personal opinion. He thus
believes that the landscape is changing in local economy, despite the
positive evolution in the first part of the year. In the first three
quarters, the economic evolution generated a pleasant surprise, with 6%
- 5% - 4% advances. However, a slowdown can be anticipated, Csaba
Balint has indicated.
Romanian managers’ level of confidence has decreased to 44.4 in the
second half of this year, close to the level recorded at the end of
2020, yet above the level of the similar period in 2021, according to
the results of the CONFIDEX H2/2022 survey, published by Impetum Group,
a press release indicates. According to the cited source, managers’
confidence has been influenced by inflation, by the rising energy and
fuel prices, and by the growing costs of raw materials in H2/2022. As a
result, 1 in 3 companies said they were affected by the rising energy
prices, while 70% said they continued to be affected by the war in
Ukraine. Furthermore, 43% of respondents within the CONFIDEX survey
expect GDP to drop, private and public investments to decrease and the
national currency to depreciate against the euro and especially against
the US dollar over the next three months.
Economic
activity
will
probably
record
higher-than-previously-foreseen
dynamics
in 2022,
yet
solely
as a
result
of the
above-expectations
performance
in H1.
Economic
growth
would
then
decelerate
markedly
in 2023
and
witness
only a
slight
revival
in 2024,
according
to the
minutes
of the
monetary
policy
meeting
of the
National
Bank of
Romania's
Board of
Directors
on 8
November
2022.
The
cited
source
also
indicates
that
private
consumption
will
probably
remain
the
major
driver
of GDP
advance,
yet amid
the
significant
slowdown
in its
growth
during
H2/2022
and
especially
in 2023,
particularly
amid the
high
inflation
and
labor
market
developments,
as well
as under
the
influence
of the
rise in
lending
and
deposit
rates
for
households.
Groupama Asigurări, the leader of the insurance market since mid-2022,
consolidated its leading position at the end of the first nine months
of 2022, with a 17.94% market share, closely followed by Allianz-Tiriac
with 17.67%, according to information transmitted by representatives of
the Financial Supervisory Authority (ASF). As for the market of
mandatory civil liability car insurance (RCA) policies, competition on
this segment remained at the highest level of the past five years in
Q3/2022 as well, according to data aggregated by ASF.
Insurance company Euroins has a market share of little over 31%,
slightly lower than at the middle of the year. Euroins’s market share
is more than 5% lower than the level recorded at the end of 2021, when
the company controlled over 35% of the market, according to a press
release. The gap between Euroins and its competitors narrowed in
Q3/2022, as Groupama and Allianz Țiriac, the second and third biggest
players on the RCA segment, maintained their market shares.
Banca Comercială Română marks four years since the launch of the first
intelligent digital banking platform – George, according to a press
release. The cited source indicates that George platform’s benchmark
figures are the following: more than 1.6 million active users in 2022,
up by 28% year-on-year; more than 127,000 enrolled companies and almost
3,500 trees saved following the digitalization of the most important
products and processes that clients access on a daily basis in their
interaction with BCR, which no longer involve the use of paper, thanks
to George.
Real estate developer Genesis Property has finalized the largest
renewable energy project in an office park in Romania, in the YUNITY
Park (Novo Park) complex in the north of Bucharest, following a EUR 1
million investment. The project consisted of the installation of over
1,000 photovoltaic panels on an area of more than 4,000 square meters,
within a prosumer regime, on the roofs of the office buildings.
AmonRa Energy, one of the biggest suppliers of solar roofing equipment
in Bulgaria, which recently entered the Romanian market, plans to
invest EUR 2 million in the construction of a logistics center in
Romania. The company wants to raise capital through an initial public
offering on the BEAM (Bulgarian Business Accelerator Market) of Sofia
Stock Exchange, scheduled for 30 November. AmonRa is to offer up to
1.259 million new shares, representing 17.35% of its share capital, at
a price of 12.40 leva (EUR 6.34) per share.
German
company
Diehl
Controls,
which
manufactures
components
for
electrical
household
appliances
and for
industrial
use, is
to
invest
EUR 40
million
in a
research
center
and a
production
unit in
Brasov.
The
space
will be
developed
by CTP,
the
largest
developer
and
owner of
logistics
and
industrial
spaces
on the
local
market,
which
has
signed a
lease
agreement
with
Diehl
Controls.
The
investment
will be
carried
out in
two
stages.
The
first
stage
will
include
the
development
of the
research
center
and of
the
production
unit
with a
total
area of
18,000
square
meters,
where
EUR 15
million
will be
initially
invested.
Within
the
second
stage,
the
investment
will
grow to
EUR 40
million
over the
next ten
years.
Zentiva group of companies in Romania has finalized a project for the
production of electrical power through photovoltaic panels with an
installed capacity of 200 kW, according to a press release. The system
will ensure 10% of Labormed generic medicines plant’s energy
consumption, and is an important step in the company’s sustainable
development process. The cited source also indicates that the turnkey
project, implemented by Electrica Furnizare, included 372 photovoltaic
modules of 540Wp and was completed in three months, as undertaken.
On Tuesday, Chamber of Deputies’ Industry and Economic Policy
Committees adopted a favorable report on Government Emergency Ordinance
119/2022 on energy. The amendments submitted by the ruling coalition
parties, including the setting of a maximum electricity price of RON
1.3/kWh for all consumers regardless of their consumption level were
thus approved. There were 26 votes in favor, six votes against and the
representatives of the Alliance for Romanians’ Unity (AUR) did not
vote.
The Ministry of Justice has announced that the draft law on the status
of probation personnel was finalized and sent to the Economic and
Social Council for approval. The draft normative act had been drawn up
by the Ministry of Justice and discussed with trade unions and
professional associations at the level of the probation system.
According to a press release issued by the Ministry of Justice, the
draft law is also necessary following the entry into force of Law
252/2013.
Save Romania Union (USR) MPs Diana Stoica, Oana Țoiu, and physician
Adrian Wiener have submitted a draft law aimed at increasing young
people’s involvement in blood donation by lowering the legal age for
blood donation to 17. The USR draft law allows young people who have
turned 17 to donate blood, with their parents or legal guardian’s
written consent and with fulfilling all medical eligibility conditions,
according to a press release issued by USR.
On Tuesday, 22 November, the Government adopted a Government Decision
amending Article 9, paragraph 1 of Government Decision 693/2021 on the
establishment, organization and functioning of the Institute for
Research and Development in Genomics (ICDG). This normative act
modifies the financing regime of the aforementioned Institute, which
will be financed from its own revenues and from subsidies from the
state budget, through the Education Ministry’s budget.
Pensions in Romania will rise by 12.5% as of 1 January 2023, and
pensioners with low incomes will receive additional financial support
next year, Prime Minister Nicolae Ciuca said on Monday. The ruling
coalition decided to raise all contributory pensions by 12.5% as of the
start of 2023, and people who receive less than 3,000 lei (around EUR
600) in their monthly pensions will also get an additional amount in
the coming year, the prime minister said. This "targeted support" will
have a different value depending on the monthly incomes, with
pensioners at the lowest bracket – who get less than RON 1,500 each
month – receiving total support of RON 1,000 split into the two halves
of the year.
In 2021, 84% of the European Union population lived in households whose
net income either remained stable (66.5%) or increased (17.5%) compared
to 2020, while 16% of the EU population reported a decrease in their
net income, according to data published by Eurostat on Tuesday, 23
November. The share of the population that declared an increase in
their household income ranged from 4.9% in Italy to 34.8% in the Czech
Republic. Moreover, the share of the population living in a household
with a more or less stable income in 2021 compared with the previous
year was above 50.0% in all the EU member states, ranging from 50.7% in
Cyprus to 84.0% in Italy.
Family
Minister
Gabriela
Firea
stated
on
Tuesday,
during
the
signing
ceremony
of the
joint
order
approving
the
implementation
norms of
the
social
program
of
national
interest
aimed at
supporting
couples
and
single
people
in order
to
increase
the
birth
rate,
that
unfortunately,
one in
five
couples
in
Romania
suffered
from
infertility,
which
were
worrying
statistics.
She said
that
applications
for the
aforementioned
program
can be
submitted
starting
from 5
December.
The
program
provides
for
three
procedures
per year
and the
settled
amount
is RON
15,000
(about
EUR
3,000),
in two
tranches.