Daily Newsletter
25 March 2019
Summary
Macroeconomic News (3) |
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Half of the European Union's member states account for 70% of the foreign trade deficit reported by Romania for 2018, which indicates a major competitiveness deficit. Surprisingly, the deficit index is headed by Hungary and Poland, followed at a great distance by Netherlands and Austria. Top |
Food trade EUR 1.15 billion in red
Romania reported a trade deficit of EUR 1.15 billion for 2018, up 35.1% compared to the previous year, according to the Ministry of Agriculture and Rural Development (MADR). Exports increased by 4.1% in 2018, reaching a total of 6.48 billion, while exports surged 7.9% to EUR 7.64 billion. Top |
National payroll up EUR 12 billion in 2018
Romania reported a national payroll of EUR 80.3 billion in 2018, up EUR 12 billion compared to 2017. Compared to 2007, the national payroll has increased by 85%. Top |
Financial News (4) |
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Libra Internet Bank signs FNGCIMM deals
Libra Internet Bank has recently signed two agreements with the National Loan Guarantee Fund for SMEs (FNGCIMM) in order to improve the Romanian farmers' access to financing. The fund guarantees up to 80% of the loans taken by farmers to buy land, spend on miscellaneous investments or fund their current operations. Top |
ARB head said banks must put forward Decree 114 amendments quickly
Bankers should send put forward amendments to Decree 114 as soon as possible because the discussions revealed the need to create a new document, according to the president of the Romanian Banking Association (ARB), Florin Danescu. "Precisely because the time is extremely short, we will do as we did two days ago. We will write these proposals and submit them as soon as possible, within hours," said Danescu after the meeting with Ministry of Finance representatives. Top |
Romania aims for eurozone accession
"Romania is aiming for accession to the European Economic Area, which requires structural reforms to support real convergence and strong fiscal consolidation. It should be noted that tax revenues are extremely low, below 26% of GDP, insufficient to finance basic public goods; these revenues must reach at least 30% of GDP, which would also provide us with necessary fiscal space if needed; the structural budget deficit must fall below 1% of GDP on accession; the foreign trade balance must be as balanced as possible," reads a study. Top |
Bank asset tax to be amended next week
The financial asset tax will be changed next week through a decree that will be released for public debate on Friday, after a new round of talks between bankers and officials from the Ministry of Finance (MFP). The announcement was made by Minister Eugen Teodorovici, who added that current estimates indicate the future tax would have an impact of less than RON 1 billion, compared to RON 5.4 billion in the current version. Top |
Investment News (1) |
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INS: Investments in new constructions exceeded RON 36 billion in 2018
Investments in new constructions amounted to RON 36.43 billion last year, the equivalent of 43% of all net investment in the national economy, compared to 45.6% in 2017, according to the National Statistics Institute (INS). Top |
Politics (2) |
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President Iohannis blasts PM announcement
President Klaus Iohannis said Prime Minister Dancila's statements regarding the relocation of the Romanian embassy to Jerusalem proved once again Dancila's ignorance of foreign policy. Top |
PM Dancila: Romania will relocate its embassy to Jerusalem
PM Viorica Dancila stated during a private visit to the USA that Romania will relocate its embassy from Tel Aviv to Jerusalem. Top |
Social (2) |
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ANOFM: 138 training programs to be launched in April
The National Workforce Agency (ANOFM) announced the launching of 138 training programs in April. Demand focuses on HR inspectors (209 openings), security agents (190), chefs (179), retail workers (177) and data input, validation and processing workers (163). Top |
Romania to accept twice the number of Syrian refugees in next two years
In 2020 and 2021, Romania will take in 200 Syrian refugees from the camps located in Turkey, Jordan and Lebanon. This is an increase from the 109 accepted in 2018-2019, 80 received in 2016-2017 and 40 in 2014-2015 and 2012-2013. The European Union will pay a lump sum of EUR 10,000 per refugee. Top |