News

Daily Newsletter - 25 October 2017

Summary

Macroeconomic News (4)

STUDY: Average salaries in the private sector rose 5% in the first nine months of 2017 

Employees from the private environment benefited from 5% higher wages and 12% higher bonuses in the first nine months of this year, compared to the same period of last year, according to Smartree Workforce Index, an analysis conducted by Smartree, one of the leaders on the Romanian HR processes outsourcing market. The distribution of growth was unequal, in relation to the three quarters, with an average increase of 12% in the first quarter of the year compared to the same period of last year, 2% in the second quarter and with the same average wage values in the third quarter.

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Romania, the highest budget deficit in the EU, in the second quarter of 2017 

Romania recorded a 4.1% budget deficit of the Gross Domestic Product (GDP), seasonally adjusted data, in the second quarter of this year, the highest in the European Union, according to data published today by Eurostat. After Romania, the highest budget deficits, seasonally adjusted data, were recorded by the UK (3.4%), France (2.8%), Portugal (1.6%), Slovakia (1.4%), Austria and Poland (1.2% each).

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Training program for export intended for Romanian manufacturers of wooden furniture and ecologic agricultural products 

The Ministry of Business Environment has started the selection process of the firms participating in a complete training and promotion program for becoming competitive on the international markets. The selection of the 80 participant firms will end on 10 November. According to a communication of the ministry, firms with production capacity and managerial competence for exporting products with high added value will be selected.

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Eurostat: Romania has a 4.1% budget deficit in the second quarter, the highest in the European Union 

Romania recorded a 4.1% budget deficit of the Gross Domestic Product (GDP), seasonally adjusted data, in the second quarter of this year, the highest in the European Union, according to data published Tuesday by Eurostat. The data are calculated on the basis of European System of Accounts (ESA 2010) methodology, news.ro shows. After Romania, the highest budget deficits, seasonally adjusted data, were recorded by the UK (3.4%), France (2.8%), Portugal (1.6%), Slovakia (1.4%), Austria and Poland (1.2% each).

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Financial News (2)

The balance of the non-government loan granted by the credit institutions rose 1.4% in September 

The balance of the non-government loan granted by the credit institutions rose 1.4% (0.9% in real terms) in September 2017, compared to August 2017, up to RON 232.703bn, a communication of the National Bank of Romania (NBR) shows. The loan in lei increased by 1.9% (1.4% in real terms), while the loan in foreign currency expressed in lei rose 0.6% (expressed in euros, the foreign currency credit rose 0.4%). On 30 September 2017, the non-governmental credit recorded a 7.3% (5.4% in real terms) increase compared to 30 September 2016, due to the 17.1% growth of the component in lei (15.1% in real terms) and to the 5.3% decrease in the component in foreign currency expressed in lei (expressed in euros, the foreign currency credit went down 8.3%).

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NBR: Deposits in lei rose 11.3% in September, while in foreign currency by 9.6% 

Non-governmental resident clients' deposits rose 10.8% in September compared to the same period of last year, to RON 286.3bn in total, provided that deposits in lei rose 11.3%, while in foreign currency by 9.6%, NBR announced.

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Investment News (1)

20 offers for the design and execution of the first two sections of the express road Craiova-Pitesti; the value of contracts, nearly RON 2bn 

20 offers have been submitted for the design and execution of the first two sections of the express road Craiova-Pitesti with an overall length of almost 57 kilometers, the contracts being worth nearly RON 2bn in total. The first section will be 17 kilometers long, will have an estimated value of RON 479,802,905.88, without VAT, and would be built between the north by-pass variant of Craiova and the border of Dolj county, while the second section, formed of two portions, will be 39.85 kilometers long, will cost RON 1,476,349,583.89, without VAT, and is to be constructed between the border of Dolj and Olt counties and the border of Olt and Arges counties, the Ministry of Transport announces.

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Legislative News (1)

The new law on royalties - the proposed amendments compared to the current scheme 

The Ministry of Economy has put a draft law for regulating the royalty system of mineral, oil and hydro-mineral resources concession up for public debate. The amendment of the royalty system was announced since 2014, by the ex-prime minister Victor Ponta, who assured at that time that offshore exploitations will have a looser approach compared to that imposed to onshore production.

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Politics (2)

The first betrayal to PSD. An ALDE senator has voted for the election of mayors in two ballots, a PNL draft law 

The administration commission of the Senate dismissed, Tuesday, by vote, the rejecting report of PNL initiative on the return to mayors' election in two ballots, after the ALDE representative voted along with the liberals. The vote was of five to four and Mihai Ruse (ALDE) voted along with PNL and USR. The initiative will go to the legal commission too and then again to the plenary of the Senate.

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Ponta: Caragiale, surpassed by Dragnea - down Grindeanu, up Grindeanu 

The ex-prime minister Victor Ponta says PSD gets "the huckleberry" and "Caragiale is surpassed by Liviu Dragnea" through the proposal that the ex-prime minister Sorin Grindeanu, he removed a few months ago, should lead the National Communications Administration and Regulation Authority (ANCOM). Ponta said he is looking forward to vote Grindeanu as the head of ANCOM, contending that the ex-prime minister is suitable for this position, News.ro informs.

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