The execution of the general consolidated budget in the first four
months of 2022 ended with a RON 16.33 billion deficit, down from the
RON 20.70 billion deficit recorded in the same period of 2021.
Expressed as a percentage of GDP, the budget deficit decrease by 0.5%
in the first four months of 2022 year-on-year, from 1.75% of GDP to
1.23% of GDP.
An International Monetary Fund (IMF) team led by Mr Jan Kees Martijn
will come on an official visit to Bucharest during the period 30 May -
10 June 2022, for its regular meeting with the Romanian authorities
(known as the Article IV Consultation), the Fund indicated in a message
transmitted on Wednesday. The IMF team will discuss economic
developments and policies with officials from the Ministry of Finance,
the National Bank of Romania, government agencies, as well as
representatives from the private and non-governmental sectors.
Economic activity accelerated in the first half of Q2/2022, compared to
the first quarter of the year, when 5.2% quarterly GDP growth had been
recorded, BCR analysts indicate in a research note. They point out that
economic growth could reach 5% in 2022. Romania’s economy (GDP)
accelerated considerably in Q1 of 2022, above expectations, after the
pandemic restrictions had been lifted in February. The annual advance
significantly exceeded estimates, having stood at 6.5%, compared with a
2.4% annual growth rate recorded at the end of the fourth quarter.
OTP Bank Romania has launched the campaign "<<Fresh Cash>>
6 and 12-month RON-denominated term deposits", within which clients can
obtain an interest rate of up to 5.30% per year for the 12-month term
deposit, with zero opening, liquidation and withdrawal fees. The last
benefit applies to cash withdrawals from term deposits at maturity,
according to the data transmitted by the banking institution’s
representatives on Wednesday.
Francois Bloch, the CEO of BRD Groupe Societe Generale, has transmitted
that the Horizons 2025 plan approaches BRD’s future from three main
perspectives: customer satisfaction and digitalization, transaction
towards sustainability and business line efficiency. This strategy
involves putting into practice the bank’s vision to strengthen its
long-term relationship with customers, both individuals and businesses,
by offering enhanced personalization and an omni-channel journey.
Through Horizons 2025, BRD aims to strengthen its position on the
Romanian market, to be a leader in the energy transaction towards
sustainability and to provide more support to the Romanian economy and
Raiffeisen Bank has published its first Report on the green bonds
issued in 2021 and the Sustainable Bonds Framework, through which the
bank will allocate funds attracted through sustainable, green or social
bond issues to sustainable projects aligned with its sustainability
strategy - green buildings, renewable energy, energy efficiency
projects, green transport and agriculture, pollution prevention and
control projects, circular economy, sustainable management of water
resources, but also social projects - access to essential healthcare,
education and infrastructure services, affordable housing and financing
for small and medium-sized enterprises in underdeveloped regions of the
country. In 2021, for the first time on the Romanian capital market,
Raiffeisen Bank had successfully placed the first two RON-denominated
green bond issues ever listed on Bucharest Stock Exchange.
The Dogariu family, who owns the Mercure hotel in Piaţa Romană area of
Bucharest and Ibis Styles hotel, located in Bucharest as well, will
invest about EUR 10 million in a new accommodation unit, this time in
Alba Iulia. This project will also be affiliated to the Mercure brand
and will have 112 rooms and apartments on three floors plus an attic.
This will be the first hotel affiliated to an international brand in
the city of Alba Iulia, located in the center of the country.
Casa de Vinuri Vrânceană, a bulk wine producer from Dalhăuți locality,
Vrancea County, owned by Ion Horhocea and Andrei Bărbieru, grandfather
and grandson, is to invest several tens of thousands of euros in
winemaking equipment and machinery. The company wants to switch to
bottled wine production and increase its capacity 3.5 times, to 140,000
liters of wine per year, according to its representatives.
Samsung SDI, South Korean group Samsung’s batteries division, and
automotive manufacturer Stellantis announced on Tuesday they would
invest more than USD 2.5 billion in a new joint venture plant to
manufacture batteries for electric vehicles in Indiana, USA, amid the
growing demand. The plant is expected to become operational in 2025 and
will have an initial production capacity of 23 GWh, with a target of 33
GWh in the following years. Investments would gradually increase to USD
3.1 billion at the plant in Kokomo, Indiana, where 1,400 jobs would be
President Klaus Iohannis has promulgated the normative act amending and
completing Law no. 256/2018 regarding certain measures necessary for
the implementation of oil operations by holders of oil agreements
related to offshore oil perimeters, the Presidential Administration has
announced. The law was adopted by the Chamber of Deputies, as the
decision-making body, last week. The law regulates a set of measures on
the stability of the oil tax and royalty regime.
According to a press release issued by the Ministry of Health, the
occupational category of public sector positions "Health and Social
Care" will benefit from a bonus for particularly hazardous working
conditions (of 55%-85%) for staff directly involved in the transport
and collection of biological samples, as well as in the rapid testing,
assessment, diagnosis and treatment of suspected and confirmed COVID-19
patients during epidemiological and biological risk situations. This
normative act aims to establish public health measures in high-risk
situations, with subsequent amendments and additions, according to the
Ministry of Health.
Romania’s air force resumed operations with the MiG-21 LanceR fighter
jets, which were grounded almost six weeks ago following multiple
incidents involving this aircraft. Flights with the MiG-21 LanceR
resumed Monday (23 May) and will continue for almost one year, the
Defense Ministry has said. Romanian pilots will fly the MiG-21s only
for air police missions and continue their training, and the air force
will remove this aircraft from its fleet on 15 May 2023. The defense
ministry also said it took measures to speed up the acquisition of 32
used F-16s from Norway to add to the 17 second-hand F-16 jets already
part of its fleet. Meanwhile, the air force will commence procedures to
acquire fifth-generation fighter jets, the ministry added.
The global "great resignation" phenomenon will continue next year with
even more pressure on wage growth. 40% of employees in Romania plan to
ask for a pay rise within the next year and 16% want to change
employers, according to the results for Romania of the Workforce Hopes
and Fears global survey conducted by PwC and published on 24 May, at
the World Economic Forum in Davos.
Romania ranks first in terms of percentage of people who dropped out of
school in 2021, with 15%, while Croatia has the lowest percentage, of
2%, according to Stockwatch, cited by Rador. Romania is followed by
Spain and Italy (both with 13%), as well as by Bulgaria, Hungary and
Germany with 12% each. The countries with the lowest percentages in
2021 include Slovenia, Greece and Ireland (3%), Lithuania and the
Netherlands (5%). According to Eurostat, the percentage of early school
leavers was lower among young women than among young men in all EU
member states, except for Bulgaria and Romania, in 2021.