News

Daily Newsletter - 6 March 2020

Summary

Macroeconomic News (3)

Number of insolvencies down 32%

The number of insolvencies among impact companies dropped 32%, from 139 to 183, but their value in frozen assets increased by 25% from the previous year, which indicates that 2019 was a bad year for larger companies, according to CITR. The average number of impact companies that went insolvent every month was 12.

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Wages adjusted for working days up 12.3% in Q4, 2019

The value of wages adjusted for the number of working days increased by 12.3% in the fourth quarter of 2019, compared to the corresponding period of the previous year, according to data released by the National Statistics Institute (INS) on Thursday.

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Romanian regions show biggest development gaps

Romania's regions had the biggest development gaps in the European Union in 2018, according to data released by Eurostat on Thursday. The lowest gaps were reported by Finland and Portugal.

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Financial News (3)

Romania has one of lowest loans-to-deposits ratios in EU

At the European level, Romania has had for years one of the lowest loans-to-deposits ratios. At the end of December, the ratio was 70.98%, a drop from the 74% reported for most of 2019, according to the National Bank of Romania (BNR).

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Value and number of credit card payments doubled in four years

The value and number of payments made with credit cards issued by resident payment services providers doubled in the past four years, according to the National Bank of Romania (BNR). The number of transactions jumped from 11 million in 2015 to more than 22 million in 2019. More than 27% of transactions occurred in the last quarter of the year.

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ROBOR down

Good news for debtors. The three-month ROBOR rate, which is used to calculate the adjustable interest rates of RON-denominated loans, dropped to 2.87%, according to the National Bank of Romania (BNR).

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Investment News (2)

Railroad modernization contract inked

CFR, the national railroad company, signed a contract with RailWorks on Thursday for the modernization of the Brasov-Apata and Cata-Sighisoara subsections. The modernization will allow trains to run at 160 km/h. The RON 2.97 billion contract will be financed with grants, as well as government funds.

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OMV to decide whether to push forward with Black Sea gas project

The Minister of Economy, Virgil Popescu, has indirectly confirmed that OMV is considering whether to invest or not in the Neptun Deep Black Sea gas field because of uncertainties regarding the amending of the offshore bill, as well as Decree 114.

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Politics (1)

PNL open to ProRomania and ALDE MPs

The National Liberal Party (PNL) is ready to receive MPs from ProRomania and ALDE because it's the only way to secure a majority, according to Deputy Florin Roman,

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Social (1)

Romanian and Bulgarian children are most exposed to poverty and social exclusion risks

In 2018, children were the age group with the highest risk of poverty and social exclusion in the European Union. The figures range from 13.1% in Slovenia to 38.1% in Romania, according to Eurostat data. The average figure for the European Union was 23.4% in 2018, compared to 22.1% for adults and 18.4% for the elderly.

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