Net exports (the difference between Romania’s total exports and imports) will continue to have a negative contribution to Romania’s economic growth, after having pulled economy down in the past six years due to the trade deficit in goods, according to data published by the National Commission for Strategy and Prognosis. The last year when net exports had a positive contribution to economic growth was 2014, when they brought 0.1% to the 3.1% economic growth. In 2013, the net export of goods and services contributed 4.4% to that year’s 3.5% economic growth. In 2013 also, Romania recorded the lowest trade deficit in goods of the past 18 years.
The volume of retail trade in the European Union increased by 3.8% in July, compared to the same month of 2020, while the advance in the euro area was 3.1%, according to data published by the European Union’s Statistical Office (Eurostat) on Friday. Automotive fuel sales in the EU grew by 2% in July 2021 year-on-year, sales of non-food products were up 5.7%, while sales of food, beverages and tobacco recorded a 1.3% advance. Among the EU Member States which data are available for, the largest increases in retail trade volume in July compared to the same month of 2020 were recorded in Bulgaria (20.2%), Croatia (12.9%), Lithuania (12.4%), Malta (11.4%), Estonia (11%), Slovenia and Romania (both with 8.4%), the only declines having been reported by Luxembourg (minus 5.6%), Austria (minus 2.4%), Germany (minus 0.3%) and Spain (minus 0.1%).
The working-days adjusted hourly labor cost was up 5.30% in Q2/2021 against the first quarter of the year, according to data published by the National Institute of Statistics (INS) on Friday. Compared to Q1/2021, the working-days adjusted hourly labor cost grew in all economic activities. The most significant increases in this indicator were recorded in electrical and thermal power, gas, hot water and air conditioning production and supply activities (18.10%), financial intermediation and insurance brokerage (12.12%), and in the mining industry (10.44%).
Roxana Maria Hidan, Deputy General Manager of OTP Bank Romania, will coordinate the new Business Division, which includes operational activities for individuals and legal entities, including Micro, SMEs and Corporations. Roxana Hidan has almost 20 years of experience in the local banking sector, of which 16 within OTP Bank Romania.
A number of 50,046 individuals had deposits of over EUR 100,000 at the end of H1 of 2021, with a cumulated value of RON 52.8 billion (about EUR 10.8 billion), according to the Bank Deposits Guarantee Fund (FGDB)’s statistics. Bank deposits up to EUR 100,000 are guaranteed in case of a bank’s bankruptcy. The number of individuals with over EUR 100,000 deposits grew by 5,975, and the value of the saved sums increased by RON 6.5 billion (14%) compared to the end of H1/2020. The number of depositors is calculated by summing the consolidated data reported by each bank; as a result, a person who has deposits at several credit institutions is recorded several times.
Crude oil and gas producer OMV Petrom made EUR 16 billion investments during the period 2005-2020, the company, which is celebrating 20 years since its listing on Bucharest Stock Exchange, announced on Friday, 3 September. OMV Petrom is also the largest taxpayer to the state budget, with approximately EUR 32 billion contributions representing taxes, charges and dividends paid between 2005 and 2020. The company’s market value grew more than 15 times, from RON 1.6 billion at the end of 2001, to RON 25 billion at the end of the stock exchange session on 2 September 2021. OMV Petrom is the largest Romanian company on the stock exchange in terms of stock market capitalization.
Minister of Labor and Social Protection, Raluca Turcan has stated that the value of public investments made by the Government in H1 of 2021 amounted to RON 21.35 billion, up by 32.4% year-on-year. Minister Turcan has also indicated that the Ministry has remained in constant dialogue with the business sector in the entire Romania, in order to ensure that the measures it implements really meet the existing needs on the labor market.
On Friday, 3 September, the Alliance for Romanians’ Unity (AUR) called on Cîţu Government to withdraw the draft emergency ordinance regarding the National Local Development Program (PNDL) 3 from the Government meeting’s agenda and to turn it into a draft law, so that amendments can be formulated in Parliament. Moreover, AUR co-president Claudiu Târziu also indicated, among other things, that projects such as PNDL should be in accordance with the real needs of the communities, and the program should follow and be complementary to the National Recovery and Resilience Plan.
An international treaty used by polluting energy companies to claim compensation from governments who thwart their investments was ruled incompatible with EU law by the Court of Justice of the European Union on Thursday, 2 September. Europe’s top court ruled that the treaty cannot be used in lawsuits between EU countries because the process undermines the role of EU courts.
Romania had the tenth lowest youth unemployment rate among the European Union member states in 2020, according to data from Eurostat, the European Union’s Statistical Office. Thus, about 5.2% of Romanian young people aged 15-34 did not have a job in 2020. The unemployment rate in this age group in Romania is similar to those in Belgium and Slovenia, both with a 5.1% rate, and is lower than the rates recorded by countries such as Austria - 5.6% and Slovakia - 5.8%.
Minister Education Sorin Câmpeanu announced on Saturday that nearly 37,000 students in the 12-15 age group and over 155,000 in the 16-19 age group had got vaccinated. Thus, according to the report on 4 September, a number of 36,859 students in the age category 12-15 got vaccinated, compared to 34,709 vaccinated students reported on 30 August, which means a progress of 2,150 students vaccinated in the last five days. Furthermore, a number of 155,149 students in the 16-19 age group were vaccinated, according to the 4 September report, compared to 152,789 in the 30 August report. Therefore, a progress of 2,370 vaccinated students was recorded in the last five days.