News

Daily Newsletter - 15 February 2019

Summary

FIC (1)

MCSI-CDR meeting

The Minister of Communications and Information Society, Alexandru Petrescu, met on Thursday, February 14, with members of the Coalition for Romania's Development (CDR). The two sides discussed the Strategic Autonomy of the European Union, a concept included in the Digital Europe Program in order to express the desire for independence from third party geographies in the field of technology.

Press release - MCSI

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Macroeconomic News (4)

GDP growth rate only 4.1% in 2018

The economy grew only 4.1% in 2018, after the fourth quarter ended with the same growth rate as the three previous quarters, a predictable situation. The estimate published by the National Statistics Institute (INS) is far below the 5.5% forecast used as the foundation of the 2018 budget and well below the 4.5% figure used in the winter forecast by the CNSP.

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Romanian economy had fourth biggest growth rate in EU

The Romanian economy grew 4.1% in the fourth quarter of 2018, the fourth biggest growth rate in the European Union, compared to the corresponding quarter of 2017. The growth rate was twice above the EU average of 1.4%, according to data released by Eurostat.

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Annual inflation rate at 3.32%

The annual inflation rate increased from 3.27% in December to 3.32% in January, after four consecutive months of contraction, according to the National Statistics Institute (INS). Consumer prices were up 0.8% in January.

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State collected EUR 3.6 billion in environment taxes in 2017

The state collected EUR 3.6 billion in environment taxes in 2017, the equivalent of 7.66% of all taxes and duties collected in that year. The state budget revenues from environment taxes increased by EUR 300 million compared to 2016, but dropped by 1.4% as share of all taxes.

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Financial News (2)

Cost of borrowing can be reduced

AmCham Romania announced on Thursday that the country needs to take steps to reduce macroeconomic imbalances and limit the growth of inflation in order to bring down the cost of borrowing. The ROBOR rate is heavily influenced by the state of the national economy.

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Working group discusses scenarios

Florin Georgescu, First Deputy Governor of National Bank of Romania (BNR), said the working group formed by representatives of the Ministry of Finance and BNR is considering various scenarios for modifying the bank asset tax, including a new calculation method for the ROBOR rate and basing the asset tax on the interest spread.

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Investment News (1)

New investment hotspot in Bucharest

Militari will be the Bucharest neighborhood with the highest number of new housing in 2019, including the Militari Residence are in the adjacent commune of Rosu. The Preciziei area has turned into a new investment hotspot, as Globalworth is close to completing the new Renault Group headquarters, while Liviu Tudor continued to invest in West Gate.

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Legislative News (2)

Children allowances increased

The children's allowances will increase after March 1, following the passing of an amendment to the state budget. Children below the age of 2 will receive RON 300 per month, up from RON 200, while children below the age of 18 will receive RON 150 per month, up from RON 84.

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Ministry of Culture wants monument regulations amended

Given the critical state of the Neptun Bathhouse, located in the Baile Herculane resort, the Ministry of Culture is considering a modification of Law 422/2001 in order to allow the state to intervene in the case of historical monuments that are the subject of legal disputes.

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Politics (2)

USR-PLUS alliance urges president to launch justice referendum

The USR-PLUS alliance has urged President Klaus Iohannis to begin the procedure for the justice referendum because the country can no longer continue under the current leadership, according to USR leader Dan Barna. Barna added that the Venice Commission was right to say that the special department tasked with investigating magistrates must be disbanded.

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PSD wants justice system to be allowed to do its job

The justice system must be allowed to do its job - this is the message put forward by the Social Democratic Party (PSD) after former DNA head Laura Kovesi was charged.

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Social (1)

Lithuania and Romania have highest number of marriages per 1,000 residents

Lithuania and Romania were the EU member states with the highest number of marriages in 2017. The two countries reported 7.5 and 7.3 marriages per 1,000 residents, respectively.

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