The new pensions law is the main factor causing the rapid increase in the general government deficit up to 6.1 percent of the GDP in 2021, and the high fiscal sustainability risks, the European Commission estimated in the Country Report for Romania published on Wednesday.
Romania has made limited progress with the 2019 country-specific recommendations, taking into account that the substantial progress made in the financial and banking sectors have been counteracted by the lack of progress regarding the fiscal framework, the public pension system, the minimum inclusion income, predictability in the decision-making process and the governance of state-owned compani
Microsoft launched on Tuesday the first laboratory equipped with artificial intelligence within the Bucharest University of Economic Studies (ASE), thus giving students, professors and researchers at the university access to unlimited computational resources and computing power, according to a release issued on Tuesday for AGERPRES.
Romanians get married at older ages than 30 years ago and they divorce much less, a sign of the fundamental changes that the Romanian society went through after the 1989 Revolution, shows an analysis carried out by the consulting company Frames. "In 2020, marriage has turned into an event that many young people try to postpone as much as possible.
The Romanian economy slowed down to 4.1 percent last year, after 4.4 percent in 2018 and 7.1 percent in 2017, show flash estimates released by the National Institute of Statistics on Friday. The GDP advance in Q4 2019 from the previous quarter was 1.5 percent, while growth in the third quarter was 0.6 percent QoQ.
The balance-of-payments current account registered a deficit of 10.478 billion euros last year, an increase of almost 17 pct compared to the similar period of 2018, shows a press release of the National Bank of Romania (BNR) sent to AGERPRES on Thursday. In 2018, the current account deficit was 8.96 billion euros.
In order to have lower interests, Romania must sort out the deficit issue, Finance Minister Florin Citu said on Thursday; he also stated that this year the budget deficit stays at 3.6 percent of GDP and will fall below the 3 percent threshold in 2022. "Mr. central bank governor Mugur Isarescu is largely right: in Romania, the issue is not directly the interests, but the deficits.
The annual inflation rate dropped to 3.6 percent in January this year, from 4 percent in December of last year, given that the food stuff prices went up by 4, 75 percent, services by 4.01 percent, and non-food goods by 2.68%, according to data released on Thursday by the National Institute of Statistics (INS). Consumer prices in January 2020 compared to December 2019 increased by 0.4 percent.
Chairman of the Chamber of Commerce and Industry of Romania (CCIR) Mihai Daraban attended a meeting in Paris on Wednesday of the General Council of the World Chambers Federation (WCF) of the International Chamber of Commerce (ICC).
Romania in 2019 was a net electricity importer, given that the imports soared by 74 pct, while the exports dipped by 34 pct, according to data released on Wednesday by the National Statistics Institute (INS). The imports totalled 5.110 TWh, while the exports stood at 3.592 TWh, thus resulting in a 1.518 TWh negative balance.