Economy

• 13 Dec 2010 | Economy

  Romania's annual inflation tempers slightly in November, to 7.73%, statistics show

  The annual rate of inflation reached 7.73 percent in November, as prices for nonfood products rose 9.75 percent, tariffs for services grew 6.13 percent and prices for food stuff added 6.01%, according to the National Statistics Institute (INS).Compared to the previous month, consumer prices advanced 0.52 percent in November, as prices for food products soared 0.88 percent, tariffs for services inched 0.20 percent and nonfood stuff increased 0.38 percent.

• 01 Sep 2010 | Economy

  INS: Romanian economy up 0.3 pc in Q2

  Data of the National Statistical Institute (INS) confirm estimates published a few weeks ago. According to a release, the economy grew by 0.3 per cent in Q2 compared to Q1 of the year. On the other hand, economy was unable to recuperate enough on a year-on-year basis, reregistering a minus of 0.5 per cent. In fact, Romania has been in recession since Q3 of 2008

• 01 Sep 2010 | Economy

  GfK: Fast-moving consumer goods consumption down 4 pc

  The home consumption of fast-moving consumer goods in H1 dropped by 4 per cent in national currency from a year earlier, being the first decrease recorded in the last ten years, with personal care products and home cleaning goods being the most affected, a GfK press release issued yesterday states. Among the categories with the steepest volume falls the ones that stand out are deodorants (-21 per cent), universal

• 01 Sep 2010 | Economy

  Renault opens spare parts centre nearby Pitesti

  Renault Group opened the largest car parts centre outside the French borders, which will distribute spare parts and accessories for Dacia, Renault and Nissan brands in Romania, in Oarja village, nearby Pitesti (north-west of Bucharest) on Wednesday. The centre, strategically located on Bucharest-Pitesti Motorway at kilometre 102, nearby Dacia plant and the suppliers' industrial area, covers a 65,000

• 31 Aug 2010 | Economy

  IMF: Romania salary expenditure to be cut down to 2005 levels

  The salary expenditure in the Romanian public sector will be cut in 2011 down to the 2005 levels of 7.4 percent of gross domestic product, the International Monetary Fund (IMF) representative in Romania Tonny Lybek said at the Palace of Parliament on Tuesday. He stressed the Romanian economic programme is backed by the IMF, the European Commission, the World Bank and other international financial institutions

• 31 Aug 2010 | Economy

  Lower wages at BNR, money transferred to national reserve

  The 25 per cent wage cuts of National Bank of Romania (BNR) employees will remain in force, after the Government modified the law which imposed the cuts, Mediafax reports. However, the money resulting from the cuts will no longer be allotted to the state budget, but will remain instead at the disposal of the central bank, contributing to boost the bank's statutory reserves, a Government spokesperson, Ioana Muntean (photo), stated.

• 31 Aug 2010 | Economy

  Multinational companies need more employees

  Romanian companies manufacturing goods for the local market announce layoffs, whereas multinationals are hiring more employees, according to a survey by "Gandul" daily newspaper. Microsoft, Amazon, Oracle, Ford and Dacia are among the top companies recruiting employees. "Foreign companies are more upbeat given business gets better. They are already readying for next year, when they expect things to go even better

• 31 Aug 2010 | Economy

  Furniture exports amount to 356 million euros in first four months

  Romania's furniture exports, in first four months, totalled 356 million euros, by 7.3 percent higher than in the prior year's same period, according to the National Institute of Statistics' data. The imports amounted to 90.4 million euros, by 12.1 percent lower compared to those of January-April 2009. Some 50,600 people worked in the furniture industry at the end of April, the net average earning amounting to 949 lei at end-June.

• 31 Aug 2010 | Economy

  Index of trust in Romanian economy picks up in August

  The index of trust in Romanian economy is on the rise in August, as consumers' expectations rose and prospects of retail trade and constructions are more optimistic, according to a monthly poll of the European Commission. At the same time, the prospects in industry remain unchanged compared to the preceding month, and trust in the services sector dropped. Thus, the index of trust in the economy

• 30 Aug 2010 | Economy

  Capital increase for 2009 most profitable front company rejected

  The Brasov branch of the National Office of the Trade Register has turned down a RON 19 bln capital increase application by American European Marketing & Enterprises (AEME), HotNews reports. In 2009, the company posted a record profit of over USD 5 bln, equal to 2.5 per cent of Romania's GDP. The profit was on paper only and resulted from the issuance of additional shares.

• 30 Aug 2010 | Economy

  PM Emil Boc, moderately optimist about recovery prospects

  Prime Minister Emil Boc stated, recently, at the Labour Ministry, in a meeting with representatives of the patronages that, according to official figures presented by the National Institute of Statistics (INS), in the second quarter there was positive economic growth and a growth in industrial production, but voiced a "moderate optimism," Realitatea.net report.

• 30 Aug 2010 | Economy

  A Romanian pays an average of 600 Romanian Lei in bribes per year

  Three quarters of Romanians believe that you can't succeed in life without bribes or influence peddling. The average annual amount of bribes a Romanian pays is of 600 Romanian Lei, according to a survey conducted by CSOP and paid for by the Association for Implementing Democracy. "The survey shows that the lack of convictions in corruption cases determines a lack of satisfaction of citizens as

• 26 Aug 2010 | Economy

  75 percent of Romanians think corruption has increased in past 5 years

  Three quarters (75 percent) of the Romanians think that corruption has increased in Romania in the past five years, reveals a poll conducted by the Centre for Studying Opinions and Markets (CSOP) at the request of the Association for Implementing Democracy (AID). According to the poll referring to the perception of corruption in Romania, which was sent to Agerpres, only 6 percent of the population think that corruption

• 26 Aug 2010 | Economy

  Government may extend payment deadline for Rompetrol debts

  The Government is willing to negotiate a payment deadline extension for Rompetrol debts, but has no interest in becoming shareholder in the group, so much less a minority shareholder, the minister of Finance, Sebastian Vladescu, stated in an interview to Bloomberg, quoted by Mediafax. The deadline by which Rompetrol should pay its debts is September 30.

• 25 Aug 2010 | Economy

  Public sector salaries between 600 and 800 lei will recover 20 pct of loss suffered in 2010

  Public sector salaries between 600 and 800 lei per month will recover 20 percent of the 25 percent cutback suffered in 2010 following austerity measures taken by the government next year, while those between 2,000 and 2,500 lei per month will recover only 4 percent, according to the new draft law on unified pay, Prime Minister Emil Boc announced.

• 25 Aug 2010 | Economy

  Renault to manufacture Duster in Russia

  Renault presented, in the Moscow Car Show, the automatic transmission models of Logan Sedan and Sandero, on a market in which one third of the cars have an automatic gearbox. In the same salon, HotNews.ro reports, Renault presented the Latitude sedan, the brand's flagship

• 24 Aug 2010 | Economy

  Romania, third in EU in terms of monthly advance in industrial new orders

  No less than 16 European Union member states have reported rises in industrial new orders for June 2010 compared with the previous months, with Denmark, the Netherlands and Romania having recorded the highest growth rates, of 23 percent, 8.9 percent and 5.5 percent, respectively, according to data released on Tuesday by the Eurostat statistics office fo the EU. In June 2010 compared with May 2010

• 24 Aug 2010 | Economy

  VAT stays at 24 pc

  The Senate gathered on Tuesday in extraordinary session, approved the Government's Emergency Ordinance 58/ 2010, by which the VAT is maintained at 24 per cent. The Senate passed the Bill with 64 votes "in favour" and 50 votes "against". Earlier on Tuesday, the government's ordinances aimed at raising VAT and respectively, at modifying the local public finance law, were debated in the Budget-Finance Committee.

• 23 Aug 2010 | Economy

  Romania's agro-food trade deficit hits 700 M euros January through May

  Romania's agro-food trade deficit amounted to 700 million euros January through May this year, which represents a drop by 2.2 percent from the same period in 2009, when it totalled 716 million euros, according to data the Ministry of Agriculture and Rural Development (MADR) sent to Agerpres. Romania exported agro-food products amounting to nearly 769.84 million in the first five months

• 23 Aug 2010 | Economy

  MTI set to layoff roughly 8,000 railway company employees

  The Ministry of Transport and Infrastructure (MTI) is resolute to lay off between 7,100 and 8,300 railway company employees , which, along with other spending cuts, will lead to savings worth 788 M RON in 2011, compared to the current year, Mediafax reports. "We want to bring railway companies in a balanced state, given their annual

• 23 Aug 2010 | Economy

  Moody's: slower growth in Europe could spark ratings downgrades

  Slower economic growth in Europe might spark downgrades to credit ratings for countries on the continent, as any slowdown could weaken the ability of individual countries to absorb additional shocks to the system, said, yesterday, Moody's Investors Service in a report, The Wall Street Journal reports.

• 23 Aug 2010 | Economy

  Olt Valley, most popular road in Romania

  The Olt Valley is the most popular European road in Romania, being used every day by 30,000 motor vehicles on average, according to the managers of the Valcea section of Drumuri Nationale (DN). "A few days ago we completed a traffic investigation and a census, actually there are four such investigations. Two at Seaca on European road E 81, one at the Budesti point, where E 81

• 22 Aug 2010 | Economy

  Unions: Salaries likely to get back to last year's level in four years' time

  The salary law will be fully amended, with 2009 standard pay being discounted, 2010 revised-down salaries used as benchmark instead, and a special law going to be issued annually in order to set the salary level, Mediafax reports. This means, the level of last year's salaries could be reached in four years at the soonest, unionists claim. The president of the National Trade Union Bloc (BNS)

• 20 Aug 2010 | Economy

  Labour Code to be modified this autumn

  Modifying the Labour Code this fall should bring a much simpler partnership between employer and employee, believes the minister of Economy, Adriean Videanu, quoted by Mediafax. According to the minister, Romania should stop wasting resources on useless welfare schemes, as some 11 million Romanians are receiving aid from a state than already ran out of resources.

• 20 Aug 2010 | Economy

  Croitoru, BNR: Romania cannot have sustainable growth, it cannot save money

  Romania cannot have a sustainable economic growth as the level of savings is very low, an alternative way being, in this context, maintaining coherent policies to draw foreign capital, Lucian Croitoru, advisor to the National Bank of Romania (BNR) governor, told a press conference yesterday, quoted by Agerpres. "The income per capita out of which money can be saved is very low.

• 18 Aug 2010 | Economy

  Romania is European leader in construction sector, in June

  Romania registered in June 2010 compared to May 2010 the highest increase in the volume of construction works in the European Union (16.5 percent), followed at a distance by Spain (7.2 percent) and Poland (4.5 percent), according to the data presented by the Statistical Office of the European Commission (Eurostat) on Wednesday.

• 18 Aug 2010 | Economy

  Funds for surveys, not for roads

  The Transport Ministry has prepared a survey through which it plans to find out the routes taken by Romanian drivers during the holidays. According to 'Gandul' daily, approximately 2,800 drivers could be asked to pull over in order to fill out a questionnaire concerning the routes they use during the holidays. The survey, dubbed "Origin - Destination Investigation,

• 18 Aug 2010 | Economy

  Businessmen complain fiscal legislation difficult to apply

  The CONPIROM representatives claim that companies are finding it increasingly hard to understand and apply the fiscal legislation and the recent changes brought to the Fiscal Code will encourage tax dodging. The latter, in the employers' view, has reached as much as 60 per cent in some sectors following the VAT hike, Mediafax informs. "The standards recently adopted by the government are not harmonized

• 16 Aug 2010 | Economy

  Unemployment rate to go up to 8.5pct this year

  The Government is considering a rise in the unemployment rate to 8.5 percent when drafting the budget revision, up from the originally estimated 7.3 percent, according to figures unveiled at a meeting with the employers and unions at the Public Finances Ministry on Monday. There will be 760,000 out-of-work Romanians this year, up from the previously estimated 645,000, the employers' representatives said during the talks.

• 16 Aug 2010 | Economy

  CFR workforce undergo gradual temporary unemployment

  All the employees of passenger railway operator CFR Calatori have gradually been temporarily unemployed starting yesterday, August 16, Agerpres reports. The company workforce, about 15,000 in all, including the directors, received Wednesday 60-day temporary unemployment notifications, of which 44 working days, for a period of four months, time during which they will only receive 75 per cent of their full pay.