By Edwig Ban
Eurostat confirms the EC's autumn forecasts made public last week. Romania has the potential for economic growth despite the pandemic crisis and the political instability caused by the country's president and the neoconservative and neo-Marxist right-wing coalition.
According to the Eurostat press release, in the third quarter of 2021, the Romanian economy, in seasonally adjusted data, was 8%, compared to the third quarter of 2020. The highest in the EU, well above the increases recorded in Poland, Hungary, Czechia, and other Central and Eastern European states.
However, the growth of the Romanian economy slowed to 0.3% in the third quarter compared to the previous quarter of 2021, while compared to the same period last year the GDP advance was 8% on an adjusted series.
I ... Read more »
Date: |2021-11-16|


By rbj
The Autumn 2021 Economic Forecast projects that, despite mounting headwinds, the EU economy is projected to keep expanding over the forecast horizon. Most Member States are expected to reach the pre-pandemic volume of output by the end of 2021, while a few others will fully recover in 2022.
According to the EU report, Romania's GDP will exceed pre-pandemic levels by the end of the year, with Romania's economy expected to grow by 7% in 2021, 5.1% in 2022 and 5.2% in 2023.
"After a strong recovery in the first half of 2021, it is estimated that by the end of this year, Romania's GDP will exceed pre-pandemic levels: Romania's economy is expected to grow by 7% in 2021 and 5.1% in 2022 ”, reveals the autumn economic forecasts of the European Commission.
Following a decline in real GDP of 3.9% in 2020, Romania’s ec ... Read more »
Date: |2021-11-11|


By Constantin Radut
The energy crisis is evident in Europe after a sinuous and chaotic policy of the European Union. As in agriculture, where the severe restrictions of chemical imputations determine a decreasing production, in energy the decarbonization and greening programs bring in the winter 2021/2022 the specter of a real crisis. To the latter is added Russia's disinterest in being a sustainable supplier of natural gas to Europe.
Instead, the Romanian gas resources from the continental area of the Black Sea will be able to transform Romania into the second player and exporter of natural gas in Europe.
Officials of OMV Petrom, a company with Romanian jurisdiction, consider that the natural gas discovered in the Black Sea represents the energy that Romania needs to ensure its development ... Read more »
Date: |2021-11-05|


By rbj
The text below is extracted from the press release present on the website https://www.nuscalepower.com:
The teaming agreement between NuScale Power, whose SMR is the first and only small modular reactor to receive design approval from the U.S. Nuclear Regulatory Commission, and Nuclearelectrica, a Romanian nuclear energy producer, comes at a pivotal time as senior government policymakers from around the world discuss the urgency of accelerating the clean energy transition. Discussion at the signing ceremony echoed this call to action and reinforced how NuScale’s SMRs can support international climate goals, help mitigate the worst impacts of climate change, and strengthen global prosperit ... Read more »
Date: |2021-11-04|


By Constantin Radut
Unexpectedly, the American efforts to eliminate Chinese competitors in the nuclear energy sector from the Romanian market seem to bear fruit. The memorandum between SN Nuclearelectrica and China General Nuclear Power Group (CGN) began in 2015 and ended unilaterally in 2020 under pressure from the Trump administration. It continued under the Biden administration. With positive effects, as announced today.
The Minister of Energy, Virgil Popescu, showed that the agreement between Romania and the United States of America for the implementation in our country of small modular reactors (SMR) will be finalized on Thursday, November 4, 2021.
"US President Joe Biden and Romanian President Klaus Iohan ... Read more »
Date: |2021-11-02|


By Constantin Radut
Unexpectedly, the American efforts to eliminate Chinese competitors in the nuclear energy sector from the Romanian market seem to bear fruit. The memorandum between SN Nuclearelectrica and China General Nuclear Power Group (CGN) began in 2015 and ended unilaterally in 2020 under pressure from the Trump administration. It continued under the Biden administration. With positive effects, as announced today.
The Minister of Energy, Virgil Popescu, showed that the agreement between Romania and the United States of America for the implementation in our country of small modular reactors (SMR) will be finalized on Thursday, November 4, 2021.
"US President Joe Biden and Romanian President Klaus Iohan ... Read more »
Date: |2021-11-02|


By Constantin Radut
Unexpectedly, the American efforts to eliminate Chinese competitors in the nuclear energy sector from the Romanian market seem to bear fruit. The memorandum between SN Nuclearelectrica and China General Nuclear Power Group (CGN) began in 2015 and ended unilaterally in 2020 under pressure from the Trump administration. It continued under the Biden administration. With positive effects, as announced today.
The Minister of Energy, Virgil Popescu, showed that the agreement between Romania and the United States of America for the implementation in our country of small modular reactors (SMR) will be finalized on Thursday, November 4, 2021.
"US President Joe Biden and Romanian President Klaus Iohan ... Read more »
Date: |2021-11-02|


By rbj
The Romanian company Romgaz and ExxonMobil announce that they have reached an agreement to take over the subsidiary of the American giant, which holds a 50% stake in the Neptun Deep project for natural gas exploitation in the Black Sea, according to an announcement published on the Bucharest Stock Exchange. The transaction will be completed in the first quarter of 2022. The value of the transaction is not yet public.
"SNGN Romgaz SA and ExxonMobil Exploration and Production Romania Holdings Ltd. have completed the exclusive negotiations and reached an agreement on the terms and conditions for the acquisition of all shares issued by ExxonMobil Exploration and Production Romania Limited, which owns 50% of the acquired rights and the obligations assumed by the Concession ... Read more »
Date: |2021-10-26|


By Constantin Radut
Failing to destroy Romania's national unity, immediately after the fall of Ceausescu, in 1989, Greater Germany (reunited) dealt strong economic blows to Romania.
The most significant is that Romania's economy is more dependent on Germany's than any of the other economies in the EU's Eastern Bloc. According to AHK Romania, based on the data of the Federal Bureau of Statistics (Destatis), “With a volume of trade of EUR 16.4 billion (+ 20.5%) in the first six months of the year, Romania ranks 20th in the top to Germany's trading partners in the first half of 2021 .” In foreign trade, Romania is configured in recent years as a mono-exporter (over 75% of exports are destined for the EU). Of Romania's total exports, more than 20% are destined ... Read more »
Date: |2021-10-13|


By rbj
The Romanian Parliament voted, today, the motion of censure initiated by the Social Democratic Party (PSD). The coalition government led by PM Florin Citu was fired for incompetence and poor management of the health, economic and social crisis in the country.
The vote on the motion of censure was secret with balls. 234 votes were needed for the motion to be adopted. 281 MPs voted for the removal of the government, an overwhelming majority in the last 30 years.
Next week, the President of Romania will invite the parties to Cotroceni for consultations related to the formation of a new majority and the appointment of a new prime minister.
The formation of a new government ... Read more »
Date: |2021-10-05|

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The Romanian Business Journal
Constantin Radut
Editor in Chief
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+40 725 511 887 office.rbjournal@gmail.com https://rbj.ucoz.net
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