By Edwig Ban
The rating agency Standard & Poor's reconfirmed on Friday at "BBB minus / A-3" Romania's rating for long-term and short-term debt in foreign currency and local currency and improved the outlook from "negative" to "stable".
This is the first positive change in the perspective of Romania's rating operated by this agency since November 2013.
"We have improved our outlook to" stable "because we believe that short-term fiscal risks to Romania have decreased. The incumbent government after the December parliamentary elections postponed the pension increase adopted by the previous legislature. It has also started a consolidation course that we believe will ensure that the government deficit and external debt will remain moderate until 2024 ", it is show ... Read more »
Date: |2021-04-17|

By Emea Riga
The International Monetary Fund (IMF) has significantly improved its estimates on the evolution of the Romanian economy: it will register a 6% increase this year, according to the latest report "World Economic Outlook", published on Tuesday by the international financial institution .
If in October last year, the IMF estimated that Romania will register an increase of 4.6% in 2021, according to the new forecasts published on Tuesday, Romania's Gross Domestic Product will increase by 6% this year. The IMF also improved its estimates for 2022, to an advance of 4.8%, compared to an increase of 3.9% as forecast in October last year. According to these estimates, the performances of the Romanian economy ... Read more »
Date: |2021-04-06|

By rbj
The Board of Directors of the S.N.G.N. Romgaz SA approved on March 30, 2021 the binding offer to buy the shares issued by ExxonMobil Exploration and Production Romania Limited. ExxonMobil owns 50% of the acquired rights and obligations assumed by the Concession Agreement for oil exploration, development and exploitation in the XIX Neptun Deep Water Zone perimeter, according to a press release sent to the Bucharest Stock Exchange.
Today was the final date by which interested buyers were invited to submit binding bids.
Romgaz states: “The rest of the participation of 50% of the acquired rights and obligations assumed by the Concession Agreement for oil exploration, development and exploitation in the perimeter XIX Neptun Deep Water Zone is owned by OMV Pet ... Read more »
Date: |2021-03-31|

By Constantin Radut
In the context of the state of deep suffering determined, all over the world by SarsCov-2, we also have a news that gives us a dose of optimism. The decline of Romania's population is not as great a disaster as some or others inside and outside the country present it. Romania has chances to recover from a demographic point of view because it has healthy women, able to give birth to many children and to restore the future of the country.
According to a Eurostat report for 2019, published today, entitled "EU births: decline continues, but not from foreign-born women", the fertility rate of women in Romania was the second highest in the EU, after that in France.
The Covid-19 pandem ... Read more »
Date: |2021-03-23|

By rbj
The Romanian Association for Cosmonautics and Aeronautics (ARCA) will launch, in June 2021, the first Romanian satellite, with a rocket designed and built entirely in Romania.
According to the Facebook page of the ambitious project, so far ARCA has launched two stratospheric rockets, four large-scale stratospheric balloons, including a cluster-type balloon and received two government contracts with the Romanian government and a contract with the European Space Agency. He is currently building EcoRocket - a semi-reusable, steam-powered rocket.
The launch team received official ... Read more »
Date: |2021-03-15|

By Jerom Bolt
The EU's statistical office, Eurostat, reports that Romania's economy advanced 4.8% in the fourth quarter of last year compared to the third quarter, the strongest GDP growth recorded by a European Union member state in Q4 compared to the previous quarter.
In contrast, the euro area economy contracted by 0.7% and the EU economy by 0.5% in the fourth quarter of last year compared to the third quarter. The largest decreases were recorded in Ireland (minus 5.1%), Austria (minus 2.7%), Italy (minus 1.9%) and France (minus 1.4%). On the other hand, the highest increases were recorded in Romania (4.8%), Malta (3.8%), Croatia and Greece (both 2.7%). Bulgaria and Hungary also had significant increases.
Over the whole of 2020, the euro area gross domestic product contra ... Read more »
Date: |2021-03-09|

By Constantin Radut
Romania has recently experienced a new drama whose protagonists were the miners from the Jiu Valley. The Jiu Valley was one of the richest areas for the extraction of underground coal used in the steel industry and in the electricity industry. Slowly, slowly the resources have been exhausted, currently only 4 mines are active, their production supplying a power plant of approximately 400 MW.
Because the government is not able to manage the problems in the coal industry (as in other sectors), the miners in the Jiu Valley have been left without wages and without bonuses for underground work. As a result, some of them got stuck in the underground and demanded the urgent settlement of the salary payment. Some of them threatened to "invade" Buch ... Read more »
Date: |2021-02-23|

By Emea Riga
Surprise in EU statistics. According to Eurostat and the National Institute of Statistics (INS) in Bucharest, Romania recorded the highest GDP growth in Q4 2020, compared to the previous quarter of the same year. It is the effect of relaxing measures on economic activity that the government has established in pandemic conditions, compared to the harsh lockdown in many states in the west and east of the EU.
Romania avoided recession during the coronavirus pandemic (COVID-19), after declining the economy by 12.2% in the second quarter of 2020, but had an increase of 6.1% in Q3 and 5.3% in Q4. Even facing one of the highest budget deficits in the EU, the authorities managed to increase public investment, which supported the construction sector, while t ... Read more »
Date: |2021-02-16|

By Jerom Bolt
After a contraction of 5% in 2020, the Romanian economy will recover this year thanks to private consumption and investments, so that the real Gross Domestic Product will increase by 3.8% in 2021 and an advance of 4% in 2022, according to winter economic forecasts presented by the European Commission (EC) on Thursday.
In comparison, in the previous autumn forecasts, published in November, the EC estimated that the Romanian economy will register an advance of 3.3% in 2021, respectively 3.8% in 2022, after a fall of 5.2% in 2020.
"The private consumption is expected to recover strongly from the ... Read more »

Date: |2021-02-11|

By Edwig Ban
The lack of government incentives to promote exports and the negative effects of the Covid-19 pandemic have led Romania to record the largest trade deficit in 30 years.
According to the National Institute of Statistics (INS), the trade deficit reached 18.387 billion euros on December 31, 2020, higher by 1.088 billion euros than in 2019. Exports fell by 9.9% and imports -reduced by 6.6%, compared to 2019.
Last year, exports amounted to 62.175 billion euros, and imports amounted to 80.562 billion euros.
In December 2020, exports amounted to 5.071 billion euros, and imports F amounted to 7.023 billion euros, resulting in a deficit of 1.952 billion euros.
Compared to December 2019, exports in December 2020 increased by 5.1%, and imports increased by 6.4%.
According t ... Read more »
Date: |2021-02-09|

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The Romanian Business Journal
Constantin Radut
Editor in Chief
031726 Bucharest, Romania
+40 725 511 887