Daily Newsletter
04 June 2018
Summary
Macroeconomic News (5) |
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GDP per capita reached USD 26,500 in 2018
the GDP per capita reached USD 26,500 in 2018, up USD 6,640 from 2015, according to a report published by the World Bank. The average growth rate of the GDP per capita was around USD 2,000 per year in both 2016 and 2017. Top |
Cabinet Approves CER Memorandum
On Thursday, the Cabinet approved a memorandum regarding the drafting of the Economic Code of Romania (CER). The code will include all economic laws in the country in an attempt to eliminate all contradictory and redundant regulation. "The Government estimates that the number of articles and chapters of economic laws will be cut in half. The business community has been complaining for years that the legislation is too complex," said Cabinet spokesman Nelu Barbu. Top |
MFP wants to borrow RON 3.63 billion this month
The Ministry of Finance (MFP) wants to borrow RON 3.63 billion this month from the commercial banks, down RON 200 million compared to May and the second lowest figure so far this year. Most of the money will come from bond and T-bill auctions. The first auction is scheduled for June 7. Top |
Mandatory Private Pension Funds Hold Almost RON 43 Billion in Assets
The mandatory private pension funds, also known as Pillar II, amassed RON 42.7 billion worth of assets in 10 years, including RON 7 billion in earnings. The average annual yield is 8.15%, according to industry group APAPR. Top |
Dairy and Egg Imports at EUR 84.8 Million
The imports of dairy products and eggs amounted to EUR 84.8 million in the first two months of this year, up 4.1% on an annual basis, while exports surged 25.2% to EUR 21.4 million, according to data centralized by the National Statistics Institute (INS). This puts the trade deficit at EUR 63.4 million. Top |
Financial News (2) |
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Mortgage Borrowing Up 35% in April
The banks reported a growth rate of almost 35% for RON-denominated mortgages over the past year, which pushed the total value of housing loans to RON 42 billion at the end of April, 2018. The banks granted RON 740 million worth of mortgages in April and a total of RON 2.8 billion in the first four months of the year, according to the National Bank of Romania (BNR). Top |
Eurobank to Maintain Balkan Presence
Eurobank will continue to operate on the Bulgarian and Serbian markets after leaving Romania, according to the financial group. In April. Banca Transilvania bought Eurobank's local subsidiaries: Bancpost, ERB Retail Services IFN şi ERB Leasing IFN. According to the terms of the agreement signed with the UE competition authorities, Eurobank is supposed to sell EUR 8.7 billion worth of assets located outside Greece. Top |
Legislative News (1) |
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The Government approved last week a draft bill banning bearer shares and forcing owners to turn them into nominative shares. The bill amends and completes the national regulations on money laundering and terrorism financing. Share companies registered with the Trade Registry must convert all bearer shares and file the updated paperwork within 18 months from the bill's coming into force. Top |
Politics (2) |
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Corina Cretu Denies Political Aspirations
The name EU Commissioner Corina Cretu has been linked to various important jobs in the national state apparatus. Rumor has it that she would be appointed prime minister or run for president. Cretu denied the rumors and said she does not want to be involved in domestic battles. Top |
Orban Tells Cabinet to Prepare Better
Ludovic Orban, President of the National Liberal Party (PNL), has urged the Cabinet to improve its preparations for Romania's upcoming turn to hold the revolving presidency of the European Union. Orban's position was a response to the statements made by Delegate Minister Victor Negrescu on Sunday. Top |
Social (2) |
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Croatia and Romania Have Lowest Shares of Children Raised by Single Parents
15% of all the households in the European Union were single parent households last year, with the lowest figures coming from Croatia and Romania, according to data released by Eurostat. Denmark reported the highest number of single parent households: 30%. The second place went to Lithuania (26), followed by Sweden (24%). Top |
Almost Half of Romania's Young People Unhappy in Their Cities
47.17% of Romania's young people are not happy in the cities where live, according to a survey conducted by Grupul PONT. The survey showed that health and safety were the main complaints. Top |