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INTERNATIONAL TRADE LAGISLATION / TAXATION INTERNATIONAL FINANCING ORGANISATIONS IN ROMANIA EU FUNDS ENERGY INFRASTRUCTURE & TRANSPORT IT & C ENVIRONMENT & WATER FOREIGN INVESTMENT IN ROMANIA SMEs AGRIGULTURE & FOOD DUTCH PRESENCE IN ROMANIA EVENTS & USEFUL LINKS ________________________________________________________________________________________________________________________________________________________
0.35% inflation in April 2010 According to the data published by the National Statistics Institute the inflation was 0.35% in April 2010, as compared to the previous month. 8.07% unemployment in April 2010 According to the data published by the National Employment Agency (www.anofm.ro), the unemployment rate decreased to 8.07% at the end of April 2010, as compared to 8.36% in March 2010, and 5.7% in April 2009. Total number of the unemplyed people was of 738,187, out of which 305,670 women. The following counties registered an unemployment rate below the national average: Bucuresti (2,54%), Ilfov (2,83%), Timis (4,56%), Satu-Mare (6,36%), Bihor (6,43%), Maramures (6,48%), Cluj (6,5%), Arad (6.61%), Constanta (7.15%), Botosani (7,52%), Sibiu (7,70%), Vrancea (7.96%). The highest unemployment rate was recorded in Iasi (8,10%), Valcea (8,14%), Bacau (8,24%), Mures and Tulcea (8.26% each), Suceava (8,30%), Giurgiu (8,53%), Braila (8,60%), Bistrita (8,61%), Brasov (8,76%), Olt (9,06%), Dambovita (9,14%), Arges (9,37%), Prahova (9,57%), Calarasi (9,70%), Neamt (9,77%), Salaj (10,07%), Buzau (10,18%), Caras Severin (11,46%), Harghita (10,81%), Hunedoara (10,98%), Gorj (11,25%), Galati (11,43%), Covasna (11,88%), Alba (12,00%), Ialomita (12,20%), Dolj (12,46%), teleorman (12,93%), Mehedinti (13,47%), Vaslui (14,09%). GDP in 1st quarter of 2010 First estimations of the National Statistics Institute show that in the first quarter of 2010, in real terms, the Romanian GDP was 0.3% lower as compared to the last trimester of 2009. Joint IMF, EU and WB mission in Bucharest over April 27 – May 10 A joint mission of the International Monetary Fund (IMF), European Union (EU) and World Bank (WB) visited Bucharest during April 27 - May 10, and had meetings with government officials, from the Ministry of Public Finance, the Ministry of Economy, the Ministry of Transport and the Ministry of Labor, Family and Social Protection, as well as the National Bank. After these meetings, PM Emil Boc explained that there are only two options that the Government has at present: one option is offered by IMF and stipulates an increase of the VAT to 24%, and rising the flat tax to 20%; the second option is proposed by the Romanian Government and includes a 25% reduction of the revenues in the public sector (reduction will be made evenly, without taking into consideration the level of the salary), and a 15% reduction of the pensions and other social transfers. The Government decided for the second option. The above mentioned austerity measures will allow for a budget deficit of 6.8% of the GDP in 2010. The value of the deficit was agreed upon with IMF and EC. The austerity measures have to be implemented by June 20, so that by the time the Intention Letter is presented to the IMF board, a significant part of these measures is already implemented. If this happens, Romania will receive the next tranche from IMF by the end of June 2010, while the tranche coming from the EU is going to be received in accordance with the EU internal procedures. The IMF press release is available at http://www.fmi.ro/index.php?pid=180&presa&lg=en.
Trade and industry, worst hit by financial gridlock The number of companies declared insolvent in Romania in the first quarter hiked by 27 percent, to over 6,250, while nearly 20,000 companies have suspended activity, according to the data of the National Companies Registry Office (ONRC). “I believe more than 80 percent of the companies that were declared insolvent will go bankrupt. There are many firms that have not yet recovered their money from the state: VAT refunds, the payment of the works performed by the companies to the state authorities. However, the National Tax Administration Agency (ANAF) has asked the companies unable to pay their taxes to perform the payment,” said Florin Pirvu, vice-president of the Romanian National Private Small and Medium Size Enterprises Council (CNIPMMR), quoted by the Ziarul financiar daily. The number of companies that were declared insolvent went up in March to 2,152 against 2,082 in January and 2,022 in February. As many as 4,925 companies were declared insolvent in Q1 last year. Most insolvency cases were reported in Bucharest (825), followed by Bihor (western Romania – 345) and Cluj (Romania center – northwest – 325). The number of companies that suspended activity in Q1 surged to nearly 20,000, by 4.5 times more than in the same period of 2009. Most companies unable to pay off their debts operate in the trade sector, accounting for more than 40 percent of the businesses that were declared insolvent over January – March 2010, followed by the processing industry (16 pct), while the construction sector accounts for 15 percent. Some 2,655 voluntarily declared insolvency January through March this year, double compared to 2009, while the number of voluntary deregistrations increased from 9,954 to 9,186. Around 1 million companies operate on the local market, reads the publication. Source: Agerpres.
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