In the first half of 2024, Romania’s GDP recorded an annual growth of 0.7% for the unadjusted data series and 1.5% for the seasonally adjusted data series in the first half of 2024 compared to the same period of 2023, provisional estimates from the National Institute of Statistics (INS) showed on Friday (Sept 6). During the period under review, the following economic
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The Bank of Canada lowered its benchmark interest rate for a third consecutive time, reducing its trend-setting policy rate to 4.25% on Wednesday (Sept. 4). The central bank explained that it made the decision because the Canadian economy increased by 2.1% in the second quarter, a stronger growth than the institution had projected. Additionally, Canada’s annual inflation rate fell to 2.5% in
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The Austrian economy contracted 0.6% in the second quarter of 2024 on an annual basis, the latest data from Statistics Austria showed. “Austria’s economy is sliding from recession towards stagnation. In the second quarter of 2024, gross domestic product fell for the fifth time in a row, declining by 0.6% compared to the same quarter of the previous year. Industrial production and
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The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period, preliminary figures from the country’s statistical office showed Friday. The Reserve Bank of India (RBI) had forecast 7.1% growth for the quarter while economists had forecast 6.9% expansion. It was the slowest expansion in five quarters, as
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Romania’s trade deficit dropped by 17.6% to 25.555 billion euro in January-November 2023, the National Statistics Board (INS) data showed on Tuesday. Exports grew by 2% to 86.921 billion euro, while imports fell 3.2% to 112.477 billion euro. In November alone, exports decreased by 2.2% on an annual basis to 8.222 billion euro, while imports fell 3.9% to 10.579 billion euro. The
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The National Bank of Romania (BNR) kept its key monetary policy rate at 7% for the seventh consecutive meeting in November, in line with market expectations. The rates to deposit and credit facilities remained at the 6% and 8%, respectively. Board members were of the unanimous opinion that the reviewed context overall warranted keeping the monetary policy rate unchanged, with a view
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Growth in Romania is now expected at only 1.8% in 2023 as a whole, considering the slowdown in the first half of the year, according to a report published on Wednesday (Sept. 27) by the European Bank for Reconstruction and Development (EBRD). The London-based financial institution’s projection was downwardly revised from an initial 2.5% one in May. Romania’s economy proved resilient in
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Romania’s government is set to invest approximately RON 1.44 billion (€290 million), primarily sourced from the European Union budget, to revamp the Black Sea Port of Constanta, the country’s maritime gateway, amid surging traffic demands. The strategic investment includes infrastructure enhancements, such as rehabilitation of existing roads, water and sewerage infrastructure, and development of electricity distribution. The initial phase of the investment includes around €145
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Residential building permits issued in Romania declined 24% on an annual basis in the first seven months of this year, the National Institute of Statistics (INS ) data showed. A total of 20,196 residential building permits were issued. Declines were recorded in all development regions: Bucharest-Ilfov (-1,460 permits), Sud-Muntenia (-1,019), Nord-Vest (-983), Vest (-841), Nord-Est (-642), Sud-Est (-623), Sud-Vest Oltenia (-497) and
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Romania’s foreign exchange reserves (excluding gold) stood at EUR53.90 billion at the end of August 2023, compared to EUR 53.93 billion on 31 July 2023, the National Bank of Romania (BNR) data showed on Friday (September 1). Foreign exchange inflows totaled EUR1.932 billion last month, representing: changes in credit institutions’ foreign currency-denominated required reserves with the BNR; inflows into the Ministry of
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