Romania Market News – 04/09/23

TODAY’S NEWS

ECONOMY

–The hourly labor cost in adjusted form (according to the number of working days) recorded, in the second quarter of 2023, a growth rate of 8.08%, compared to the previous quarter, and 14.38% compared to the same period of 2022, according to the National Institute of Statistics (INS).

–Industrial production prices, overall (domestic and foreign markets), decreased by 0.9% in July 2023 compared to July 2022, but increased by 0.6% compared to the previous month, separate INS data showed.

–Romania’s natural gas imports were down 34.7% y-o-y, in H1 2023, while production was up 6.3%, INS said.

–Government sources told Digi24.ro that the European Commission asked for the VAT increase to 21% in Romania in order to cover the budget gap According to the cited sources, the government rejects these options.

–Romania’s foreign exchange reserves 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 data showed on Friday (September 1).

COMPANIES

-Bucharest-listed nuclear power producer Nuclearelectrica announced in a stock market report on Friday (Sept 1) the signing of a new contract worth RON159.6 million for the sale of electricity to Hidroelectrica between September and December 2023.

POLITICS

–Three in four Romanians (74%) believe that the country is moving in the wrong direction, but 51% of those participating in a survey (and having expressed an option) would vote for one of the two parties of the incumbent ruling coalition, according to a poll conducted by CURS for the Social Democratic Party and revealed by G4media.ro.

TODAY’S MARKET

EXCHANGE RATES

(Source: National Bank of Romania BNR)

BUCHAREST STOCK EXCHANGE (BVB) INDICES

CAPITAL MARKET COMMENTARY