about us | newsletter | contact | archive | members area
Mihai Patrascu, evoMAG
Competition is beneficial to the end customer»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

BNR: After 100 years, Romania returns to similar level of relative development against other countries

After a century, Romania has returned to the same level of relative growth against other countries, calculated as per capita Gross Domestic Product (GDP), purchasing power parity based, of 59 percent of the European Union average, compared with the 67-percent EU average in 1913, according to data presented by Valentin Lazea, chief economist of the National Bank of Romania (BNR).

2017-10-31 13:34:52

"The context of the last 100 years is the following: in 1913, smaller Romania, without Transylvania and Basarabia and the subsequently rejoining provinces, had a per capita GDP purchasing power parity based equivalent to 67 per cent of the then European average, according to Professor Murgescu, who published extensively on this subject," said Lazea, according to Agerpres.

"In 1938, the country lost a good part of this position. Romania still had 51 per cent of the European average, and in the years of communism, although attempts were made at forceful industrialisation by trying to modernise the economy, the GDP PPP-based dropped to 32 per cent, precisely because the communist economy has some inherent, fundamental flaws related to the non-promotion of innovation and the lack of entrepreneurship. In 2000, after the first ten years of transition, the indicator had dropped to 26 per cent of the European Union average. At the end of last year, in 2016, the per capita GDP PPP-based again reached 59 percent of the European Union average. We can say that after a century, Romania has returned to the same level of relative development against other countries," Lazea told the Foreign Investors Summit.

He argues that, if we look at the last 25 years, the years after the December 1989 Revolution, we can see some progress that is indisputable. Thus, the GDP has increased more than four times; inflation has fallen from almost 40 per cent to minus 0.6 per cent in 2015. Unemployment has been more or less constant, apart from a peak in 2000.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  4234 Views
Daily Info
EIB offers Romania 13 billion Euro financing in 25 years

The European Investment Bank (EIB) has granted Romania 13 billion Euro worth of loans since starting its operations in the country, in 1992, according to a report of the insti...

Germanos stores in Romania rebrand into Telekom

Telekom Romania, the second-biggest telecom group on the local market, has started the rebranding process of the Germanos shops into Telekom.

OMV Petrom doubled its profit last year

OMV Petrom had a 2.49 billion RON profit in 2017, more than double than it had recorded in 2016 (1.04 billion RON), according to a report by the company.

Complet Electro Serv appoints Cristian Laza as new CEO

Complet Electro Serv, part of Altex Romania, has appointed Cristian Laza as CEO of Complet Electro Serv, producer and distributor of electric-IT equipments.

Mol Group posts highest profit in a decade in 2017

Mol Group announced its financial results for 2017. Mol increased its EBITDA by 14 per cent outperforming its 2017 target on the back of a strong financial and operational del...

 
 
   
advertising

advertising

advertising

advertising

More on News
President Iohannis meeting Juncker and Tusk in Brussels, modifications in Romanian justice among topics

President Klaus Iohannis is to meet on Wednesday, in Brussels, with President of the European Commission Jean-Claude Juncker and with President of the European Council Dona...

1 Comment

Contract for the purchase of 227 Piranha V armored personnel carriers, signed in presence of PM Tudose

The contract for the purchase of 227 Piranha V armored personnel carriers was signed on Friday in the presence of Prime Minister Mihai Tudose, Deputy Prime Minister Marcel ...

President Iohannis: The Romanian society is mature and active and needs a state to match it

President Klaus Iohannis stated, on the occasion of the annual meeting with the heads of diplomatic missions accredited in Bucharest, that the Romanian society is a mature ...

2 Comments

Iohannis: Justice independence, public positions' integrity are constitutional values not to be negotiated

Promoting the rule of law and Justice independence, fighting against corruption, ensuring integrity in public positions and dignities are constitutional values that cannot ...

1 Comment

PM-designate Dancila: "It's important to implement governing programme"

Prime Minister-designate Viorica Dancila stated that it's important to put into practice the governing programme, but also 2018- the Centennial Year and prepare to take ove...

1 Comment

Iohannis: Romania's progress bound to stable legislation able to punish abuses

Romania's progress is inseparably bound to a coherent, stable legislation able to punish abuses and dishonesty, said President Klaus Iohannis, pointing out that the governm...

4 Comments

Mihai Tudose announces his resignation as prime minister

Mihai Tudose announced on Monday evening, at the end of the Social Democrat Party (PSD) National Executive Committee (CExN) meeting, that he resigns as prime minister of Ro...