about us | newsletter | contact | archive | members area
Bogdan Nitulescu, Tremend
Cryptocurrencies volatility is a big problem»
  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  |  5181 Views
Daily Info
Radiocom gets EIB funds for the digitalisation of Romania's terrestrial broadcasting infrastructure

The European Investment Bank (EIB) is lending 9.78 million Euro to Romanian public company Societatea Nationala de Radiocomunicatii SA (Radiocom) to partially finance the digi...

Companies are investing 12 per cent of their annual turnover for business digitalization, ARIES study shows

Companies in the Northwest region of Romania invest annually, on average, 12 per cent of the turnover for digitalization. The share of current turnover due to digitalization i...

CE Oltenia denies media allegations, says it has no state debts

State-owned company CE Oltenia denies the allegations in the local media, according to which it has debts to the state budget worth over 100 million Euro, a press release show...

Valentin Radu receives new mandate as chair of Electrica's board of directors

Electrica's board of directors decided to appoint Valentin Radu as chair of the board of directors for a mandate of one year, starting with 12 December 2018.

Christmas leads to material implications for retail and office market players, says Colliers

December is a time for Romania to score positive results for sales at supermarkets, hypermarkets or discounters as well as for gifts, offering generous returns for retailers i...

 
 
   
advertising

advertising

advertising

More on News
President Iohannis urges Romanians to be more united, stay involved in modernizing Romania

Romania's President Klaus Iohannis urged Romanians in France to be more united and stay involved as much as they are now in helping modernise Romania.

OTP Bank Romania signs investment funds distribution deal with Eurobank Fund Management Luxembourg

OTP Bank Romania signed a partnership with Eurobank Fund Management Company (Luxembourg) for the distribution of investment funds in Romania. Thus, from December 1st, OTP B...

Fondul Proprietatea expresses disappointment over Engie listing rejection

Fondul Proprietatea is disappointed with the decision taken by the majority shareholder of Engie SA, Romania Gas Holding B.V., to oppose the listing of the company, accordi...

Europe must become a producer of new technologies, not just a consumer of technologies, says EC

Europe must become a producer of new technologies, not just a consumer of technologies, said Gerard de Graaf, Director for the Digital Single Market in Directorate-General ...

Catrina, MCSI: Romania is ready to roll up its sleeves and work during the presidency of the EU Council

Romania is ready to roll up its sleeves and work during the presidency of the Council of the European Union (EU), said Maria Manuela Catrina, State Secretary at the Ministr...

Two billion youth risk of being left behind in the Fourth Industrial Revolution workforce, says Deloitte

Almost two billion youth worldwide risk of being left behind in the Fourth Industrial Revolution (Industry 4.0) workforce, which is changing at an increasingly rapid pace a...

ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.