Economic news

Check the Next International Exhibitions in Romania!

   INTERNATIONAL FAIR FOR CONSUMER GOODS – T.I.B.C.O. 2014, 31st edition (Bucharest 29.05-1.06.2014):

The 2014 edition of The International Trade Fair for Consumer Goods addresses all the producers and distributors of products from Romania and abroad, thus offering the possibility to be informed about the news in the international markets.
Starting with this year's edition, ROMEXPO has updated and extended TIBCO's thematic in order to meet its exhibitors’ needs. Therefore, TIBCO's thematic includes the sectors: traditional commerce and electronic commerce. At TIBCO 2014 are invited to exhibit the companies that produce, import and merchandise equipment for commercial units, scanning systems, online ordering & payments systems, together with the companies that provide distribution and delivery services, e-commerce platforms and online publicity.
In order to attract a large number of visitors, during The International Trade Fair for Consumer Goods will be organized interesting side-events, workshops and seminars on actual subjects in the consumer goods market.

Organizer: Romexpo SA

Contact: Mrs. Laura Iordache, Project Coordinator, Tel. +40-758053134, Fax.+40-21-2077070, e-mail: tibco@romexpo.ro,    laura.iordache@romexpo.ro,  web site: www.tibco.ro


      BIFE – SIM 2013, 23RD edition  (Bucharest, 10-14.09.2014):

      International trade fair for furniture, equipment and accessories (22ND edition). The Fair is organized by Romexpo in partnership with the Romanian Furniture Manufacturer’s Association, the  Chamber of Commerce of Romania and Euroexpo Trade Fairs.

     Contact: Mrs.Daniela Sisin – Project Coordinator, tel.+40-758837735, Fax.+40-21-207070,

e-mail: bifesim@romexpo.ro, daniela.sisin@romexpo.ro, web site: www.bifesim.ro

      COSMETICS BEAUTY HAIR 2014, 20th edition ( Bucharest, 25 – 28.09.2014) Cosmetics Beauty Hair 2014 themes: Haircare and Hairdressing, Make-up, Nail Care & Design, Skincare, Body care, Tanning & Sun, Wellness & SPA, Personal Care Cosmetics (other than mentioned above), Raw and semi-processed materials for cosmetic products, Packaging for the cosmetic industry, Other products & services for beauty salons, Institutions, Services, Mass-media.

Organizer: Romexpo SA

Contact: Mrs.Daniela Sisin – Project Manager, tel.+40-758837735, Fax.+40-21-207070, e-mail: expocosmetics@romexpo.ro, daniela.sisin@romexpo.ro, web site: www.expocosmetics.ro






March 2014

Industry and agriculture behind economy’s 3.5 pc growth in 2013

The industrial sector’s 8.1 percent growth and the agriculture sector’s 23.4 percent growth were behind last year’s GDP growth, the National Statistics Institute (INS) announced yesterday (5.03). The INS has upheld its 3.5 percent economic growth estimate for 2013. “The most important contributions to the GDP growth registered in 2013 came from industry (+2.3 percent), which had a 30 percent share of GDP and whose volume of activity grew by 8.1 percent, and from agriculture, forestry and fishing (+1.1 percent), which has a lower share of GDP (5.6 percent) and whose volume of activity grew by 23.4 percent,” the National Statistics Institute (INS) shows in a communiqué. Positive contributions to the GDP’s growth also came from information and communications, real-estate transactions, professional, scientific, technical, and administrative services activities, and from support services activities. Negative contributions to the GDP’s growth came from the constructions sector, bulk and retail trade, repair of auto vehicles and motorcycles, transport and storage activities, hotels and restaurants, financial intermediations and insurances................(Full Art. Nine O’Clock 6.03).

Prognosis for 2014: Inflation 3.4 pc, RON/EUR average exchange rate of 4.45

Increases in consumer prices over the next four years will stand around the multi-annual inflation target announced by the National Bank of Romania of 2.5 percentage points plus/minus one percentage point, according to the projection of the main macro-economic indicators for the period 2014-2017, released by the National Economic Projections Board (CNP). Thus, in 2014, inflation will stand at 3.4 percent, in 2015, at 2.5 percent, in 2016, at 2.3 percent, and in 2017, at 2.2 percent, show the CNP data. In the same period, the exchange rate of the local currency, the leu (RON) against the euro will be constant, with slight oscillations around the value of RON 4.4 to the euro. CNP forecasts an average exchange rate of RON 4.45 to the euro in 2014, RON 4.4 to the euro in 2015 and RON 4.37 to the euro in 2017.

Growth rate to slow down to 2.3 pc in 2014

The same data provided by CNP suggest the Romanian economy growth rate will slow down this year from the 3.5 percent rate it reached in 2013. In 2015, the Gross Domestic Product will increase by 2.5 percent, in 2016 by 3 percent, and in 2017 by 3.3 percent. GDP prognoses point to RON 644.4 billion in 2014, based on current prices, RON 698.8 billion in 2015, RON 737.2 billion in 2016, and RON 778.5 billion in 2017. According to CNP, industry activities will drop this year by 3.1 percent from the 23.4 percent growth reported last year. In 2015, agricultural activities will go up again by only 1.4 percent, continuing this trend in 2016, and dropping slightly to 1.3 percent in 2017. Following last year’s negative contribution to the GDP (minus 1.2 percent), the constructions sector will go up by 6.1 percent this year, by 5.4 percent in 2015, by 5.2 percent in 2016, and 5 percent in 2017.  Unemployment in Romania will reach 7 percent in 2014, and it will steadily drop to 6.6 percent by 2017, according to CNP’s estimates. As such, from a number of 705,000 unemployed persons in 2014, the number will drop to 680,000 in 2017. In what regards the average number of employed persons, it will record an increase that is also constant with about 1 percent per year from 6.34 million in 2014 to 6.56 million in 2017. In the same period, the average gross salary will increase, according to the estimates posted by CNP from RON 2,279 in 2014 to RON 2,561 in 2017, whereas the average net salary will rise from RON 1,660 this year to 1,860 in four years’ time.

INS: Romanian unemployment rate hits 7.3 pc in January

The Romanian seasonally-adjusted unemployment rate was put at 7.3 percent in January, keeping steady from December’s (revised) level and being up by 0.2 percentage points from January 2013, show the provisional figures released by the National Institute for Statistics (INS) on Friday (28.02). The Institute estimated there were 730,000 jobless aged between 15 and 74 years old in this Jan., down from 732,000 out-of-work in December and up on last January when there were 708,000 unemployed Romanians. Men’s unemployment rate is by 1.3 percent higher than women’s, namely 7.8 percent for men and 6.5 percent for women. As for the adults (aged 25 – 74), the joblessness rate was put at 5.8 percent in this January; it was 6.4 percent for men and 5.1 percent for women. The out-of-work Romanians in this age bracket (25 – 74 years old) account for 73.6 percent of the country’s overall unemployed estimated for the first month of 2014. The Institute figures relate the unemployment rate calculated according to the international definition of the International Labour Office (ILO). (Full Art. Nine O’Clock 2.03).

Investments: 375 projects in 2014 amounting to RON 8 bn

Major public investment project from the Government budget is subway line 5 Drumul Taberei – Universitate, according to Liviu Voinea, Minister Delegate for Budget.

In 2014, 375 investment projects will be financed from the national budget, of which 100 are significant investments (worth over RON 100 M). A total amount of RON 7.22 billion (26 percent) will be allocated to significant investments, according to data presented on Thursday by Minister Delegate for Budget Liviu Voinea at a public debate on the methodological norms for making public investments a priority. “We have set our priorities in terms of execution rather than in terms of planning, because we have missed the legal means to create this prioritisation ever since the Budget Law was issued. We are working on the legal background which should objectively allow prioritising public investments,” said minister delegate for Budget. According to him, the shortage of financial resources makes the average duration for finalising investment projects be nine years for ongoing projects, but there are also investment projects that would be finalised in 700 years if their financing were identical with the one in the past.

The first 20 public investment projects which will have the highest financing from the national budget in 2014 will qualify for RON 5.09 billion (about EUR 1.12 billion), of a total RON 13.33 billion earmarked in the national budget for almost 400 public investment units, according to Voinea. The highest financing was planned to be given to Bucharest underground mainline V (Drumul Taberei – Universitate), to a motorway connecting Bucharest to Brasov and a project for industrial laser at Magurele. A sum of RON 100 million was set aside for the National Theatre House and the investment will be finalised in 2014. In 2013 the public investment projects from the national budget amounted to RON 12 billion and almost RON 6 billion (50 percent) were allocated for the first 20 investment projects. The highest allocations went to the motorways connecting Lugoj to Deva and Cernavoda to Constanta.

Eleven new investment projects are set in the budget on 2014, in total amount of RON 223.8 million, and other RON 2.73 billion will be necessary over the upcoming years to conclude these projects. If there are 375 projects running at central authorities, several thousands projects are running at local authorities, with another prioritization process in store, through the Ministry of Regional Development which benefits from technical assistance from the World Bank to prioritize local projects with low monetary value. This year’s programme also includes other investments spending in total amount of RON 4.87 billion, for which other RON 34 billion are to be allocated in the years to come. Minister Delegate for Budget Liviu Voinea said that he requested a month ago an audit of all buildings of public institutions in Romania as there has never been such a list before which might lead to savings in the Government budget. Voinea initiated the project to prioritize the public investments in December 2012 when he was appointed in the position, a thing he reasserted for this year as well. The reform of the prioritization of public investments is valid for both central and local public investments, companies whose capital is owned by the Government in majority, for self-financed public institutions, for private companies that require Government guarantees and for the public-private partnerships. The previous reports of the World Bank pointed out the inefficient management of the public investment projects as the main cause preventing the substantial increase in the absorption of structural and cohesion funds in Romania.

Romanian employees’ wages, competitive compared to EEC wages

The best paid jobs in Romania are in the fields of engineering and production, banking and financial services, and accounting and insurance, according to a study carried out by Grafton Recruitment, one of the leading European recruitment companies, to assess wage levels in Central and Eastern Europe in the 2013/2014 fiscal year, the only such study conducted in Romania. Romania can take pride in the fact that Automation Engineers have the highest wage in the region, namely EUR 30,000 per year, compared to Turkey – EUR 26,000 per year. In the banking sector, Settlements Managers who work in Romania get paid EUR 67,000/year, whereas in Hungary they earn EUR 60,000, and in Slovakia EUR 36,000. Romania is second place in the banking and insurance ranking with Financial Managers earning EUR 108,000/year and follows Poland, with EUR 145,560/year. Wages in Romania’s IT sector have gone up by 8 percent, as IT Managers get paid a maximum of EUR 53,000/year. IT Managers are best paid in Turkey, namely EUR 70,400/year. Call Center Managers earn EUR 60,000 in Hungary and EUR 23,000 in Romania. Sales and marketing Managers can earn up to EUR 54,600/year in Romania and EUR 114,000/year in Turkey. The Czech Republic dominates the best paid logistics managers ranking with EUR 48,000/year, whereas Turkish managers earn EUR 44,000/year, and Romanian and Slovakian managers get paid EUR 42,000/year. Human Resources Managers with over ten years of experience can earn up to EUR 81,500/year in Poland, EUR 78,000 in Turkey, EUR 72,000 in the Czech Republic, and EUR 54,600 in Romania.

Fitch affirms Romania At BBB-, with stable outlook

Fitch Ratings Friday affirmed Romania’s long-term foreign and local currency ratings at ‘BBB-’ and ‘BBB’, respectively, citing the country’s strong economic growth and its resilience to recent external imbalances. The issue ratings on Romania’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BBB-’ and ‘BBB’, respectively. The Country Ceiling has been affirmed at ‘BBB+’ and the Short-term foreign currency IDR at ‘F3′........ (Full Art. Nine O’Clock 7.03).

MFP borrows RON 700 million in three-year bonds

The Ministry of Public Finance (MFP) has borrowed its target amount of RON 700 million in bonds due in three years at a rate of 4.25 percent, which exceeds the expected rate following February’s bid for the same emission, Mediafax informs. Banks have subscribed a total of RON 1.83 billion. The bonds are due in June, 2017. Public debt administrators attracted RON 800 million – rate of 4.06 percent- at the bid held in February for bonds with the same maturity date. The Ministry has scheduled national currency bonds of RON 2.68 billion in March, in addition to a bid for foreign currency-denominated five-year bonds worth EUR 200 million. Bonds worth approx. RON 5 billion are due next month.

Foreign exchange reserves, down to EUR 31,653 M

National Bank of Romania’s foreign exchange reserves stood at EUR 31,653 M last month, compared to EUR 32,913 M on January 31, 2014, a press release informs. During the month, the EUR 2,374 M inflows have taken place, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the European Commission’s account, inflows into the Ministry of Public Finances’ accounts a.s.o. Also, EUR 3,634 million outflows have taken place, representing changes in the foreign exchange reserve requirements of the credit institutions, interest and principal payments on foreign currency public debt a.s.o. Regarding the interest and principal payments on the foreign currency public debt it includes, mainly, the interest as well as the principal instalments on Romania’s loan from the International Monetary Fund, with the payments totalizing EUR 955 M equivalent. The gold stock remained unchanged at 103.7 tonnes. However, following the change in the international price of gold, its value amounted to EUR 3,207 M. The international reserves of Romania (foreign currencies and gold) on February 28, 2014 stood at EUR 34,860 million, compared to EUR 35,983 million on January 31, 2014. During the month of March 2014, the payments due on public and publicly guaranteed foreign currency denominated debt amount to approximately EUR 490 million.

NOTE: NEWS are from Nine O’Clock , Business Review, Agerpres.


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