23
January

The Economy of Romania 2010: Outlook and Forecasts for the Romanian Economy

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What are the prospects for the economy of Romania 2010? Is it realistic for the Romanian economy to recover in 2010? First, Romania-Central will give a short resume of the last year and then present you an economic outlook for Romania 2010. Happy new Year 🙂

Please note that updated, detailed data is linked from the resume below for 2009 or on our Economy page.
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Category : Crisis Romania | Economic Forecast | Economic Outlook | economy | Economy of Romania | News | Blog
23
January

Romania: Unemployment and Employment

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Employment and the unemployment rate in Romania is hard to understand if not related to the general employment structure and other labor market indicators such as the occupation and activity rate or the role of (short term) migration. Even during the hard recession of the nineties and their aftermath official unemployment rates in Romania were relatively low when compared to other Eastern European countries.
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Category : 2009 | 2010 | economy | Economy of Romania | Employment | Labor Market | News | Unemployment Rates | Blog
23
January

Romania: Inflation Rate and Consumer Prices

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The inflation rate in Romania during the 1990ies and the first years of this decade is best to be described as a devastating hyperinflation. Inflation was mainly caused by the Romanian’s incapability to collect taxes (and, hence, financing their immense current spending with Seignorage) and a protective exchange rate regime. The still high inflation rate in the first years after 2000 in Romania was mainly a fading out. However, in recent years Romania joint the regime of inflation targeting and left the days of double-digit inflation behind.
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Category : 2010 | economy | Economy of Romania | Inflation Rate | News | Blog
23
January

Average salaries in Romania belong to the lowest of Europe and even the double digit growth rates experienced during the last years of economic boom did not raise them to an European average level. And: several years of double digit would be needed to achieve a convergence with Western European average salaries. A simple example might illustrate this notion: If we take average industrial labor costs from 2002 for Germany (32 EUR) for Germany and for Romania (1.5 EUR) and make the realistic assumption that labor costs will grow each year by 3% for Germany and the unrealistic assumption that they will grow by 20% for Romania each year a catch up for Romania would have been achieved in 2022. But let’s switch to reality and have a look on real wages in Romania, the average gross salary and average income.
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Category : 2010 | Economic Forecast | Economic Outlook | Employment | Growth | Labor Market | News | Blog
23
January

The GDP of Romania

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The GDP of Romania (per Capita) is among the lowest of the EU, second only to Bulgaria. During the nineties Romania experienced two sharp recessions and recovered only after 2000. Since then, Romania recorded high GDP growth rates until 2008 showing the typical patterns of a catching up economy.

After being hit by the financial crisis in early 2009 (the crisis arrived with some delay in Romania, yet the harder) Romania’s GDP dropped back below the level of 2007 and there are no signs for a quick recovery. An estimate by the CNP expects the GDP of Romania to reach the former level of 2008 between 2011 and 2012, which is pretty much in line with current GDP forecasts from Eurostat.

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Category : Economic Forecast | Economic Outlook | economy | Economy of Romania | GDP Romania | Growth | News | Blog
15
August

Nicolae Grigorescu and the Dawn of Romanian Modern Art

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Nicolae Grigorescu was born in 1938 in the Romanian village Pitaru, county Dâmboviţa. The family relocated to Bucharest soon, though, where he got early in touch with painting. At the age of 10 he started to paint icons. Religious paintings and paintings of monasteries were main topics for a longer time. Only in 1861 he left to Paris and attended the École des Beaux-Arts after obtaining a scholarship. One of his new classmates was by the way Renoir.


Grigorescu however, was impressed by the Barbizon school, fancied en plein air painting (i.e. painting outdoors) and become friend and co-worker with Rousseu, Corot, Courbet and Jean-Francois Millet. His art was appreciated in France (he contributed several paintings in Paris to the Universal Exposition or even the Paris Salon).  Many of Grigurescu’s works were exhibited later in the Romanian Atheneum, Bucharest. Grigorescu dies in 1907.

His style is obviously most close to impressionism. For Romania, Nicolae Grigorescu is one of the most important founders of modern art in Romania. In 1990 a Metrou Station in Bucharest was renamed to Nicolae Grigorescu.

See the gallery below for some of his paintings…
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Category : Art | Romanian Painters | Blog
14
August

Romanian Culture

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When it comes to the culture of Romania most people will think first of folklore, and even Romanians sometimes tend to do so. Then again culture always means much more than just folklore, traditional costumes, fancy dances and some hand-painted Easter eggs. This for Romania-Central has opened a new section where resources on the culture of Romania will be posted and collected. This post is the start of the new series and a short introduction about the articles to come.


Of course, folklore has its place in every culture and the Romanian culture has especially rich folklore and traditions. But Romania has also a literature, famous writers and poets, musicians – both classic and popular. Romania has its own painters which contributed to modern European art, Romania has a very amazing cinematographic scene and famous sportsmen.

What makes Romania’s culture in particular interesting are the various influences Romania was exposed to during history and which had their impact. For a long time there were strong Slavic influences, as well as the impact of the Byzantine Empire, later on followed by the Ottoman Empire. However, the Romanian style was always unique. Later on, Western influences prevailed, especially France was an important cultural partner.

However, culture began to consolidate significantly after 19859 when Wallachia and Moldovia united. New universities were established in Bucharest and Iaşi. Several cultural establishments should follow.

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Category : Articles | Culture of Romania | Blog
18
March

Romania entering Recession due to the financial Crisis?

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Not one year ago, growth prospects for the GDP in Romania were rather optimistic, several forecast institutions predicted GDP growth to be much above the EU-Average for 2009 and even onwards. With some delay, after the breakout of the fincial crisis GDP growth estimations for Romania were gradually downsized.

Update Note: a Resume of 2009 and data for the economy of Romania in 2010 is available here.
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Category : 2009 | Crisis Romania | Economy of Romania | News | Blog
10
March

When talking about the public debt and external debt of Romania we have to face a twofold truth. First: the public debt of Romania is rather low, by both interational and European standards. The same is true, second, for external debt. On the other hand, newspapers all over the world report currently that Romania is in danger of national bankruptcy and might need external help to avoid default. The International Monetary Fund, IMF, and the EU are said to be the fitting institutions in this regard. Joaquin Almunia declared already that the EU is ready to assist Romania with a loan if needed to avoid national insolvency. So, the question is, how comes, that Romania seems to enter again into financial troubles? Is it all the fault of the financial crisis?
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Category : 2009 | Crisis Romania | Economy of Romania | News | Politics of Romania | Blog
22
February

The Economy of Romania in and after 2009

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Though the future prospects for the economy of Romania looked quite fine during 2008 the question now is how will Romania proceed in 2009 and thereafter?

Update note: data for the Romanian economy 2010 is available now!
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Category : 2009 | Crisis Romania | Economy of Romania | News | Politics of Romania | Blog
24
October

Romania Central News

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This category of Romania Central is meant to monitor Romanian newspapers and media and to provide you continuously with a fresh overview on the news from Romania and news concerning Romania.


Hence, also some foreign newspapers, articles or other media might be cited and discussed here if they privide useful information on Romania.

Feel free to send the Romania Central Team any suggestions and enjoy reading!

Category : News | Blog