• ACEA: Auto market in Romania goes up almost 70pct in August, highest advance in Europe

    New Dacia car registrations in Europe recorded a 39 percent advance in August 2016 compared with August 2015, being the highest growth registered by an automobile manufacturer, reveal the data the European Automobile Manufacturers Association (ACEA) released on Thursday.

    Moreover, ACEA informs that the auto market in Romania increased 68.6 percent in August, having registered the highest percentage growth in Europe, with 12,411 new cars registered compared to 7,362 units in August last year. In comparison, the EU car market last month registered a 10 percent advance and that in Europe a 9.5 percent advance.

    A number of 27,855 Dacia cars were registered last month in Europe (the European Union plus the European Free Trade Association — EFTA countries), increasing 39 percent from the 20,046 units in August 2015, leading to a 3.3 percent market share for Dacia. Moreover, in the first eight months of this year, as many as 289,073 Dacia cars were registered on the market in Europe, 11.1 percent more than in the similar period of last year.

    On a general level, new car registrations in Europe increased 9.5 percent y-o-y in August 2016, due to some two digit advance registered on the markets in Italy and Spain, as well as to the solid low-cost vehicle sales. As many as 855,466 cars were registered last month in the EU and in the EFTA countries (Island, Liechtenstein, Norway and Switzerland), compared to 781,575 cars registered in August 2015.

    ACEA underscores that the performances of August are impressive considering that August is normally one of the weakest months of the year because of the summer holidays. Moreover, the positive results in August come after a 1.4 percent drop in July, when an uninterrupted row of 34 consecutive months of car sale growth ended.

    All European auto markets registered growth in August, with Italy topping the charts, where registrations increased by 20.1 percent, followed by Spain (14.6pct), Germany (8.3pct), France (6.7pct), and the UK (3.3pct). In the first 8 months of the year, the European auto market registered a 7.8 percent advance, with 10.11 million new cars registered in the EU and EFTA countries. More…

  • Cyprus back to growth ahead of programme completion, Finance Minister tells EP

    Cyprus entered its financial adjustment programme while in recession and is about to exit, with its economy back to growth, the Finance Minister of Cyprus Harris Georgiades has told the Cyprus News Agency.

    He was speaking after a meeting, in Brussels, with the European Parliament’s Committee on Economic and Monetary Affairs, where he briefed members on the economic and financial situation in Cyprus, as the country is about to exit from the programme it is implementing since 2013.

    Georgiades told CNA that he had the chance to brief Committee members “on the enormous effort for the adjustment, stabilization and recovery of the Cypriot economy” and “explain that this difficult effort has brought about tangible results”.

    With Cyprus having completed the programme, the country will no longer be included in the list of EU problems but will be in a position to contribute to joint Union goals, the Minister concluded.


  • Bulgarian PM Borissov Not Satisfied with 3% Economic Growth, Hopes for 4.5% in 2016

    Sofia, January 5 (BTA) – Prime Minister Boyko Borissov said here Tuesday that an economic growth of 3 per cent is unsatisfactory and expressed hope for 4.5 per cent this year. He was speaking at the signing of contract for project to be funded under a EU-supported operational programme for innovation and competitiveness. More…Bulgaria_PM

  • RCB CEO stresses need to increase Cyprus’ investment attractiveness

    The need to increase the investment attractiveness of Cyprus was underlined by Dr. Kirill Zimarin, CEO of RCB Bank Ltd at the 3rd Cyprus Banking Forum that took place in Nicosia on Thursday.

    A press release said that addressing a panel discussion of the CEOs of major Cypriot Banks, Dr. Zimarin noted that the lifting of all capital restrictions provided a background for the improvement of the investment climate in Cyprus and has become one of the major driving forces for the expected economic recovery of the country. Dr. Zimarin also referred to the need for new incentives in order to increase the investment attractiveness of Cyprus.

    “An increase of the country’s rating would be the next major driving force in facilitating investment activity in the real market and thus economic growth for Cyprus. To achieve this, the level of NPLs should be decreased dramatically” Dr. Zimarin underlined.

    The CEO of RCB Bank said that resolving the remaining issues in the Cypriot banking sector will strengthen confidence and shall therefore allow for a much needed inflow of investments, thus facilitating economic growth.

  • Romanian GDP up 3.7pct in 9 months

    The Romanian Gross Domestic Product (GDP) was up 3.7 percent in the nine months of this year as compared to last Jan.-Sept., both by gross series and seasonally adjusted series, shows provisional data published by the National Institute of Statistics on Friday.

    The GPD estimated for the first three quarters of this year totalled more than 527.5 billion lei worth of current prices for the seasonally adjusted series and stood at almost 498.48 billion lei for the gross series.

    All the economic sectors contributed to the GDP growth, except for agriculture, forestry and fishery (-0.5pct). Wholesale and retail trade, the repair of vehicles and motorcycles, transport and warehousing, hotels and restaurants made a positive contribution of 1.1 percent, accounting for 16.7 percent of GDP; the activity of such sector expanded 7.1 percent.

    Information and communications contributed 0.8 percent to the GDP growth, with a lower share in the formation of the GDP (6.7pct), but they recorded a significant rise in the volume of activity (12.8pct).

    Industry also made a positive 0.5 percent contribution, accounting for 22.7 percent of the GDP formation, while net product taxes contributed 0.8 percent to the GDP increase and held a 12.6 percent share in the GDP formation.

    In terms of the GDP use, the growth was chiefly the result of the end-consumption spending of the households, the volume of which went up 5.7 percent, contributing 3.5 percent to the GDP growth and of the gross formation of fixed capital with 1.5 percent contribution thanks to 6.8 percent increase in its volume.

    Negative contribution to the GDP growth was made by the net export (-1.0pct), as a result of the 5.7 percent rise in the exports of goods and services correlated with a higher rise in the volume of imports of goods and services at 8.0 percent.

    The GDP in the 3rd quarter was by 1.4 percent larger than in the 2nd quarter, in real terms. The Romanian economy expanded by 3.6 percent as compared to the same quarter in 2014, both by gross and seasonally adjusted series.

    The GDP estimated for the 3rd quarter of 2015 totalled 195.77 billion lei in current prices (gross series), on the rise by 3.6 percent from the 3rd quarter of 2014 in real terms.

    The gross domestic product by seasonally adjusted data was estimated for this 3rd quarter at 178.432 billion lei in current prices, posting a real-term growth of 1.4 percent from the 2nd quarter of 2015 and having expanded by 3.6 percent y-o-y, the Institute data reveals. More…

  • Draft budget: Economy to grow in 2016 based on consumption; domestic demand to contribute 4.7pct to GDP

    The economy will grow next year based on domestic demand, which will contribute 4.7pct compared to a percentage of 4.6pct estimated for 2015, whilst net exports are expected to have a negative contribution of 0.6pct from minus 1pct this year, shows the 2016 draft budget announced by the Public Finance Ministry.

    According to the document, investments next year are estimated to contribute to the GDP usage by 1.4pct, down from 1.6pct in 2015, whilst final consumption will contribute 3.2pct in 2016 from 3pct in 2015.

    At the same time, expenditures related to end-consumption will contribute 2.9pct, according to the draft, up from 2.8pct this year, and government consumption by 0.3pct, also in slight increase from a 0.2pct advance this year. In public administration, consumption is estimated to contribute 2pct, the same as this year.

    As to the GDP formation, the Finance Ministry estimates a contribution of 1.2pct from industries next year, on the rise from their 0.7pct contribution this year. Agriculture will grow from a negative contribution of 0.1pct in 2015 to a positive one of 0.1pct next year.

    The construction sector is included in the GDP growth with a 0.4pct contribution, the same as this year, while services will contribute 1.8pct from 2.2pct in 2015.

    Taxes will contribute to the GDP formation next year by 0.6 percent, slightly higher from 0.5 percent this year.

    According to the draft budget, the economy will advance next year by 4.1pct from a 3.6pct growth in 2015. More…

  • President Anastasiades: Cyprus is entering an era of growth and stability

    Cyprus is entering a new era, an era of growth and prosperity due to the hard work of the people and the responsibility exhibited by the political parties, President of the Republic Nicos Anastasiades has said.

    Addressing the 22nd Annual General Meeting of the Cyprus International Business Association (CIBA), held in Limassol, President Anastasiades underlined that the Association’s members have a significant contribution to the country’s economic stability and growth, through direct job creation and also through activities established to meet the sector’s needs.

    “Your presence in Cyprus, during difficult times, acts as the best token of your trust in the country’s potential and showcases Cyprus abroad as a trustworthy and attractive business centre”, he said.

    At the same time, he pointed out that after almost four years of contraction, the economy is registering positive economic growth from the beginning of this year, a growth stronger than anyone expected. “Our journey along the road to recovery has been faster than anyone could have predicted two and a half years ago,” he added.

    With a restructured and fully recapitalized banking sector –mainly through important international investors-, fiscal imbalances permanently addressed, and with a program of radical structural reforms, Cyprus has returned to the international markets much earlier than any other country under an economic adjustment programme, he said.

    Now, he said, Cyprus proceeds to the next step of supporting growth and creating jobs. “Thus, we are exploring all possible avenues for promoting and supporting new ventures.”

    He noted that opportunities for growth exist in the majority of economic sectors of Cyprus. However, he added, especially today, the discovery of natural gas reserves within Cyprus’ Exclusive Economic Zone (EEZ) creates excellent investment prospects in the energy sector and ancillary services. The emerging oil and gas industry to be established on the island is expected to provide a significant boost to our economy, creating significant growth, he said.

    Finally, President Anastasiades thanked the members of the Association for trusting Cyprus in developing their business operations.

    The speech, on behalf of the President of the Republic, was delivered by the Minister of Transport, Communications and Works Marios Demetriades.


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    Q2 Bulgaria’s GDP Grows 2.2% Y-Y

    Sofia, September 4 (BTA) – In the second quarter of 2015, GDP at  current prices totalled 21,068 million leva, the National Statistical Institute said. In euros GDP amounted to 10,772 million leva, or 1,497 per person. More…

  • PM Ponta: Tax Code implementation would boost job growth

    Prime Minister Victor Ponta says that against the background of an already existing positive trend, the implementation of the measures set forth in the new Tax Code would prompt an even steeper rise in job numbers. More…

  • Flash estimate shows 1.2% GDP growth in 2Q 2015

    A Statistical Service flash estimate published on Friday registered an annual GDP growth at the second quarter of 2015 of 1.2% in real terms.

    Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +0.9%.

    According to the estimate, positive growth rates were recorded in manufacturing, trade, hotels and restaurants, transport, communication, the professional, scientific and technical activities and administrative and support service activities as well as the financial service activities.

    On the contrary, negative growth rates were recorded in construction, electricity, the arts, entertainment and other service activities as well as the activities of households as employers.


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