The NBR specialists highlight the key quantifiable coordinates of the developments in Romania’s economy and of the broader context of European and global economic policies.
- The Economic@BNR project, initiated and coordinated by Deputy Governor Cosmin Marinescu, is meant to prepare and present studies and analyses on various topics, for a deeper insight, from the perspective of public policies and the substantiation of economic policy decisions, into topical matters of interest to Romania also in the context of global developments.
- The “European Romania – developments, progress, challenges” study, released today, 28 April 2025, opens the series of topical analyses depicting the dynamics of over 100 specific indicators, representative for the national development priorities in the past 20 years. The comprehensive analysis of national developments, including regional and European comparative assessments, reflects Romania’s progress and benefits as a European Union Member State, while pointing out the challenges Romania has to face over the upcoming years.
The National Bank of Romania (NBR) launches the Economic@BNR project, a research and analysis platform on relevant economic topics for Romania, also from the perspective of the objectives undertaken at national level regarding the development of economic and financial education. The purpose of the initiative is to facilitate communication, debate and the in-depth approach to topical matters concerning relevant developments in terms of national, European and global policies.
The current context, characterised by multiple uncertainties and constraints from an economic perspective, both in terms of economic disequilibria and as regards the technical solutions, is indicative of an exponential increase in the volume of specific data and information, and therefore in the complexity of economic policy decisions as well.
Through the Economic@BNR project, the NBR pursues a proactive involvement in communicating – to the public at large and economic policymakers alike – the main coordinates of the developments, progress, risks and vulnerabilities specific to both the Romanian economy and the European and international context in which it operates.
The Economic@BNR project will see the launch of topical analyses and studies, as well as events such as conferences, presentations, roundtables, and financial education workshops for debating and sharing insights on matters of interest and relevant developments together with the NBR specialists.
European Romania – developments, progress, challenges
The first study carried out under the Economic@BNR project is entitled “European Romania – developments, progress, challenges” and comprises a series of comprehensive charts, based on the analysis of over 100 specific indicators – economic and social, micro and macroeconomic, quantitative and qualitative, structural and sectoral, performance- and outcome-related.
The analysed indicators focus on Romania’s quantifiable progress and benefits associated with the EU membership, at national level and compared to other countries, particularly Central and East European countries, but also to EU Member States overall. In addition to the economic dynamics and different sectoral developments, the study also highlights specific aspects concerning the access to finance, energy mix, transport and communication infrastructures, health and education systems, taxation, external imbalances, as well as aspects related to the perception of the quality of life, confidence and quality of governance.
The developments underlined in this study are associated with key concepts and analysis venues, based on which the study is structured into five sections:
- Growth, Convergence, Competitivity, Resilience;
- Companies, Financing, Energy, Infrastructure;
- Labour, Employment, Unemployment, Productivity;
- Quality of life, Inequalities, Social inclusion, Life expectancy; and
- European funds, Cohesion, Regional development, NRRP investment and reforms.
The study highlights, as conclusions, instances of the notable progress recorded over the past two decades, namely:
- Romania saw the fastest advance in the EU in terms of real convergence, the current level of GDP per capita at PPS standing at over 75 percent of euro area average, given that economic growth was generally above the EU average.
- The share of Romania’s foreign trade relative to economic activity recorded upward trends, with medium and high-tech exports witnessing a visible and sizeable growth rate amid investments in economic modernisation.
- Foreign direct investment, coming mostly from EU countries, particularly in industry, banking sector, trade and services, made a significant contribution to job creation, use of advanced technology and increase in productivity.
- The gradual narrowing of the informal economy as a share of GDP helped create better working conditions for employees and easier access of households to several financing sources.
- The Romanian banking sector has further improved its resilience to shocks and capacity to finance the economy, with both solvency and liquidity indicators standing significantly above the EU averages.
- Looking at the energy sector, Romania boasts major competitive advantages in the region thanks to its lowest energy dependency rate regionally, making significant progress on the efficiency of using primary energy sources.
- With a total net benefit of approximately EUR 70 billion for Romania, the European funds remain a source for financing major investments in economic modernisation and reforms necessary to increase the quality of governance and government policies.
“As far as Romania is concerned, its accession to the European Union was a crucial step, which considerably influenced the country’s development path. Solid progress in the economic, social and institutional areas over the past decades shows that Romania has steered rather well through the opportunities and challenges of EU membership. Pursuing the modernisation path and properly managing current risks and challenges requires a qualitative leap forward in public policies and economic governance in the coming years”, Cosmin Marinescu, NBR Deputy Governor, underlined, while emphasising that joining the OECD and the euro area and consolidating its NATO position are options with undeniable advantages for Romania. Given the dynamics of the new global trade context, the consolidation and expansion of international partnerships, particularly in fields such as nuclear power, defence industry and advanced technology, remain a key factor.
At the same time, the conclusions of the study point to the following main current challenges:
- Burden of twin deficits – budget deficit and external imbalances, calling for the consistent adoption of adjustment and rearrangement measures for the fiscal-budgetary framework, in order to restore macroeconomic equilibria and ensure sustainability,
- Low level of financial intermediation, a key element for raising it being the further shift of the economy towards a high value-added one, including via the substantial use of European funds,
- Markedly upward path of public debt in recent years, which underlines the need for strong and sustainable fiscal consolidation,
- Need to catch up with the countries in the region and the European average in terms of transport infrastructure (both road and railroad networks), developments that are in close connection with EU funds absorption.
“European Romania – developments, progress, challenges” is the first study carried out under the Economic@BNR project, a context in which the National Bank of Romania intends to bring equally important topics to the attention of the interested parties in the future as well.
For more details about the indicators under review, please see the study entitled European Romania – developments, progress, challenges.