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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
Although quite different in terms of political and economic systems, the Emerging Europe countries share certain similarities when it comes to their demographic situation and health profile. With the exception of Turkey, whose average birth rate is ...
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Accounting for 3% of total GVA of the economy in 2018, the financial intermediation and insurance sector in Romania is still underdeveloped by EU standards (4.8% for the EU28). The banking sector, which represents about 75% of the financial system, ...
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In 2018, agriculture, forestry and fishing in Romania constituted 4.8% of the nominal GVA of the economy. The agricultural output value reached a record high of RON 90.2bn, up by 14.9% y/y. Animal production value was up by 5.5% y/y, while crop ...
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Romania is EU’s third largest natural gas and the fifth largest crude oil producer. The crude oil and natural gas production value came in at RON 17.8bn in 2018, or 19% of the country’s GDP at current prices. The sector provided ...
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The Emerging Europe region as covered by the scope of the report consists of Russia, Romania, Turkey, Poland, Hungary and the Czech Republic (listed in order from the largest to thesmallest oil producers). In terms of their importance on the natural ...
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In 2017, amidst a buoyant economic growth - 6.9% real GDP growth, amongst the highest in EU28 – the construction output started recovering from the 2016 decrease and was up by 3.8% y/y to RON 70.2bn or EUR 15.4bn. Construction gross value added ...
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Proximity to Western European markets, low-cost skilled labour and favourable investment environment have turned Emerging Europe into a preferred location for major automotive producers and helped the region claim an increasing share of the global ...
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The insurance sector in Romania remained underdeveloped in 2017. Insurance penetration, measured by the ratio of gross written premium (GWP) to GDP, was only 1.1% for the whole sector in 2017, versus 1% in 2016. The sector’s GWP came to RON 9 ...
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The automotive industry is a strategic sector for the Romanian economy. In 2016, the manufacture of motor vehicles and other transport equipment (which includes the production of both vehicles and car components) generated 3% of total gross value ...
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Romania has significant oil and natural gas reserves and new ones are still being developed. The country is the third largest crude oil and natural gas producer within the EU and could play a vital role as a southeast Europe gas supplier, helping to ...
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