Bi-Weekly Report 26 January – 8 February 2021


The budget deficit hit a record-high of 9.8% of GDP in FY:20 (up 5.2 pps against the FY:19 outcome), highlighting the weak starting point from which Romania entered the COVID-19 crisis

The budget deficit is set to narrow modestly to a still high 7.2% of GDP in FY:21, suggesting the need for further serious fiscal consolidation

The NBR appears to have limited room for further easing in order to bolster the post COVID-19 recovery



Headline inflation eased to a 4-year low of 0.1% y-o-y at end- 2020 from 3.8% at end-2019, due to weaker domestic demand and lower energy prices

Domestic headline inflation is set to rebound in the period ahead, outpacing that of the euro area

Credit expansion lost steam in 2020 (up 4.5% y-o-y at end-year against 7.4% at end-2019), amid high uncertainty and rising credit risk

The deposit base continued to expand at a solid pace during the pandemic (up 10.2% y-o-y at end-2020)



Bi-Weekly Report 26 January – 8 February 2021

Contact Us

We are always ready to respond to your requests for information or to answer your questions about our products and services.

Request more information

Please complete the following details so we can provide you the information you need. In case of fraud, please contact our call center directly at 210 484 8484.
Optional custom content that replaces the the entire default content.