BNR: Companies sector in Romania is weakly developed compared with the local market size

Companies sector in Romania is weakly developed compared with the local market size and the other socialist European countries, according to a presentation of the vice-governor on National Bank of Romania (BNR), Florin Georgescu.

According to him, there are 2.2 SMEs to one hundred citizens and the EU average is 4.5 firms.

In Czech Republic there are 9.4 SMEs, in Slovakia there are 7.5, in Slovenia 6.4, in Lithuania 5.4, Hungary 5.3, Latvia, Estonia 4.9, Bulgaria 4.4 and Poland 4.1.

Moreover, according to Georgescu, the number of employees at the economy level reduced significantly compared with 1990. In 1990 there were 8.2 million employees, compared with 3.4 million pensioners. In June 2017 there were 4.9 million employees compared with 5.2 million pensioners.

„The work productivity in Romania is at a higher level compared with the costs/working hour registered by the European average. In 2016 the work productivity in Romania represented 31 percent from EU average, a growth by 4 percentage points compared with 2008 and by 5percentage points compared with 2012 after the economic adjustment. Also in 2016 the costs/working hour represented 22 percent from EU average, a growth by 2 percentage points compared with 2008 and by 5 percentage points compared with 2012,” says the vice-governor.

He adds that during 2014-2017, the minimum wage increased in Romania, as well as in the other countries in the region, respectively Czech Republic, Hungary, Slovakia and Poland.