World Meteorological Organisation issues ‘red alert’ on climate crisis

bne IntelliNews March 27, 2024

The UN’s World Meteorological Organisation has issued a “red alert” on the climate crisis, citing unprecedented increases in 2023 in greenhouse gases, land and water temperatures and melting of glaciers and sea ice.

COMMENT: Overheating in Russia and Turkey, but CEE recovering

Ben Aris in Berlin March 27, 2024

The economies of Central and Eastern Europe (CEE), which experienced a period of stagnation last year, are poised for a modest revival in 2024, but both the Russian and Turkish economies are already overheating.

Romania’s budget deficit up sharply as public spending spirals

Iulian Ernst in Bucharest March 27, 2024

The general government budget deficit rose by 70% y/y to €5.8bn, one-third of the full-year deficit target, in the first two months of 2024.

Bank lending loses steam in Romania

Iulian Ernst in Bucharest March 27, 2024

The annual increase of the stock of bank loans in Romania has eased gradually from 6.4% y/y in December to 5.7% y/y in January and 4.9% y/y in February.

Romania's GDP per capita surpassed Hungary's in 2023

bne IntelliNews March 27, 2024

Romania has been catching up with the EU average faster than Hungary, which fell into recession in 2023.

BUCHAREST BLOG: Can Romania’s Klaus Iohannis take the Nato helm?

Clare Nuttall in Glasgow March 26, 2024

Romania’s outgoing president has challenged Dutch PM Mark Rutte, amid a debate over whether the security alliance needs a leader from Eastern Europe.

Penta mulls sale of Fortuna gambling chain

Albin Sybera March 22, 2024

Central Europe's largest betting company reportedly valued at up to €2bn.

European Commission warns Romania risks losing funds over slow reforms

Iulian Ernst in Bucharest March 21, 2024

Officials say they are “very concerned” about fiscal slippage and lack of reform progress.

Romania’s construction index plunges by 14.8% y/y in January

bne IntelliNews March 21, 2024

Slump was deepest for residential construction segment.

Southeast Europe’s major cities are emptying out

bne IntelliNews March 19, 2024

Eurostat data shows fall in populations of biggest urban areas in Bulgaria, Croatia and Romania in last five years.

Russia warns Romania over building “largest Nato military base” in Europe

Iulian Ernst in Bucharest March 19, 2024

Expansion of Romania’s 57 Mihail Kogalniceanu air base on the Black Sea coast is intended to consolidate Nato’s Eastern Flank.

A surprise EU proposal to expand agricultural ”emergency brake” import restrictions will cost Ukraine €1.7bn

Ben Aris in Berlin March 19, 2024

EU countries have overnight agreed to impose new restrictions on Ukrainian agricultural imports that will cost the cash strapped country €1.7bn and hurt its ability to fight the war against Russia.

KYIV BLOG: EU finalises €5bn Ukraine Peace Fund contribution that will see little new money sent to Kyiv

bne IntelliNews March 18, 2024

EU ambassadors agreed to back a new €5bn Ukraine Assistance Fund on March 13, part of the EU's off-budget European Peace Facility (EPF) that is used to partially reimburse member countries for the weapons they provide to Ukraine.

Europe has €56bn shortfall to meet Nato 2% of GDP spending pledge

bne IntelliNews March 18, 2024

European nations within Nato are facing a €56bn shortfall in meeting the alliance's defence spending pledge of 2% of GDP this year, the Financial Times reported on March 16.

Support for Nato membership falls sharply in Southeast Europe

bne IntelliNews March 17, 2024

Under half of Montenegrins now back Nato membership, and only 33% would help another member in case of attack.

Romania’s public debt reaches 48.9% of GDP at end-2023

bne IntelliNews March 15, 2024

Romania's high fiscal deficit is expected to put pressure on the public debt-to-GDP ratio, eventually pushing it above 50%.

Romania’s inflation drops to 7.2% in February

Iulian Ernst in Bucharest March 14, 2024

February's fall in inflation was smaller than expected, increasing uncertainty about future rate cuts.

Romanian President Iohannis confirms bid for top Nato position

Iulian Ernst in Bucharest March 13, 2024

Iohannis stresses unconditional support for Ukraine as he takes on Dutch PM Mark Rutte in race to become next Nato secretary general.

Ukraine becomes world's 4th largest arms importer, European imports soar

bne IntelliNews March 12, 2024

European arms imports were up by 94% in 2019-23, as Ukraine's allies send military aid while also arming themselves, says new SIPRI report.

Construction, ICT and agriculture push Romania’s GDP growth to 2.1% in 2023

Iulian Ernst in Bucharest March 11, 2024

Romania’s economy advanced by 1.1% y/y in the last quarter of 2023 and by 2.1% y/y in the full year.