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ROMANIA. MACROECONOMIC DATA. DRUMURI EUROPENE. Clasa A: E58 : (Austria, Slovacia, Ucraina) – Halmeu – Baia Mare - Dej – Bistrița – Suceava – Botoșani – Târgu Frumos – Iași – Sculeni – (Republica Moldova, Ucraina, Rusia)
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ROMANIA MACROECONOMIC DATA
DRUMURI EUROPENE • Clasa A: • E58: (Austria, Slovacia, Ucraina) – Halmeu – Baia Mare - Dej – Bistrița – Suceava – Botoșani – Târgu Frumos – Iași – Sculeni – (Republica Moldova, Ucraina, Rusia) • E60: (Franța, Elveția, Austria, Ungaria) – Borș – Oradea – Cluj-Napoca – Turda – Târgu-Mureș – Brașov – Ploiești – București – Urziceni – Slobozia – Constanța • E68: (Ungaria) – Nădlac – Arad – Deva – Sebeș – Miercurea Sibiului – Sibiu – Brașov • E70: (Spania, Franța, Italia, Slovenia, Croația, Serbia) - Timișoara – Drobeta-Turnu Severin – Craiova – Alexandria – București – Giurgiu – (Bulgaria, Turcia, Georgia) • E79: (Ungaria) – Borș – Oradea – Beiuș – Deva – Petroșani – Târgu Jiu – Filiași – Craiova – Calafat – (Bulgaria, Grecia) • E81: (Ucraina) – Halmeu – Livada - Satu Mare – Zalău – Cluj-Napoca – Turda – Sebeș – Miercurea Sibiului – Sibiu – Pitești – București - Constanța • E85: (Lituania, Belarus, Ucraina) – Siret – Suceava – Roman - Bacău – Buzău – Urziceni – București – Giurgiu - (Bulgaria, Grecia) • E87: (Ucraina) – Galați – Brăila – Tulcea – Constanța – Vama Veche – (Bulgaria, Turcia)
Macro indicators • GDP growth rate reached 2.4% y/y in 1H14, after a deceleration in economic activity in 2Q14 to 1.2% y/y (-1.0% q/q) from 3.9% y/y in 1Q14, prompting revisions in 2014 full year GDP growth expectations to below 3%. • Public budget deficit at 7M14 remained at a very low level (0.2% of GDP), boding well for another year on target (RON14.8bn or 2.2% of GDP). • Inflation pressures subsided significantly (1.0% y/y in July), but headline CPI is expected to increase in the second half of the year, towards the 2-2.5% level (C-Bank end-2014 projection: 2.2%), reflecting the dissipation of the favorable statistical base effect experienced in 1H14. • NBR resumed the easing cycle in August (with a 25bps cut in the key rate to 3.25%), and at least one more rate cut is expected by the end of the year. • The EURRON exchange rate remains sensitive to changes in investor’ sentiment, mostly through the channel of transactions of non-residents in RON T-securities.
