Romania
Romania, a developing country in Eastern Europe, has shown resilience despite numerous challenges. The nation's economy is diverse, with strong sectors in services, industry, and agriculture. Economic growth is expected to pick up in the coming years, supported by ongoing reforms and investments.
In 2023, Romania's GDP grew by 2.1%, driven by private consumption and public investment. The economy is projected to accelerate to 3.3% in 2024, supported by higher real disposable incomes and robust public investments, despite weaker external demand from main EU trading partners.
Inflation in Romania is projected to decline from 9.7% in 2023 to 5.9% in 2024, and further to 4% in 2025, as global commodity prices stabilize. The unemployment rate is expected to remain relatively stable, around 5.5% in 2024.
Romania's fiscal deficit is expected to increase to 6.9% of GDP in 2024, driven by high government spending, particularly on public wages and pensions. The debt-to-GDP ratio is forecast to reach 50.9% in 2024, reflecting the need for fiscal consolidation and efficiency improvements.
Top banks
Banca Transilvania
Banca Transilvania is one of the largest banks in Romania, offering a wide range of financial services to individuals and businesses.
BRD - Groupe Société Générale
BRD provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
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Banca Comercială Română (BCR)
BCR is a significant player in the Romanian banking sector, offering various financial services and maintaining a strong market presence.
UniCredit Bank Romania
UniCredit Bank Romania offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Concluding remarks
Romania's economy is poised for recovery, supported by a diverse payment landscape and ongoing economic reforms. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Numerar)
Cash remains a widely used payment method in Romania, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash is still a significant part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive in Romania, with major card networks like Visa, MasterCard, and Maestro widely accepted. The adoption of contactless payment methods is growing, driven by convenience and technological advancements.
Bank Transfers (Transferuri Bancare)
Bank transfers are commonly used for larger transactions, such as rent payments and business dealings. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, despite Romania not using the euro.
Mobile Payments
Mobile payment options, including Apple Pay, Google Pay, and local apps like BT Pay and Pago, are gaining popularity. These methods offer a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and PayU are widely used for eCommerce transactions. They provide secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards are used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Romania, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, but widespread acceptance is still in its early stages.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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