BANCI | ENGLISH

Garanti Bank revised upwards Romanian GDP growth to 3% in 2015 and 3.5% in 2016

Autor: Bancherul.ro
2015-08-21 12:50

Garanti Bank revised its Romanian GDP growth forecasts upwards, to 3% in 2015 and 3.5% in 2016, according to the bank’s Quarterly Macroeconomic Report, corresponding to the second quarter of 2015, said the bank in a statement.

Garanti Bank’s estimations for 2015 and 2016 are based on the sizable fiscal relaxation planned through the new fiscal code. The VAT cut on food products, from 24% to 9%, is expected to further boost consumption and economic growth. The fiscal stimulus generated by the tax reduction will be especially visible in 2016, adding 0.7 percentage points to GDP.

The first quarter GDP growth came out beyond expectations at 4.3% yoy.

“The growth is broad-based on all sectors of activity, like industry, services, trade, transportation and constructions. The figures are confirming our optimistic outlook regarding the good economic performance in the next couple of years”, stated Ufuk Tandogan, CEO Garanti Bank.

The IT sector, the fastest growing component of GDP in 2014, registered a 24% growth in the first three months, and has a significant potential this year as well. Garanti Bank estimates that IT will be one of the main drivers for further economic development.

Furthermore, the added value in constructions grew by 6.1% in the first quarter, as compared to the same period last year, driven by the buildings segment, while transportation advanced by 10.7% year on year, nearly twice faster than in the previous quarter. Expectations for 2016 are positive in terms of the construction segment and investments in infrastructure.

The National Bank of Romania should keep the key interest at 1.75% for the rest of the year, according to the quoted Macroeconomic Report. Garanti Bank foreseesa possible new reduction at the beginning of 2016, when inflation should decrease again due to the VAT cut.

Moreover, Garanti Bank specialists estimate a budget deficit of 2% this year and of 2.9% in 2016.

Next year, when general VAT drops 5 percentage points, the budget deficit can come under 3%, according to the Macroeconomic Report, provided that the collection performance is kept as up to now and spendings are carefully watched.

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Merger of Alpha Bank and UniCredit Bank Romania

Press Release: "Alpha Services and Holdings announces a strategic partnership with UniCredit in Romania Merger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by total assets, with Alpha Bank retaining a detalii

National Bank of Romania (NBR) Board decisions on monetary policy

NBR Board decisions on monetary policy In its meeting of 4 April 2023, the Board of the National Bank of Romania decided: • to keep the monetary policy rate at 7.00 percent per annum; • to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; • to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions. The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and detalii

ING posts 2022 net result of €3,674 million, dividend of €0.389 per share

ING press release: ING posts FY2022 net result of €3,674 million,
proposed final 2022 dividend of €0.389 per share

4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%
•
Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income
•
Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter
•
Risk costs declined to 17 bps of average customer lending

Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits
•
On a full-year basis, our primary customer base grew by 585,000 detalii

BT Financial Results as at 30 September 2022

BT Financial Results as at 30 September 2022 Banca Transilvania – sustained growth in customers and operations during the first nine months of the year "We continued our robust growth in the number of clients and transactions, with a dynamic well above the market average. We have been growing steadily and continued financing companies and individuals, despite the fact that the financial market is more fraught with uncertainty than ever and
the funding costs and capital requirements are additional factors driving the uncertainty in the economy. We remain committed to our objective - to be the main supporter of the economy and of the state for the development of Romania", states Mr. Ӧmer Tetik, Chief Executive detalii

Vezi toate stirile

24.11.2024

1 EUR = lei
1 USD = lei

Sursa BNR

Profil de Bancher

Paul Ichim, Vicepresedinte
EximBank

Vicepresedinte al EximBank din martie 2009, Paul ... vezi profil

Toate Profilele

Profil de Banca

Banca Transilvania

vezi detalii

Toate Bancile

Filmul Parking, un cliseu plictisitor

Toate stirile

ING Bank

Toate stirile

Ultimele Comentarii

plati online
ING respinge in mod constant platile facute online cu cardurile ... detalii
!
Greu cu limba romana! Ce legatura are cuvantul "ecosistem" din limba romana cu sistemul de plati ... detalii
Bancnote vechi
Am 2 bancnote vechi:1-1000000lei;2-5000000lei Anul ... detalii
Bancnote vechi
Numar de ... detalii
Bancnote vechi
Am 3 bancnote vechi:1-1000000lei;1-5000lei;1-100000;mai multe bancnote cu eclipsa de ... detalii

Nume	*
E-mail	*
E-mail prieten	*
Mesaj
Cod validare	*
	Tastati codul din imagine (doar cifre)
	195.154.184.126