-
Romania – real convergenceon the way to euro adoption
Ionut DumitruPresident of the Fiscal Council and
Chief-economist, Raiffeisen Bank Romania
June 2014
Romania – real convergenceon the way to euro adoption
Ionut DumitruPresident of the Fiscal Council and
Chief-economist, Raiffeisen Bank Romania
June 2014
-
Eurozone enlargement – current status
Initial target Date of setting the target Current targetBulgaria
2010 2004 no target dateCroatia 2019 no target dateCzech Republic
2009/2010 2003 no target dateHungary 2008 2003 no target
dateLithuania 2007 2004 2015Poland 2008/2009 2003 no target
dateRomania 2014 2007 2019Denmark no target not obliged to
joinSweden no target de facto opt-outUnited Kingdom no target not
obliged to join
Source: European Commission
Initial target Date of setting the target Current targetBulgaria
2010 2004 no target dateCroatia 2019 no target dateCzech Republic
2009/2010 2003 no target dateHungary 2008 2003 no target
dateLithuania 2007 2004 2015Poland 2008/2009 2003 no target
dateRomania 2014 2007 2019Denmark no target not obliged to
joinSweden no target de facto opt-outUnited Kingdom no target not
obliged to join
-
Public policies make a difference
27.024.4
41.2
30.8
41.4
58.3
42.1
46.5
57.8
28.3
22.3
47.1
20
25
30
35
40
45
50
55
60
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
GDP per capita in PPS(% of average for Germany and France)
Bulgaria Poland Hungary Romania
Source: European Commission
27.024.4
41.2
30.8
41.4
58.3
42.1
46.5
57.8
28.3
22.3
47.1
20
25
30
35
40
45
50
55
60
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
GDP per capita in PPS(% of average for Germany and France)
Bulgaria Poland Hungary Romania
-
Real convergence: not a one way street
50
60
70
80
90
100
110
120
130
140
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
GDP per capita in PPS(% of average for Germany and France)
Italy Ireland Portugal Spain Greece
Source: European Commission
50
60
70
80
90
100
110
120
130
140
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
GDP per capita in PPS(% of average for Germany and France)
Italy Ireland Portugal Spain Greece
-
Euro area enlargement: euro adoptedrecently only by small
countries
0
2
4
6
8
10
12
14
Ma
lta
Cy
pru
s
Esto
nia
Latv
ia
Slo
ven
ia
Slo
vak
ia
Ro
ma
nia
Lith
ua
nia
Bu
lga
ria
Hu
ng
ary
Cze
ch R
epu
blic
Po
lan
d
Po
rtu
ga
l
Gre
ece
Spa
in
Stable population in 2013 (% of Euro area)
Gross domestic Product in 2013 (% of Euro area)
Euro adoption years:
2007: Slovenia
2008: Malta, Cyprus
2009: Slovakia
2011: Estonia
2014: Latvia
Source: European Commission, Eurostat
0
2
4
6
8
10
12
14
Ma
lta
Cy
pru
s
Esto
nia
Latv
ia
Slo
ven
ia
Slo
vak
ia
Ro
ma
nia
Lith
ua
nia
Bu
lga
ria
Hu
ng
ary
Cze
ch R
epu
blic
Po
lan
d
Po
rtu
ga
l
Gre
ece
Spa
in
Stable population in 2013 (% of Euro area)
Gross domestic Product in 2013 (% of Euro area)
Euro adoption years:
2007: Slovenia
2008: Malta, Cyprus
2009: Slovakia
2011: Estonia
2014: Latvia
-
Euro area enlargement: deep foreign tradeintegration for Euro
area late comers
0
20
40
60
80
100
120
Spa
in
Po
rtu
ga
l
Gre
ece
Slo
ven
ia
Cy
pru
s
Ma
lta
Slo
vak
ia
Esto
nia
Latv
ia
Ro
ma
nia
Lith
ua
nia
Bu
lga
ria
Hu
ng
ary
Cze
ch R
epu
blic
Po
lan
d
1999 2001 2007 2008 2008 2009 2011 2013 2013 2013
Exports of goods and services (% of GDP)
Exports towards EU member countries (% of GDP)* Exports towards
non EU member countries (% of GDP)*
Total exports of goods and services in 2013 (% of GDP)
Source: European Commission, Eurostat, Raiffeisen RESEARCH
0
20
40
60
80
100
120
Spa
in
Po
rtu
ga
l
Gre
ece
Slo
ven
ia
Cy
pru
s
Ma
lta
Slo
vak
ia
Esto
nia
Latv
ia
Ro
ma
nia
Lith
ua
nia
Bu
lga
ria
Hu
ng
ary
Cze
ch R
epu
blic
Po
lan
d
1999 2001 2007 2008 2008 2009 2011 2013 2013 2013
Exports of goods and services (% of GDP)
Exports towards EU member countries (% of GDP)* Exports towards
non EU member countries (% of GDP)*
Total exports of goods and services in 2013 (% of GDP)
* computed in the year of Euro adoption for new Euro area member
countries and in 2013 for non Euro area member countries
-
Euro area enlargement: high GDP per capitaat the moment of euro
adoption
81
6974
7984
73
6559 60
Spa
in
Po
rtu
ga
l
Gre
ece
Slo
ven
ia
Cy
pru
s
Ma
lta
Slo
vak
ia
Esto
nia
Latv
ia1999 2001 2007 2008 2008 2009 2011 2014
GDP per capita in PPS as % of Germany+France inthe year of
accession in Euro area
Source: Eurostat, Raiffeisen RESEARCH
81
6974
7984
73
6559 60
Spa
in
Po
rtu
ga
l
Gre
ece
Slo
ven
ia
Cy
pru
s
Ma
lta
Slo
vak
ia
Esto
nia
Latv
ia1999 2001 2007 2008 2008 2009 2011 2014
GDP per capita in PPS as % of Germany+France inthe year of
accession in Euro area
-
Real convergence in Romania by 2019:some scenarios
Reference period Romania Germany+France2001-2008 12.0
2.92001-2013 8.4 2.42006-2013 7.5 2.12009-2013 2.9 1.42011-2013 4.5
2.3
Scenarios for period 2014-2019
GDP per capita inRomania in 2019 (% of
Germany and France)
Scenario 1 4.5 2.0 54Scenario 2 6.0 2.0 59Scenario 3 7.0 2.0
63
GDP per capita at PPS (%yoy, average for period)
54
47
59
63
20
30
40
50
60
70
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
GDP per capita at PPS in Romania(% of Germany+France)
Scenario 1: +3.0% per year growth in GDP per capita at PPS
Scenario 2: +4.5% per year growth in GDP per capita at PPS
Scenario 3: +6.0% per year growth in GDP per capita at PPS
Source: European Commission, Eurostat, own computation
Reference period Romania Germany+France2001-2008 12.0
2.92001-2013 8.4 2.42006-2013 7.5 2.12009-2013 2.9 1.42011-2013 4.5
2.3
Scenarios for period 2014-2019
GDP per capita inRomania in 2019 (% of
Germany and France)
Scenario 1 4.5 2.0 54Scenario 2 6.0 2.0 59Scenario 3 7.0 2.0
63
GDP per capita at PPS (%yoy, average for period)
Real GDP should grow by at least 4% onaverage per year to be in
Scenario 2.
54
47
59
63
20
30
40
50
60
70
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
GDP per capita at PPS in Romania(% of Germany+France)
Scenario 1: +3.0% per year growth in GDP per capita at PPS
Scenario 2: +4.5% per year growth in GDP per capita at PPS
Scenario 3: +6.0% per year growth in GDP per capita at PPS
-
Scarce net inflows of foreign capital toprivate sector, slow
recovery pace
-10
-5
0
5
10
15
20
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
Net FDIs (% of GDP)
Net loans, deposits (% of GDP)
Total inflows of foreign capital in private sector (% of
GDP)
-9
-6
-3
0
3
6
9
12
02
Q1
03
Q1
04
Q1
05
Q1
06
Q1
07
Q1
08
Q1
09
Q1
10
Q1
11
Q1
12
Q1
13
Q1
14
Q1
Real GDP excluding agriculture (% yoy)
7.3% per year
2.1% per year
Source: National Bank of Romania, National Institute of
Statistics
Note: net inflows of foreign capital in the private sector;
portfolioinflows excluded
-10
-5
0
5
10
15
20
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
Net FDIs (% of GDP)
Net loans, deposits (% of GDP)
Total inflows of foreign capital in private sector (% of
GDP)
-9
-6
-3
0
3
6
9
12
02
Q1
03
Q1
04
Q1
05
Q1
06
Q1
07
Q1
08
Q1
09
Q1
10
Q1
11
Q1
12
Q1
13
Q1
14
Q1
Real GDP excluding agriculture (% yoy)
7.3% per year
2.1% per year
-
Much stronger progress in absorptionof EU funds is needed
8579
71 6964 62
57 53 5245
Esto
nia
Lith
ua
nia
Po
lan
d
Latv
ia
Slo
ven
ia
Hu
ng
ary
Cze
ch R
epu
blic
Slo
vak
ia
Bu
lga
ria
Ro
ma
nia
Money paid by European Commission (% of totalallocations
2007-2013)
40.2
33.9
Ap
r-1
4
Ma
r-1
4
Dec
-13
Sep
-13
Jun
-13
Ma
r-1
3
Dec
-12
Sep
-12
Jun
-12
Ma
r-1
2
Dec
-11
Sep
-11
Jun
-11
Ma
r-1
1
Romania: progress with absorbption ofEU Structural Funds
Payments to final beneficiaries, including advances (% oftotal
allocations for 2007-2013)
Interim (recognized) payments from the EU (% of totalallocations
for 2007-2013)
Utilizarea Fondurilor Structurale permite (1) cresterea
potentialului de crestere economica si (2)acoperirea necesarului de
finantare externa al tarii
Source: European Commission
Note: Transfers refer both to interim (recognized)payments and
advances; most recent data madepublic by the European Commission;
Data refer to15 April 2014
8579
71 6964 62
57 53 5245
Esto
nia
Lith
ua
nia
Po
lan
d
Latv
ia
Slo
ven
ia
Hu
ng
ary
Cze
ch R
epu
blic
Slo
vak
ia
Bu
lga
ria
Ro
ma
nia
Money paid by European Commission (% of totalallocations
2007-2013)
40.2
33.9
Ap
r-1
4
Ma
r-1
4
Dec
-13
Sep
-13
Jun
-13
Ma
r-1
3
Dec
-12
Sep
-12
Jun
-12
Ma
r-1
2
Dec
-11
Sep
-11
Jun
-11
Ma
r-1
1
Romania: progress with absorbption ofEU Structural Funds
Payments to final beneficiaries, including advances (% oftotal
allocations for 2007-2013)
Interim (recognized) payments from the EU (% of totalallocations
for 2007-2013)
-
Potential agricol ridicat...
0
2
4
6
8
10
12
14
16
18
20
Fra
nta
Ger
ma
nia
Spa
nia
Po
lon
ia
Ro
ma
nia
Ita
lia
Ma
rea
Bri
tan
ie
Un
ga
ria
Bu
lga
ria
Sued
ia
Ceh
ia
Da
nem
arc
a
Suprafata arabila in 2010 (milioane hectare)
0
1
2
3
4
5
6
7
8
9
10
Fra
nta
Po
lon
ia
Ger
ma
nia
Spa
nia
Ro
ma
nia
Ita
lia
Ma
rea
Bri
tan
ie
Un
ga
ria
Bu
lga
ria
Da
nem
arc
a
Ceh
ia
Litu
an
ia
Suprafata cultivata cu cereale in 2010(milioane hectare)
Romania ocupa un loc
important in Uniunea
Europeana din punct de
vedere al suprafetelor
agricole si al ocuparii in
agricultura
0
2
4
6
8
10
12
14
16
18
20
Fra
nta
Ger
ma
nia
Spa
nia
Po
lon
ia
Ro
ma
nia
Ita
lia
Ma
rea
Bri
tan
ie
Un
ga
ria
Bu
lga
ria
Sued
ia
Ceh
ia
Da
nem
arc
a
Suprafata arabila in 2010 (milioane hectare)
0
1
2
3
4
5
6
7
8
9
10
Fra
nta
Po
lon
ia
Ger
ma
nia
Spa
nia
Ro
ma
nia
Ita
lia
Ma
rea
Bri
tan
ie
Un
ga
ria
Bu
lga
ria
Da
nem
arc
a
Ceh
ia
Litu
an
ia
Suprafata cultivata cu cereale in 2010(milioane hectare)
Romania ocupa un loc
important in Uniunea
Europeana din punct de
vedere al suprafetelor
agricole si al ocuparii in
agricultura
Sursa: Eurostat, Institutul National de Statsitica , Raiffeisen
RESEARCH
0
1
2
3
4
5
6
7
RO BG LV HU HR EE LT PL GR SK SL FI CY ES
VAB in agricultura in 2013 (% din totalVAB in economie )
Medie UE =1.7
0
5
10
15
20
25
30
35
RO BG PL GR PT LT SL LV HU IE EE FI AT ES CY
Populatia ocupata in agricultura in 2012
Salariati (% din total persoane ocupate in economie)
Auto-ocupare (% din total persoane ocupate in economie)
UniuneaEuropeana =5.2%
-
... dar insuficient valorificat - problemestructurale in
agricultura
0
10
20
30
40
50
60
70
80
90
100
RO GR SL HR IT PL LT PT
HU
BG ES AT
LV NL
CH EE SK NO SE FR FI IE DE
UK CZ
DK
Structura suprafetei agricole utilizata dupamarimea exploatatiei
in 2010 (% din total)
Peste 50 ha
20-50 ha
10-20 ha
5-10 ha
0-5 ha
Impact puternic al conditiilor climaterice asupra productiei
agricole Segmentare importanta a exploatatiilor agricole (lipsa
cadastrului) Agricultura de subzistenta detine o pondere importanta
Romania este importator net de produse agroalimentare (exclusiv
cereale)
80
85
90
95
100
105
110
115
120
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
Valoarea adaugata bruta in agricultura (termeni
reali,2003=100)
Medie 1995-2013
0
10
20
30
40
50
60
70
80
90
100
RO GR SL HR IT PL LT PT
HU
BG ES AT
LV NL
CH EE SK NO SE FR FI IE DE
UK CZ
DK
Structura suprafetei agricole utilizata dupamarimea exploatatiei
in 2010 (% din total)
Peste 50 ha
20-50 ha
10-20 ha
5-10 ha
0-5 ha
Sursa: Eurostat, Institutul National de Statsitica , Raiffeisen
RESEARCH
80
85
90
95
100
105
110
115
120
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
Valoarea adaugata bruta in agricultura (termeni
reali,2003=100)
Medie 1995-2013
-
Cresterea eficientei cheltuielilor de investitiipublice este
absolut necesara
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
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Fran
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Swed
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EU 2
8
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8
Norw
ay
Italy
Finl
and
Unite
d Ki
ngdo
m
Germ
any
Denm
ark
Belg
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Aust
ria
Cheltuieli publice de investitii (% din PIB, medie anuala,
2000-2013) Cheltuieli publice de investitii (% din veniturile
bugetare, medie anuala,2000-2013)
0
1
2
3
4
5
6
7
DE FR UK NL ES LU AT
DK SE BE FI PT IE
NO IT MT SL CZ
VY LT EE GR
HU SK LV PL
BG
RO
Scor privind calitatea infrastructurii de transport(WEF,
2012-2013)
Resurse financiare mari alocate pentru cheltuielile publice
deinvestitii, dar:
exista un sentiment puternic ca progresele facute indomeniul
infrastructurii au fost foarte mici
infrastructura slaba ramane o problema esentiala
pentruRomania
Necesitatea prioritizarii investitiilor si atragerii sectorului
privat(parteneriate publice-private)
Sursa: Eurostat, World Economic Forum, The Global
Competitiveness Report 2012-2013
0
0.5
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2.5
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3.5
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5%
10%
15%
20%
25%
30%
35%
40%
Serv
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e
Apar
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Ordi
ne si
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Actiu
ni ec
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Prot
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Locu
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Sana
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Recr
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Prot
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socia
la
UE-27 Romania Bulgaria Cehia Ungaria Polonia Slovacia
Structura cheltuielilor bugetare dupa clasificatia functionala,
2012
Resurse reduse alocate sanatatii si educatiei% din PIB, medie
2000-2012 Sanatate EducatieEU 27 6.94 5.27EU 18 6.92 4.94Bulgaria
4.38 3.94Czech Republic 7.23 4.68Hungary 5.26 5.50Poland 4.62
5.78Romania 3.38 3.75Slovakia 5.90 3.88
0%
5%
10%
15%
20%
25%
30%
35%
40%
Serv
icii p
ublic
e gen
eral
e
Apar
are
Ordi
ne si
sigu
rant
apu
blica
Actiu
ni ec
onom
ice
Prot
ectia
med
iulu
i
Locu
inte
si a
men
ajar
ico
mun
itare
Sana
tate
Recr
eere
, cul
tura
sire
ligie Ed
ucat
ie
Prot
ectie
socia
la
UE-27 Romania Bulgaria Cehia Ungaria Polonia Slovacia
Sursa: EUROSTAT
-
Eficienta energetica scazuta a economiei
Eficienta energetica a economiei s-a imbunatatit, dar ramane
redusa comparativ cu celelalte
economii din Uniunea Europeana
Cresterea eficientei energetice a economiei permite cresterea
competitivitatii acesteia, inclusiv
reducerea importurilor de produse energetice
0
100
200
300
400
500
600
700
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
Gross inland consumption of energy divided byGDP (kg of oil
equivalent per 1 000 EUR)
0
100
200
300
400
500
600
700
Bu
lga
ria
Esto
nia
Ro
ma
nia
Cze
ch R
epu
blic
Slo
vak
iaLa
tvia
Po
lan
dLi
thu
an
iaH
un
ga
rySl
ove
nia
Cro
ati
aFi
nla
nd
Bel
giu
mC
yp
rus
Gre
ece
Net
her
lan
ds
Swed
enM
alt
aP
ort
ug
al
Fra
nce
Spa
inLu
xem
bo
urg
Ger
ma
ny
Au
stri
aIt
aly
No
rwa
yU
nit
ed K
ing
do
mD
enm
ark
Irel
an
d
Gross inland consumption of energy divided by GDP (kgof oil
equivalent per 1 000 EUR) in 2012
Sursa: Eurostat , Raiffeisen RESEARCH
0
100
200
300
400
500
600
700
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
Gross inland consumption of energy divided byGDP (kg of oil
equivalent per 1 000 EUR)
0
100
200
300
400
500
600
700
Bu
lga
ria
Esto
nia
Ro
ma
nia
Cze
ch R
epu
blic
Slo
vak
iaLa
tvia
Po
lan
dLi
thu
an
iaH
un
ga
rySl
ove
nia
Cro
ati
aFi
nla
nd
Bel
giu
mC
yp
rus
Gre
ece
Net
her
lan
ds
Swed
enM
alt
aP
ort
ug
al
Fra
nce
Spa
inLu
xem
bo
urg
Ger
ma
ny
Au
stri
aIt
aly
No
rwa
yU
nit
ed K
ing
do
mD
enm
ark
Irel
an
d
Gross inland consumption of energy divided by GDP (kgof oil
equivalent per 1 000 EUR) in 2012
-
Ineficienta companiilor de stat reprezinta oproblema
serioasa
Structura arieratele companiilor dinRomania (% din total,
decembrie 2012)
Desi contribuie cu doar circa 7% la valoarea adaugata din
economie,companiile de stat contribuie cu circa 24% la totalul
arieratelor din economie
13.3
14.1
13.7
12.2
10.0
8.2
6.9
6.2
5.9 8.0
8.1 9.0
9.1
44.3
34.8 39
.1
34.3
27.8 3
4.9
28.5
27.0 31
.1
68.9
52.0
46.2 5
2.4
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Arierate/CA Companii private (%)
Arierate/CA Companii de stat (%)
0%
20%
40%
60%
80%
100%
Companii de stat Companii private
Banci
Furnizori
Bugetul generalconsolidat
Sursa: Consiliul Fiscal
13.3
14.1
13.7
12.2
10.0
8.2
6.9
6.2
5.9 8.0
8.1 9.0
9.1
44.3
34.8 39
.1
34.3
27.8 3
4.9
28.5
27.0 31
.1
68.9
52.0
46.2 5
2.4
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Arierate/CA Companii private (%)
Arierate/CA Companii de stat (%)
0%
20%
40%
60%
80%
100%
Companii de stat Companii private
Banci
Furnizori
Bugetul generalconsolidat
-
Competitivitatea economiei este unarelativ scazuta
-
World Bank Doing Business Report – Ranking (out of 189
countries)
Ease of DoingBusiness
Starting aBusiness
Dealingwith
Construction
Permits
Registering Property
GettingCredit
ProtectingInvestors
PayingTaxes
TradingAcross
Borders
EnforcingContracts
Rank Rank RankProcedure
s(number)
Time(days)
Cost (% ofincome
per capita)Rank Rank Rank Rank Rank Rank Rank
Time(years)
Cost (%of
estate)
Recoveryrate (cents
on thedollar)
Rank
UnitedStates
4 20 34 4 60 16 13 25 3 6 64 22 11 1.5 7 81.5 17
Germany 21 111 12 3 17 47 3 81 28 98 89 14 5 1.2 8 82.9 13Poland
45 116 88 6 161 205 137 54 3 52 113 49 55 3.0 15 54.8 37Slovak
Republic49 108 53 5 158 11 65 11 42 115 102 108 65 4.0 18 54.1
38
Hungary 54 59 47 5 252 116 112 45 55 128 124 70 15 2.0 14.5 38.3
70Bulgaria 58 65 118 6 130 320 135 62 28 52 81 79 79 3.3 9 32.6
92Romania 73 60 136 7 223 534 174 70 13 52 134 76 53 3.3 10.5 30.0
99
CzechRepublic
75 146 86 6 279 179 146 37 55 98 122 68 75 2.1 17 65.0 29
Getting Electricity Resolving InsolvencyEase of
DoingBusiness
Starting aBusiness
Dealingwith
Construction
Permits
Registering Property
GettingCredit
ProtectingInvestors
PayingTaxes
TradingAcross
Borders
EnforcingContracts
Rank Rank RankProcedure
s(number)
Time(days)
Cost (% ofincome
per capita)Rank Rank Rank Rank Rank Rank Rank
Time(years)
Cost (%of
estate)
Recoveryrate (cents
on thedollar)
Rank
UnitedStates
4 20 34 4 60 16 13 25 3 6 64 22 11 1.5 7 81.5 17
Germany 21 111 12 3 17 47 3 81 28 98 89 14 5 1.2 8 82.9 13Poland
45 116 88 6 161 205 137 54 3 52 113 49 55 3.0 15 54.8 37Slovak
Republic49 108 53 5 158 11 65 11 42 115 102 108 65 4.0 18 54.1
38
Hungary 54 59 47 5 252 116 112 45 55 128 124 70 15 2.0 14.5 38.3
70Bulgaria 58 65 118 6 130 320 135 62 28 52 81 79 79 3.3 9 32.6
92Romania 73 60 136 7 223 534 174 70 13 52 134 76 53 3.3 10.5 30.0
99
CzechRepublic
75 146 86 6 279 179 146 37 55 98 122 68 75 2.1 17 65.0 29
Getting Electricity Resolving Insolvency
Source: World Bank Doing Business 2013-2014 Report
-
World Economic Forum World Competitiveness Report – Ranking(out
of 148 countries)
Romania Bugaria Czech Rep Hungary Poland1.11 Efficiency of legal
framework in challenging regs., 1-7 (best) 128 122 126 138 1111.10
Efficiency of legal framework in settling disputes, 1-7 (best) 128
125 115 113 1191.04 Public trust in politicians, 1-7 (best) 141 97
146 129 1001.07 Favoritism in decisions of government officials,
1-7 (best) 137 117 123 116 651.08 Wastefulness of government
spending, 1-7 (best) 134 86 53 110 931.09 Burden of government
regulation, 1-7 (best) 127 105 135 140 1332.02 Quality of roads,
1-7 (best) 145 112 81 73 1052.05 Quality of air transport
infrastructure, 1-7 (best) 119 83 21 101 1036.09 Prevalence of
trade barriers, 1-7 (best) 128 123 68 43 891.20 Protection of
minority shareholders’ interests, 1-7 (best) 128 99 83 80 937.07
Reliance on professional management, 1-7 (best) 131 112 62 114
791.19 Efficacy of corporate boards, 1-7 (best) 126 127 88 120
957.01 Cooperation in labor-employer relations, 1-7 (best) 139 99
74 83 885.08 Extent of staff training, 1-7 (best) 134 127 68 108
751.17 Ethical behavior of firms, 1-7 (best) 139 110 109 92 592.04
Quality of port infrastructure, 1-7 (best) 123 85 61 84 977.05
Effect of taxation on incentives to work, 1-7 (best) 146 109 133
132 1056.04 Effect of taxation on incentives to invest, 1-7 (best)
136 103 132 135 1167.08 Country capacity to retain talent, 1-7
(best) 138 142 109 126 1197.09 Country capacity to attract talent,
1-7 (best) 132 144 87 115 1211.B. Private institutions, 1-7 (best)
127 94 93 89 602.A. Transport infrastructure, 1-7 (best) 122 97 49
71 92
Romania Bugaria Czech Rep Hungary Poland1.11 Efficiency of legal
framework in challenging regs., 1-7 (best) 128 122 126 138 1111.10
Efficiency of legal framework in settling disputes, 1-7 (best) 128
125 115 113 1191.04 Public trust in politicians, 1-7 (best) 141 97
146 129 1001.07 Favoritism in decisions of government officials,
1-7 (best) 137 117 123 116 651.08 Wastefulness of government
spending, 1-7 (best) 134 86 53 110 931.09 Burden of government
regulation, 1-7 (best) 127 105 135 140 1332.02 Quality of roads,
1-7 (best) 145 112 81 73 1052.05 Quality of air transport
infrastructure, 1-7 (best) 119 83 21 101 1036.09 Prevalence of
trade barriers, 1-7 (best) 128 123 68 43 891.20 Protection of
minority shareholders’ interests, 1-7 (best) 128 99 83 80 937.07
Reliance on professional management, 1-7 (best) 131 112 62 114
791.19 Efficacy of corporate boards, 1-7 (best) 126 127 88 120
957.01 Cooperation in labor-employer relations, 1-7 (best) 139 99
74 83 885.08 Extent of staff training, 1-7 (best) 134 127 68 108
751.17 Ethical behavior of firms, 1-7 (best) 139 110 109 92 592.04
Quality of port infrastructure, 1-7 (best) 123 85 61 84 977.05
Effect of taxation on incentives to work, 1-7 (best) 146 109 133
132 1056.04 Effect of taxation on incentives to invest, 1-7 (best)
136 103 132 135 1167.08 Country capacity to retain talent, 1-7
(best) 138 142 109 126 1197.09 Country capacity to attract talent,
1-7 (best) 132 144 87 115 1211.B. Private institutions, 1-7 (best)
127 94 93 89 602.A. Transport infrastructure, 1-7 (best) 122 97 49
71 92
Source: The Global Competitiveness report, World Economic Forum,
2013-2014
-
RankPayments
(number peryear)
Time (hoursper year)
Profit tax(%)
Labor tax andcontributions (%)
Othertaxes (%)
Total tax rate(% profit)
Ireland 6 9 80 12.3 12.1 1.3 25.7Estonia 32 7 81 8.1 39.4 2
49.4Latvia 49 7 264 4.9 27.3 3.7 35.9Slovenia 54 11 260 12.9 18.2
1.4 32.5Lithuania 56 11 175 6 35.2 1.9 43.1United States 64 11 175
27.9 9.9 8.4 46.3Bulgaria 81 13 454 4.9 20.2 2.6 27.7Germany 89 9
218 23 21.8 4.6 49.4Slovak Republic 102 20 207 7 39.6 0.6
47.2Poland 113 18 286 14.1 26 1.5 41.6Czech Republic 122 8 413 7.7
38.4 2 48.1Hungary 124 12 277 11.6 34.6 3.5 49.7
Kyrgyz Republic 127 51 210 6.2 19.5 7.7 33.4Sierra Leone 128 33
353 18.2 11.3 2.9 32.4Mozambique 129 37 230 30.9 4.5 2.1 37.5Yemen,
Rep. 129 44 248 20.1 11.3 1.4 32.7Belarus 133 10 319 13.4 39 1.5
54Romania 134 39 200 10.3 31.5 1.1 42.9Europe & Central Asia ..
26 246 9 22.6 7 38.7OECD high income .. 12 175 16.1 23.1 2 41.3
World Bank Doing Business Report – Paying taxes, ranking (out
of189 countries)
RankPayments
(number peryear)
Time (hoursper year)
Profit tax(%)
Labor tax andcontributions (%)
Othertaxes (%)
Total tax rate(% profit)
Ireland 6 9 80 12.3 12.1 1.3 25.7Estonia 32 7 81 8.1 39.4 2
49.4Latvia 49 7 264 4.9 27.3 3.7 35.9Slovenia 54 11 260 12.9 18.2
1.4 32.5Lithuania 56 11 175 6 35.2 1.9 43.1United States 64 11 175
27.9 9.9 8.4 46.3Bulgaria 81 13 454 4.9 20.2 2.6 27.7Germany 89 9
218 23 21.8 4.6 49.4Slovak Republic 102 20 207 7 39.6 0.6
47.2Poland 113 18 286 14.1 26 1.5 41.6Czech Republic 122 8 413 7.7
38.4 2 48.1Hungary 124 12 277 11.6 34.6 3.5 49.7
Kyrgyz Republic 127 51 210 6.2 19.5 7.7 33.4Sierra Leone 128 33
353 18.2 11.3 2.9 32.4Mozambique 129 37 230 30.9 4.5 2.1 37.5Yemen,
Rep. 129 44 248 20.1 11.3 1.4 32.7Belarus 133 10 319 13.4 39 1.5
54Romania 134 39 200 10.3 31.5 1.1 42.9Europe & Central Asia ..
26 246 9 22.6 7 38.7OECD high income .. 12 175 16.1 23.1 2 41.3
Source: World Bank Doing Business 2013-2014 Report
-
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Social security contributions 1 online filing 20.2 Social
security contributions 12 23.5 Social security contributions 1
online filing 24.3
Corporate income tax 1 online filing 4.9 Corporate income tax 4
10.3 Health Insurance 1 online filing 10.2Fees for municipal
services(garbage collection fee) - Sofia 4 0.9 Health insurance
contributions 0 paid jointly 5.9 Corporate income tax 1 online
filing 7.7
Stamp duty on property transfer 1 0.9 Medical leave 0 paid
jointly 1 Sickness insurance 0 paid jointly 2.6
Vignette 1 0.4 Building tax 2 1 Property transfer tax 1 1.8Real
estate tax on the land andbuilding 1 0.3 Unemployment contribution
0 paid jointly 0.6 Unemployment contribution 0 paid jointly 1.4
Vehicle tax 1 0.1 Accident risk fund 0 paid jointly 0.4 Road tax
1 online filing 0.1
Fuel tax 1 .. Guarantee fund 0 paid jointly 0.3 Real estate tax
1 0
Value added tax (VAT) 1 online filing .. Vehicle tax 2 0.1 Value
added tax (VAT) 1 online filing ..Final/one-off tax on
certainexpenses 1 online filing .. Firm tax 2 0 Fuel tax 1 ..
Totals: 13 27.7 Urbanism tax 1 0 Totals: 8 48.1
Land tax 2 0
Value added tax (VAT) 12 ..
Environmental taxes 1 ..
Fuel tax 1 ..
Stamp duty on contracts 0 ..
Totals: 39 42.9
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Social tax 1 online filing 30.5 Social security contributions 1
online filing 18.9 Social security contributions 1 online filing
39.6
Local business tax 1 online filing 5.9 Corporate income tax 1
online filing 14.1 Corporate income tax 1 7
Corporate income tax 1 online filing 5.8 National disabled fund
0 paid jointly 4.2 Tax on interest 0 0.5
Rehabilitation contribution 1 online filing 2.4 Labor fund 0
paid jointly 2.8 Property tax 4 0.4
Training contribution 0 paid jointly 1.7 Property tax 1 1.4
Motor vehicle tax 1 0.2
Special tax 1 online filing 1.4 Guaranteed employees' fund 0
paid jointly 0.1 Fuel tax 1 ..
Property tax 1 online filing 0.9 Transport tax 2 0.1 Value added
tax (VAT) 12 ..
R&D Tax 1 online filing 0.9 Fuel tax 1 .. Totals: 20
47.2
Land tax 1 online filing 0.2 Value added tax (VAT) 12 ..
Vehicle tax 1 online filing 0.2 Totals: 18 41.6
Fuel tax 1 ..
Value added tax (VAT) 1 online filing ..
Environmental tax 1 ..
Totals: 12 49.7
Bulgaria Romania Czech Republic
Hungary Poland Slovak Republic
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Social security contributions 1 online filing 20.2 Social
security contributions 12 23.5 Social security contributions 1
online filing 24.3
Corporate income tax 1 online filing 4.9 Corporate income tax 4
10.3 Health Insurance 1 online filing 10.2Fees for municipal
services(garbage collection fee) - Sofia 4 0.9 Health insurance
contributions 0 paid jointly 5.9 Corporate income tax 1 online
filing 7.7
Stamp duty on property transfer 1 0.9 Medical leave 0 paid
jointly 1 Sickness insurance 0 paid jointly 2.6
Vignette 1 0.4 Building tax 2 1 Property transfer tax 1 1.8Real
estate tax on the land andbuilding 1 0.3 Unemployment contribution
0 paid jointly 0.6 Unemployment contribution 0 paid jointly 1.4
Vehicle tax 1 0.1 Accident risk fund 0 paid jointly 0.4 Road tax
1 online filing 0.1
Fuel tax 1 .. Guarantee fund 0 paid jointly 0.3 Real estate tax
1 0
Value added tax (VAT) 1 online filing .. Vehicle tax 2 0.1 Value
added tax (VAT) 1 online filing ..Final/one-off tax on
certainexpenses 1 online filing .. Firm tax 2 0 Fuel tax 1 ..
Totals: 13 27.7 Urbanism tax 1 0 Totals: 8 48.1
Land tax 2 0
Value added tax (VAT) 12 ..
Environmental taxes 1 ..
Fuel tax 1 ..
Stamp duty on contracts 0 ..
Totals: 39 42.9
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Tax or mandatorycontribution
Payments(number)
Notes onPayments
Total taxrate (%profit)
Social tax 1 online filing 30.5 Social security contributions 1
online filing 18.9 Social security contributions 1 online filing
39.6
Local business tax 1 online filing 5.9 Corporate income tax 1
online filing 14.1 Corporate income tax 1 7
Corporate income tax 1 online filing 5.8 National disabled fund
0 paid jointly 4.2 Tax on interest 0 0.5
Rehabilitation contribution 1 online filing 2.4 Labor fund 0
paid jointly 2.8 Property tax 4 0.4
Training contribution 0 paid jointly 1.7 Property tax 1 1.4
Motor vehicle tax 1 0.2
Special tax 1 online filing 1.4 Guaranteed employees' fund 0
paid jointly 0.1 Fuel tax 1 ..
Property tax 1 online filing 0.9 Transport tax 2 0.1 Value added
tax (VAT) 12 ..
R&D Tax 1 online filing 0.9 Fuel tax 1 .. Totals: 20
47.2
Land tax 1 online filing 0.2 Value added tax (VAT) 12 ..
Vehicle tax 1 online filing 0.2 Totals: 18 41.6
Fuel tax 1 ..
Value added tax (VAT) 1 online filing ..
Environmental tax 1 ..
Totals: 12 49.7
Bulgaria Romania Czech Republic
Hungary Poland Slovak Republic
-
VAT rate
15
18 18
1919.6
20 20 20 20 20 20
21 21 21 21 21 21 21.322
23 23 23 23
24 24
25 25
27
14
16
18
20
22
24
26
28
LU CY MT DE FR BG EE AT SI
SK UK BE CZ ES LV LT NL
EU-2
7 IT IE EL PL PT FI
RO DK SE
HU
15
18 18
1919.6
20 20 20 20 20 20
21 21 21 21 21 21 21.322
23 23 23 23
24 24
25 25
27
14
16
18
20
22
24
26
28
LU CY MT DE FR BG EE AT SI
SK UK BE CZ ES LV LT NL
EU-2
7 IT IE EL PL PT FI
RO DK SE
HU
Source: European Commission
-
Top personal income tax rates
10
15 16 16
21 2224 25
32
35
38.5 38.941
43.645 46
47.3 47.550 50 50.2
51.1 52 5253 53.7
55.6 56.6
9
14
19
24
29
34
39
44
49
54
59
BG LT
HU RO EE CZ LV SK PL MT CY
EU-2
7 IE LU UK EL IT DE AT SI
FR FI ES NL PT BE DK SE
10
15 16 16
21 2224 25
32
35
38.5 38.941
43.645 46
47.3 47.550 50 50.2
51.1 52 5253 53.7
55.6 56.6
9
14
19
24
29
34
39
44
49
54
59
BG LT
HU RO EE CZ LV SK PL MT CY
EU-2
7 IE LU UK EL IT DE AT SI
FR FI ES NL PT BE DK SE
Source: European Commission
-
Top statutory tax rate on corporate income
10 10
12.5
15 1516
17
19 19
20.6 2122
23 23 23.224.5 25 25 25
26
29.2 29.830
31.4 31.5
3435
36.1
9
14
19
24
29
34
39
BG CY IE LV LT RO SI
CZ PL HU EE SE SK UK
EU-2
7 FI DK NL AT EL LU DE ES IT PT BE MT FR
10 10
12.5
15 1516
17
19 19
20.6 2122
23 23 23.224.5 25 25 25
26
29.2 29.830
31.4 31.5
3435
36.1
9
14
19
24
29
34
39
BG CY IE LV LT RO SI
CZ PL HU EE SE SK UK
EU-2
7 FI DK NL AT EL LU DE ES IT PT BE MT FR
Source: European Commission
-
Social security contributions
0
7.7910.5
14.7517.21
25.02 25.8
30.333 33.2
34.7535.0936.2536.46
38.2 39.539.7
42.19 43.244.9544.96 45 45.5
48 49.05 49.4
59
0
10
20
30
40
50
60
70
DK FI
CY IE SE LU UK BG EE
EU-2
7 PT LV ES IT SI
AT DE PL LT RO EL CZ HU BE NL SK FR
0
7.7910.5
14.7517.21
25.02 25.8
30.333 33.2
34.7535.0936.2536.46
38.2 39.539.7
42.19 43.244.9544.96 45 45.5
48 49.05 49.4
59
0
10
20
30
40
50
60
70
DK FI
CY IE SE LU UK BG EE
EU-2
7 PT LV ES IT SI
AT DE PL LT RO EL CZ HU BE NL SK FR
Source: European Commission
-
What employers must spend to pay each net euro to an
employee
Sursa: Molinari Economic Institute, The Tax Burden of Typical
Workers in the EU 27, 2013
-
TR
B
GRCLDJ
IFCT
IL
OT
MH
GJ DBPH BR TLVL AG
CSBZ
BV GLVNTM SBCVHD
AB
AR BCVSMS HR
NTCJ
SJ BN ISBH
SVMMSM
BT
PIB nominal per capita (2011, % din media nationala)
150%
Disparitati regionale foarte mari
TR
B
GRCLDJ
IFCT
IL
OT
MH
GJ DBPH BR TLVL AG
CSBZ
BV GLVNTM SBCVHD
AB
AR BCVSMS HR
NTCJ
SJ BN ISBH
SVMMSM
BT
PIB nominal per capita (2011, % din media nationala)
150%
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