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INS: Double-digit inflation in Romania unlikely soon

 A double-digit inflation rate in Romania will fortunately be unlikely moving forward, as currently inflation is on a downward curve, according to Chairman of the National Institute of Statistics (INS) Tudorel Andrei.

"In terms of inflation, fortunately we are on a downward curve. A double-digit inflation rate of over 10% will probably be unlikely moving forward," Andrei told the release of the "Romanian Entrepreneurship Index H1 2024," the newest survey of the Romanian business community, adding that that is his point of view as a researcher.

According to the survey, for 2023, INS data show a falling inflation rate as against 2022, but still very high. The 10.4% inflation rate is 0 points in the index.

The score of the Romanian Entrepreneurship Index is 49 points out of 100 in the first half of 2024, a moderate level of the entrepreneurial system. The four categories of the index are critical or weak entrepreneurship, moderate entrepreneurship, emerging entrepreneurship and solid entrepreneurship.

In addition to the inflation rate, other important aspects signalled in the survey for 2024 were: the unemployment rate in 2023 - of 2.93% - a small decrease from 2022; the net average monthly salary advanced 15.48% y-o-y.

Among the contextual developments negatively impacting SMEs, 79.56% of the entrepreneurs say bureaucracy and taxation, 28.93% the level of investment of the business community, 55.98% corporate lending, 61.63% qualifications, skills and level of professionalism on the workforce.

More than a third (38.61%) of SMEs are expecting positive developments in Romania's economy for their businesses in 2024, and 30.57% of SMEs an increase in exports this year as against 2023.

Inflation is the rate of increase in prices over a given period of time. For 2023, INS data show falling inflation compared with 2022, but still very high.