November 8, 2024 UPDATE
A roundup of domestic and international news
Newsroom, 08.11.2024, 20:00
SALARIES – The average annual adjusted salary of a Romanian full-time employee is the fourth lowest in the European Union. Eurostat data show an annual increase of approximately 2,500 euros for 2023, but the total value remains less than half of the EU average. On the other hand, the data published by the National Institute of Statistics show that most of the unemployed in Romania are adults between the ages of 25 and 74. The NIS draws attention to the level of unemployment among young people, those aged between 15 and 24, which exceeds 23%. In September, the national unemployment rate stood at 5.5%, similar to that of August, which had, however, increased slightly compared to the previous month.
EPC – On the sidelines of the European Political Community summit held in Budapest, EU leaders called on US president-elect Donald Trump to avoid trade wars, to maintain support for Ukraine and to refrain from disrupting global order. On Friday, talks focused on increasing EU competitiveness, with leaders adopting a joint declaration reflecting a number of goals designed to boost competitiveness, which will guide the activity of EU institutions over the coming period. The president of Romania, Klaus Iohannis, warned that migration remains an important challenge at European level, which requires a common and comprehensive response. Talks during the plenary session stressed the significant impact of the Russian aggression against Ukraine on the entire continent, but also at global level. They emphasized the need for coordinated action at European level to support Kyiv. At the meeting on supporting the Republic of Moldova, the European leaders also pledged to keep providing the necessary support so that the state can continue the reforms and the fight against external interference.
INFLATION – The annual inflation rate will go up slightly in the final months of the current year and will see a heightened fluctuation in the first semester of 2025, remaining above the target range and the previously anticipated values, the Central Bank reports. Major uncertainties and risks arise from the impact of fiscal and revenue policies, considering the fiscal and budgetary measures that might be implemented starting next year for the purpose of budgetary consolidation. Labor market conditions and wage dynamics also remain a source of uncertainty and risk. At the same time, significant uncertainty continues to be associated with the evolution of energy and food prices, as well as the future trajectory of the price for crude oil, against the backdrop of geopolitical tensions. The National Bank’s board of directors on Friday decided to maintain the monetary policy interest rate 6.50% per year. The Bank is closely watching developments on the domestic and international levels and is prepared to use the instruments at its disposal in order to fulfill the fundamental goal of ensuring price stability in the medium term, with a view to preserving financial stability.
FLOODS – Madrid authorities announced 78 people are still missing, 10 days after the most devastating storms that occurred in the last century in this country. The most severely affected region was Valencia. The official death toll stands at 219. In Valencia alone, 211 bodies have been recovered so far, the other eight victims being discovered in the neighboring regions of Castilla–La Mancha and Andalusia. Other regions of Spain were subsequently hit by further episodes of severe weather. The clean-up operation is in full swing, but some of the 75 affected towns and villages are still covered in mud. Many buildings are still inaccessible or difficult to access, as the entrances are partially blocked by vehicle debris and household items. (MI&VP)
