Economic Confidence Rises Across Eurozone

Despite political tension, eurozone economic confidence rose in October to its highest level in nearly 17 years. The European Commission’s Economic Sentiment Indicator, published on October 30, improved more than expected to 114.0 in October from 113.1 in September. This was the highest since January 2001, when the reading was 144.4. The expected score for October had been 113.3.

Continue reading Economic Confidence Rises Across Eurozone

Romania’s Budget Deficit ‘Should Start Alarm Bells Ringing’

BUCHAREST ROMANIA - June 29 2017: Romanian Prime Minister Mihai Tudose during a swearing-in ceremony at Cotroceni palace in Bucharest capital of Romania June 29 2017.

Romania’s Prime Minister Mihai Tudose said on October 25 that the country’s budget deficit for 2017 was “under 3 per cent” and would “remain under 3 per cent.” His comments came a day after Eurostat published its own figures for the second quarter of 2017, which show that Romania is running by far the biggest budget deficit in the EU, at 4.1 per cent. The UK — whose economy is wracked with uncertainty regarding Brexit — is a distant second, with a deficit of 3.4 per cent. Continue reading Romania’s Budget Deficit ‘Should Start Alarm Bells Ringing’

Lithuania Wants to Bring Home its Skilled Workers

VILNIUS - FEBRUARY 25: Many people choose books at the indoor book

With an unemployment rate of 7.5 per cent in August, Lithuania is facing a shortage of qualified workers. There are over 9,000 vacancies across the country and more than 70 per cent of employees claim finding workers is a challenge. Trying to solve the problem, Invest Lithuania, the country’s investment promotion agency, joined by over 30 foreign companies, has founded Work in Lithuania, a programme inviting emigrants back to the country. Continue reading Lithuania Wants to Bring Home its Skilled Workers

Romania Cuts Income Tax, Introduces Solidarity Tax

CLUJ NAPOKA ROMANIA - OCT 2 2016: People on the central street of Cluj Napoka - the unofficial capital of Transylvania.

Romania’s Finance Minister Ionuț Mișa announced on October 16 that the rate of income tax would be reduced to 10 per cent from January 1, 2018. The current rate of income tax in the country is 16 per cent. At the same time he also announced the introduction of what has been called a ‘solidarity’ tax of 2 per cent on labour, to be paid by employers. It too will be applied from January 1, 2018. Continue reading Romania Cuts Income Tax, Introduces Solidarity Tax

Despite Public Anxieties, Migration is Playing a Key Role in ECA Growth

Bratislava city aerial panoramic view. Bratislava is the capital of Slovakia.

Economic growth in Europe and Central Asia (ECA) will be 2.2 per cent in 2017, the strongest growth in six years, and 0.3 percentage points above May’s expectations. According to the World Bank’s latest Regional Economic Update, Migration and Mobility in Europe and Central Asia, ECA economies are showing more rapid growth than previously expected with a GDP almost twice the average growth in the European Union. Continue reading Despite Public Anxieties, Migration is Playing a Key Role in ECA Growth

Trans Adriatic Pipeline Will Fuel Albanian Growth

Xanthi. Greece - July 30 2017: aerial view of construction of gas pipeline Trans Adriatic Pipeline - TAP in north Greece. The pipeline starts from the Caspian sea and reaches the coast of southern Italy

The consortium constructing the Trans Adriatic Pipeline (TAP) is investing a total of 800 million euros in Albania in 2017-2018, a sum which represents the largest single input of FDI in the country. (FDI for the whole country is approximately 1.5 billion euros). TAP will additionally create job opportunities for Albanian companies during construction. More than 2,800 people are already working directly for the project. Continue reading Trans Adriatic Pipeline Will Fuel Albanian Growth