Alecsandra Valasuteanu, Head of Factoring, UniCredit Tiriac Bank S.A. provides an overview of the Romanian factoring market, covering industry environment, market performance, supply and future trends, for the World Factoring Yearbook 2011. IntroductionThe prolonged recession continued in Romania during 2010. The country’s economy failed to follow both the EU and regional recovery trends. This was due to the highly damaging consequences of the pro-cyclical fiscal policy applied following the 2008 economic downturn. As a result, Romania’s real GDP further dropped by 1.3 per cent year on year in 2010 to €122 billion. Looking ahead, the structural reforms necessary to reinforce the economic recovery are backed by post-accession EU structural and cohesion funds amounting to €27 billion, to be absorbed by 2013.
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