Romanian companies, more optimistic about economy and access to credit

Romanian companies are more optimistic about economic recovery, and access to credit compared to four months ago, Deloitte Central Europe Business Sentiment Index shows.

“The general feeling is that Romania’s economy is looking at brighter prospects over the next six months (50%). This macroeconomic perspective translates into similar optimism at individual level, with more participants expecting higher sales over the next year, compared to expectations four months ago (58.4%, out of which 16.7% expect a significant increase),” said George Mucibabici (photo), Deloitte Romania Chairman.

According to CE Business Sentiment Index published in September, only 38.5% of Romanian executives said the economic conditions will improve in the next half year.
Romania also signals easier access to credit, 75% of interviewed companies saying that credit was easily or somewhat available, compared to some 54%, in September.

“Over the past year, banks have stressed that the freeze of the credit market has mostly been a matter of demand, as fewer companies qualified to obtain loans. The results of this survey show that eligibility criteria are getting easier to comply with, as the economic and financial prospect are improving,” the Deloitte official added.

The human resources market also shows signs of stabilization, fewer companies announcing further reductions in personnel in the next 12 months (37.5%, compared to 42.3% in September). Moreover, the percentage of companies expecting to add new employees went up from 7.7% to 12.5%.

“Despite positive signs at the horizon, companies maintain a prudent approach of new spending,” George Mucibabici continued. “More companies focus on existing products and services, limiting innovation in this field over the next 12 months.

Also, spending on capital goods (equipment, IT systems, new buildings etc), Mucibabici continued, will mostly stay the same (54.2%, up 12% compared to the first edition).

The M&A market remains frozen, 54.2% saying that acquiring another firm over the next year is extremely unlikely (again, 12% up compared to four months ago).

Approximately 67% of the respondents said the prospects for cashing accounts receivable and debts from providers are good or every good.

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