Romanian companies: 165bn-euro business in 2006

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Romanian companies: 165bn-euro business in 2006

Romanian companies generated total turnover worth 165 billion euros last year, up 22% against the value registered in 2005, with total profit reaching almost 15 billion euros, up 36% against the previous year, the local Ziarul Financiar reports.

The profit margin stood at 9.3%, compared with 8.3% in 2005, while overall work productivity stood at almost 43,000 euros per employee, up 19% against last year's level, according to a survey conducted by the National Council of Small and Medium-Sized Private Enterprises in Romania (CNIPMMR), based on the balance sheets registered with the Ministry of Finance.

"These results are commendable, they show there's a certain spirit in the economy, the Romanian entrepreneurial spirit," said Florin Pogonaru, chairman of the Romanian Business People's Association.

Small and medium-sized enterprises (with 10 to 249 employees) accounted for 60% of overall turnover in 2006, i.e. around 99 billion euros, up by around 20% against the preceding year.

"The contribution of SMEs to turnover is small, considering its potential, because there is an extremely high concentration on several markets, so the competition remains low here," said Liviu Voinea, manager of the Applied Economics Group (GEA). He also said turnover generated by small and medium-sized enterprises could only reach 80% of the total (a percentage already reached by SMEs in European countries) if competition increases.

The profit witnessed by the SME sector stood at 9.5 billion euros, up 13% against the value seen in 2005. The largest profit margin (13.5%) was registered by microenterprises, while small enterprises (10 to 49 employees) registered the smallest profit margin. The overall SME sector saw an almost 9.8% profit margin, up 10% against last year's margin, according to Ovidiu Nicolescu, chairman of CNIPMMR.

"The profit margin witnessed by small and medium-sized enterprises in Romania is nearing the 10-11% European average. We can, however, talk about a real increase in the case of big companies that are currently dominating the market, while the increase in SME's profit is similar to the increase of the nominal GDP," added Liviu Voinea.

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