Do managers trust the Romanian economy in the second half of 2023?
Impetum Group announces the launch of a new edition of CONFIDEX, the only longitudinal study in Romania designed to measure Romanian managers' confidence in the economy and decipher the challenges faced by the local business environment. Now in its 9th edition, the study has already become a benchmark tool for business decision-making.
Managers from Romania's largest companies, along with business professionals, are once again invited to contribute to the development of Romania's most comprehensive study - which aims to dissect the trust dynamics within the Romanian economy - by filling in the questionnaire: CONFIDEX Ediția 9 - ImpetumGroup Survey
„The Romanian business environment is a dynamic entity, responsive to international market shifts and internal policy changes. The first half of the year saw heightened optimism among managers, due to Romania's upward economic trajectory in 2022. However, as less favorable news emerged, particularly in September this year, we question how much of this optimism remains. As the year draws to a close, we face a reduced predictability in the fiscal framework, coupled with a slightly decreasing inflation that now shows signs of stagnation, further eroding consumers' purchasing power and putting pressure on company costs. Therefore, we are keen to understand how much of the optimism from the beginning of the year still remains and what lies ahead in the near future," says Andrei Cionca, CEO of Impetum Group.
The Confidence Index, as measured by the CONFIDEX study, hit its lowest point during the pandemic, gradually climbing thereafter. In the first six months of 2023, it reached the highest level in the past three years (50.2). After the pandemic, the post-pandemic recovery, geopolitical instability due to the Ukraine war, rising energy prices and rampant inflation, Romanian managers started the year with optimism. Notably, for the first time since the study is being issued, CONFIDEX results from the first half of 2023 highlighted Romanian managers' orientation towards exports and foreign markets.
"Analyzing the evolution of strategic sectors in the economy, 2023 proves to be a challenging year. Agriculture, for instance, faces complexity. Although a year with productions exceeding 2022 is forecasted, many farmers are anticipated to incur financial losses due to challenging weather conditions. Additionally, the high cost of last year's inputs adds pressure on prices. Moreover, the manufacturing industry experiences a significant downturn due to decreasing domestic demand and the stagnation of the German economy, Romania's main export market," added Andrei Cionca, CEO of Impetum Group.
CONFIDEX is an initiative by Impetum Group, offering a clear insight into the perceptions of business professionals in Romania for over 3 years. Providing a comprehensive overview of economic confidence, the company extrapolates trends, providing interested parties with a tool to better understand the current times and make well-informed decisions, with positive impact on the business environment and the society as a whole.
Over 2500 entrepreneurs and C-Level executives have contributed in the last 8 editions of CONFIDEX, establishing crucial benchmarks for the Romanian economy. These insights are invaluable during uncertain times, such as the ones we are currently facing.
Impetum is the Romanian group that combines capital, management, and services, created by combining under the same umbrella CITR, the leading insolvency player in Romania, ROCA Investments, a private equity solution focusing on consolidating and scaling Romanian SMEs with potential, ROCA X, a Venture Capital firm dedicated to disruptive technology startups and Agista, a growth equity fund, focusing on companies that have demonstrated sustained growth within their niche and are looking to accelerate their growth both nationally and internationally.
Impetum Group aims to be a resource hub, maximizing business value by integrating specific business knowledge for each of the three stages in a company's life (startup, growth crisis, distress), capital, synergies, and cross-collaborations between complementary businesses. It fosters a community of managers and entrepreneurs keen on actively participating in strengthening Rom