The study shows the banking sector directly contributed RON13.4 billion to the state budget between 2012 and 2016, and the contribution of other industries as a result of sales of products and services toward the banking sector is estimated at RON7.1 billion. Thus, the total impact reaches RON20.6 billion.
The value of social contributions paid by banks amounts to RON8.9 billion, „proving the impact of the banking sector on the social field, because these contributions are still used by the state for the payment of current social obligations (pensions, unemployment etc.)”, as per the study. It also shows that VAT payments rose to nearly RON4.9 billion between 2012 and 2016, „considering that this tax translates into costs for banks, which are not VAT-registered”.
The PwC Romania study also shows the banking system contributed 4.2% to Romania’s cumulated GDP, during the 2012-2016 period „for which the indirect and induced effects on the economy are also considered”.
The banking sector directly employed on average 57,887 people between 2012 and 2016 and contributed to the employment of 51,221 more in the rest of the economy, generating a total 109,108 jobs. The number of employees in the banking industry in 2016 accounts for nearly 1.2% of a total 4.8 million employees in the economy, being higher than in 65% of economic activity branches.
The banking sector paid its employees gross wages of RON22.9 billion, between 2012 and 2016. „the monthly average gross wage in the banking industry in 2016 was double the national average and higher than in 90% of economic activity branches, according to the study.