Companies in Botosani saw the highest growth in revenue, 17% to 6.2 billion lei (EUR1.4 billion) last year, according to a ZF analysis based on Trade Registry data.
Second and third in terms of growth are Cluj – a country with significant local and foreign investment, and Vrancea, a county without a company among Romania’s top 500, no important multinationals but lots of entrepreneurial businesses (Vrancart, Pandora Prod, Vincon).
The growth of Botosani and Vrancea, which generate just 1% of the total revenue of all companies in Romania, show local economies can develop through powerful entrepreneurial businesses, too. Botosani’s largest company is Elsaco and Vrancea’s is Vrancart, both of which Romanian-held.
“Growth in counties where entrepreneurial companies developed helps us get rid of the obsession that we need to support foreign investment only. I think we need to support investment in general, we need to cut the barriers in the way of entrepreneurship and some of the steps that help businesses are starting to show,” said Radu Nechita, economics professor with the Faculty of European Studies of the Babes-Bolyai University in Cluj-Napoca.
Vaslui, Bacau, Iasi, Neamt, Suceava and Botosani have the highest percentage of private Romanian capital in the total revenue of their companies, 60% to 80%, so one may say economic development in Moldavia (east of Romania) almost solely rests on the shoulders of local entrepreneurs. Companies in three of these counties saw an increase of more than 10% in revenue last year, while in Iasi and Neamt, the growth was higher than the average of the entire economy.
On the other hand, Bucharest did not make it into the top 25 by growth and its role as growth driver of the economy is not as big as it was in 2008. That year, companies based in Bucharest accounted for 65% of the RON1,088 billion revenue of all companies in Romania, while last year they accounted for 37%. (EUR1=RON4.4495)
(English version by Loredana Fratila-Cristescu)