Bucharest remains Romania’s biggest business hub but the local economy is less dependent on the companies registered in the capital compared to 2008.

Companies registered in Bucharest generated 38% of the total turnover in Romania last year, down from 63% in 2008, reports Ziarul Financiar.

The total turnover of the companies in Romania went up by 19% between 2008 and 2016, to RON 1.29 trillion (EUR 280 billion). Meanwhile, the turnover reported by companies registered in Bucharest declined by 29%, or some RON 200 billion, to RON 488 billion (EUR 107 billion).

Some of the companies that used to have their headquarters in the capital moved to neighboring towns in Ilfov county. The total turnover in Ilfov went up 3.2 times from 2008 until 2016, reaching RON 87 billion (EUR 19 billion).

Companies registered elsewhere in Romania recorded a turnover of RON 723 billion (EUR 158 billion) last year, almost double compared to 2008.

editor@romania-insider.com