PwC: Romanian industry loses 450,000 jobs in 10 years

The labor force in Romania has remained at the same level as ten years ago, entrepreneurship is weak, and some 450,000 jobs were lost in the industry sector, said yesterday Vasile Iuga, PwC partner, at a conference about the problems Romanian producers are facing. Romania has a workforce of about 4.6-4.7 million, similar to ten years ago. The number dropped to 4.1 million in 2011, but then returned to the pre-crisis levels, reports local Agerpres. The country has lost 450,000 in industry, but has gained instead 225,000 jobs in retail. The workforce in trade reached 750,000. The number of employees in communications went up by 80,000 whereas the labor force in administration rose by 200,000, according to the PwC partner. Foreign capital represents about 8% of the total number of companies in Romania, he explained. It has 40% of the assets, a quarter of the employees, 80% of exports, and a productivity three times higher than that of the Romanian-owned companies. In industry, 65% of the gross added value added is produced by foreign capital, Iuga added. The local economy has 600,000 companies. The number of firms per 1,000 people is 22 in Romania, compared to an average of 43 in the EU. Over 16,300 people find jobs in Romania in January editor@romania-insider.com