Romania’s banking sector generated total revenues of some RON 20.7 billion (EUR 4.5 billion) for the state budget between 2012 and 2016, according to Bogdan Belciu, Partner Advisory Services at PwC Romania.

The amount includes taxes and social contributions generated both directly and indirectly by the local banks. The sector’s direct contribution was close to EUR 3 billion while the remaining EUR 1.5 billion came from other industries that sold products and services to the banking sector, Belciu explained, reports local Agerpres.

The banking sector’s contribution to Romania’s GDP was 4.2% in the analyzed period, including indirect and induced effects on the economy.

The average number of employees working in the banking sector was almost 58,000 between 2012 and 2016, and the sector has also contributed to hiring over 51,000 employees in other sectors. Local banks paid total gross salaries worth RON 23 billion (EUR 5.1 billion) in the five years of the analyzed period. The average gross salary in the banking industry was double the average gross wage in Romania and higher than in 90% of the other sectors of the economy.

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