Romania – real convergence
on the way to euro adoption
Ionut Dumitru
President of the Fiscal Council,
Professor at Academy of Economic Studies Bucharest,
and
Chief-economist, Raiffeisen Bank Romania
June 2014
Eurozone enlargement – current status
Bulgaria
Croatia
Czech Republic
Hungary
Lithuania
Poland
Romania
Denmark
Sweden
United Kingdom
Initia l ta rget
2010
2019
2009/ 2010
2008
2007
2008/ 2009
2014
no target
no target
no target
Da te of setting the ta rget
2004
2003
2003
2004
2003
2007
Current ta rget
no target date
no target date
no target date
no target date
2015
no target date
2019
not obliged to join
de facto opt-out
not obliged to join
Source: European Commission
Public policies make a difference
GDP per ca pita in PPS
(% of a vera ge for Germ a ny a nd Fra nce)
60
5 8 .3
5 7 .8
55
50
4 6 .5
4 7 .1
45
4 2 .1
4 1 .4
40
4 1 .2
35
3 0 .8
30
2 7 .0
25
2 4 .4
2 8 .3
2 2 .3
Bulga ria
Pola nd
Hunga ry
Rom a nia
Source: European Commission
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
20
Real convergence: not a one way street
GDP per ca pita in PPS
(% of a vera ge for Germ a ny a nd Fra nce)
140
130
120
110
100
90
80
70
60
Ita ly
Irela nd
Portuga l
Spa in
Greece
Source: European Commission
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
50
Euro area enlargement: euro adopted recently only by small countries
14
12
10
8
6
Sta ble popula tion in 2 0 1 3 (% of Euro a rea )
Gross dom estic Product in 2 0 1 3 (% of Euro a rea )
Source: European Commission, Eurostat
Spa in
Greece
Portuga l
Pola nd
Czech Republic
Hunga ry
Bulga ria
Lithua nia
Rom a nia
Slova k ia
2008: Malta, Cyprus
Slovenia
0
La tvia
2007: Slovenia
Estonia
2
Cy prus
Euro adoption years:
M a lta
4
2009: Slovakia
2011: Estonia
2014: Latvia
Euro area enlargement: deep foreign trade integration for Euro area late
comers
Ex ports of goods a nd services (% of GDP)
120
100
80
60
40
20
1999
2001
2007 2008 2008 2009 2011
Ex ports tow a rds EU m em ber countries (% of GDP)*
2013
2013
Pola nd
Czech Republic
Hunga ry
Bulga ria
Lithua nia
Rom a nia
La tvia
Estonia
Slova k ia
M a lta
Cy prus
Slovenia
Greece
Portuga l
Spa in
0
2013
Ex ports tow a rds non EU m em ber countries (% of GDP)*
Tota l ex ports of goods a nd services in 2 0 1 3 (% of GDP)
* computed in the year of Euro adoption for new Euro area member countries and in 2013 for non Euro area member countries
Source: European Commission, Eurostat, Raiffeisen RESEARCH
Euro area enlargement: high GDP per capita at the moment of euro
adoption
GDP per ca pita in PPS a s % of Germ a ny + Fra nce in
the y ea r of a ccession in Euro a rea
84
81
79
74
73
69
65
Slovenia
Cy prus
M a lta
Slova k ia
Estonia
La tvia
1999
60
Greece
Spa in
Portuga l
59
2001
2007
2008
2008
2009
2011
2014
Source: Eurostat, Raiffeisen RESEARCH
Real convergence in Romania by 2019:
some scenarios
GDP per ca pita a t PPS in Rom a nia
(% of Germ a ny + Fra nce)
GDP per ca pita a t PPS (%
y oy , a vera ge for period)
Reference period Rom a nia
70
Germ a ny +Fra nce
2 0 0 1 -2 0 0 8
1 2 .0
2 .9
2 0 0 1 -2 0 1 3
8 .4
2 .4
2 0 0 6 -2 0 1 3
7 .5
2 .1
2 0 0 9 -2 0 1 3
2 .9
1 .4
2 0 1 1 -2 0 1 3
4 .5
2 .3
63
59
60
54
50
GDP per ca pita in
47
Rom a nia in 2 0 1 9 (% of
Germ a ny a nd Fra nce)
Scena rios for period 2 0 1 4 -2 0 1 9
Scena rio 1
4 .5
2 .0
54
Scena rio 2
6 .0
2 .0
59
Scena rio 3
7 .0
2 .0
63
40
30
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Real GDP should grow by at least 4% on average per year to be in Scenario
2.
2000
20
Scena rio 1 : + 3 .0 % per y ea r grow th in GDP per ca pita a t PPS
Scena rio 2 : + 4 .5 % per y ea r grow th in GDP per ca pita a t PPS
Scena rio 3 : + 6 .0 % per y ea r grow th in GDP per ca pita a t PPS
Source: European Commission, Eurostat, own computation
Scarce net inflows of foreign capital to private sector, slow recovery pace
20
12
15
9
10
6
5
3
0
0
-5
-3
7 .3 % per y ea r
2 .1 % per y ea r
-6
N et loa ns, deposits (% of GDP)
Tota l inflow s of foreign ca pita l in priva te sector (% of GDP)
Note: net inflows of foreign capital in the private sector; portfolio inflows excluded
Source: National Bank of Romania, National Institute of Statistics
Rea l GDP ex cluding a griculture (% y oy )
14Q1
13Q1
12Q1
11Q1
10Q1
09Q1
08Q1
07Q1
06Q1
05Q1
04Q1
03Q1
N et FDIs (% of GDP)
-9
02Q1
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
-1 0
Much stronger progress in absorption
of EU funds is needed

Utilizarea Fondurilor Structurale permite (1) cresterea potentialului de crestere economica si (2) acoperirea necesarului de finantare externa
al tarii
85
Rom a nia : progress w ith a bsorbption of
EU Structura l Funds
79
71
69
4 0 .2
64
62
57
53
52
45
Rom a nia
Bulga ria
Slova k ia
Czech Republic
Hunga ry
Slovenia
La tvia
Pola nd
Lithua nia
Apr-1 4
M a r-1 4
Dec-1 3
Sep-1 3
Jun-1 3
M a r-1 3
Dec-1 2
Sep-1 2
Jun-1 2
M a r-1 2
Dec-1 1
Sep-1 1
Jun-1 1
M a r-1 1
Estonia
3 3 .9
M oney pa id by Europea n Com m ission (% of tota l
a lloca tions 2 0 0 7 -2 0 1 3 )
Pa y m ents to fina l beneficia ries, including a dva nces (% of
tota l a lloca tions for 2 0 0 7 -2 0 1 3 )
Interim (recognized) pa y m ents from the EU (% of tota l
a lloca tions for 2 0 0 7 -2 0 1 3 )
Source: European Commission
Note: Transfers refer both to interim (recognized) payments and advances; most
recent data made public by the European Commission; Data refer to 15 April 2014
Potential agricol ridicat...
Supra fa ta a ra bila in 2 0 1 0 (m ilioa ne hecta re)
Supra fa ta cultiva ta cu cerea le in 2 0 1 0
(m ilioa ne hecta re)
20
18
10
16
9
8
14
7
12
6
10
5
8
4
6
Litua nia
Cehia
Da nem a rca
Bulga ria
Unga ria
M a rea Brita nie
Ita lia
Rom a nia
Spa nia
Germ a nia
Fra nta
Da nem a rca
Cehia
Suedia
Bulga ria
Unga ria
M a rea Brita nie
Ita lia
Rom a nia
Polonia
Spa nia
0
Germ a nia
1
0
Fra nta
2
2
Polonia
3
4
vedere al suprafetelor agricole si al
ocuparii in agricultura
VAB in a gricultura in 2 0 1 3 (% din tota l
VAB in econom ie )
30
7
25
6
20
5
15
4
10
Uniunea Europeana =5.2%
5
3
Medie UE =1.7
2
0
1
RO BG
PL GR PT
LT
SL
LV
HU
IE
EE
FI
AT
ES
CY
0
Sa la ria ti (% din tota l persoa ne ocupa te in econom ie)
RO
BG
LV
HU HR
EE
LT
Romania ocupa un loc important in
Uniunea Europeana din punct de
Popula tia ocupa ta in a gricultura in 2 0 1 2
35

PL GR SK
SL
FI
CY
ES
Auto-ocupa re (% din tota l persoa ne ocupa te in econom ie)
Sursa: Eurostat, Institutul National de Statsitica , Raiffeisen RESEARCH
... dar insuficient valorificat - probleme structurale in agricultura

Impact puternic al conditiilor climaterice asupra productiei agricole

Segmentare importanta a exploatatiilor agricole (lipsa cadastrului)

Agricultura de subzistenta detine o pondere importanta

Romania este importator net de produse agroalimentare (exclusiv cereale)
120
Structura supra fetei a gricole utiliza ta dupa
m a rim ea ex ploa ta tiei in 2 0 1 0 (% din tota l)
115
100
110
90
105
80
100
70
Peste 5 0 ha
60
95
2 0 -5 0 ha
50
90
1 0 -2 0 ha
40
5 -1 0 ha
85
30
0 -5 ha
20
10
0
RO
GR
SL
HR
IT
PL
LT
PT
HU
BG
ES
AT
LV
NL
CH
EE
SK
NO
SE
FR
FI
IE
DE
UK
CZ
DK
Va loa rea a da uga ta bruta in a gricultura (term eni rea li,
2003=100)
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
80
M edie 1 9 9 5 -2 0 1 3
Sursa: Eurostat, Institutul National de Statsitica , Raiffeisen RESEARCH
Cresterea eficientei cheltuielilor de investitii publice este absolut necesara
Cheltuieli publice de investitii (% din PIB, medie anuala, 2000-2013)
Cheltuieli publice de investitii (% din veniturile bugetare, medie anuala, 2000-2013)
5
16
4.5
14
4
12
3.5
3
10
2.5
8
2
6
1.5
Austria
Belgium
Denmark
Germany
United Kingdom
Italy
Finland
EU 18
Norway
EU 28
France
Sweden
Greece
Slovakia
Iceland
Netherlands
Cyprus
Portugal
Slovenia
Hungary
Spain
Malta
Latvia
Luxembourg
Ireland
Czech Republic
Poland
Bulgaria
Estonia
Romania
Austria
Belgium
Germany
United Kingdom
Italy
Denmark
Switzerland
EU18
Slovakia
EU28
Finland
Greece
France
Norway
Sweden
Cyprus
Portugal
Croatia
Spain
Malta
Latvia
Netherlands
Ireland
Iceland
Slovenia
Hungary
Bulgaria
Lithuania
Poland
Luxembourg
0
Estonia
0
Czech Republic
2
Romania
0.5
Lithuania
4
1
Scor privind ca lita tea infra structurii de tra nsport
(W EF, 2 0 1 2 -2 0 1 3 )

7
Resurse financiare mari alocate pentru cheltuielile publice de investitii, dar:
6

exista un sentiment puternic ca progresele facute in domeniul infrastructurii au fost foarte mici
5

infrastructura slaba ramane o problema esentiala pentru Romania
4

Necesitatea prioritizarii investitiilor si atragerii sectorului privat (parteneriate publice-private)
3
2
1
DE
FR
UK
NL
ES
LU
AT
DK
SE
BE
FI
PT
IE
NO
IT
MT
SL
CZ
VY
LT
EE
GR
HU
SK
LV
PL
BG
RO
0
Sursa: Eurostat, World Economic Forum, The Global Competitiveness Report 2012-2013
Resurse reduse alocate sanatatii si educatiei
% din PIB, medie 2 0 0 0 -2 0 1 2
EU 27
EU 18
Bulgaria
Czech Republic
Hungary
Poland
Romania
Slovakia
Sa na ta te
Educa tie
6.94
6.92
4.38
7.23
5.26
4.62
3.38
5.90
5.27
4.94
3.94
4.68
5.50
5.78
3.75
3.88
Romania
Bulgaria
Cehia
Ungaria
Locuinte si amenajari
comunitare
UE-27
Protectia mediului
40%
Actiuni economice
Structura cheltuielilor bugetare dupa clasificatia functionala, 2012
Polonia
Slovacia
35%
30%
25%
20%
15%
10%
5%
Protectie sociala
Educatie
Recreere, cultura si
religie
Sanatate
Ordine si siguranta
publica
Aparare
Servicii publice generale
0%
Sursa: EUROSTAT
Eficienta energetica scazuta a economiei

Eficienta energetica a economiei s-a imbunatatit, dar ramane redusa comparativ cu celelalte economii din Uniunea Europeana

Cresterea eficientei energetice a economiei permite cresterea competitivitatii acesteia, inclusiv reducerea importurilor de produse energetice
Gross inla nd consum ption of energy divided by GDP (k g
of oil equiva lent per 1 0 0 0 EUR) in 2 0 1 2
Gross inla nd consum ption of energy divided by
GDP (k g of oil equiva lent per 1 0 0 0 EUR)
700
700
600
600
500
500
400
400
300
300
200
100
100
0
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0
Bulga ria
Estonia
Rom a nia
Czech Republic
Slova k ia
La tvia
Pola nd
Lithua nia
Hunga ry
Slovenia
Croa tia
Finla nd
Belgium
Cy prus
Greece
N etherla nds
Sw eden
M a lta
Portuga l
Fra nce
Spa in
Lux em bourg
Germ a ny
Austria
Ita ly
N orw a y
United Kingdom
Denm a rk
Irela nd
200
Sursa: Eurostat , Raiffeisen RESEARCH
Ineficienta companiilor de stat reprezinta o problema serioasa

Desi contribuie cu doar circa 7% la valoarea adaugata din economie, companiile de stat contribuie cu circa 24% la totalul
arieratelor din economie
20%
52.4
46.2
52.0
9.1
9.0
8.1
8.0
31.1
5.9
27.0
6.2
34.9
28.5
6.9
10.00
8.2
Bugetul general
consolidat
12.2
20.00
13.7
Furnizori
14.1
40%
30.00
13.3
Banci
60%
27.8
40.00
10.0
50.00
80%
34.3
60.00
39.1
100%
34.8
70.00
44.3
Structura arieratele companiilor din
Romania (% din total, decembrie 2012)
68.9
80.00
Arierate/CA Companii private (%)
Arierate/CA Companii de stat (%)
Sursa: Consiliul Fiscal
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
Companii de stat Companii private
2001
0%
2000
0.00
Competitivitatea economiei este una relativ scazuta
World Bank Doing Business Report – Ranking (out of 189
countries)
Dealing
with
Ease of Doing Starting a
Constructi
Business
Business
on
Permits
United
States
Germany
Poland
Slovak
Republic
Hungary
Bulgaria
Romania
Czech
Republic
Registerin
g Property
Getting Electricity
Procedure
Cost (% of
Time
s
income Rank
(days)
(number)
per capita)
Getting
Credit
Protecting Paying
Investors Taxes
Trading
Enforcing
Across
Contracts
Borders
Resolving Insolvency
Recovery
Cost (%
rate (cents
of
Rank
on the
estate)
dollar)
Rank
Rank
Rank
Rank
Rank
Rank
Time
(years)
13
25
3
6
64
22
11
1.5
7
81.5
17
47
205
3
137
81
54
28
3
98
52
89
113
14
49
5
55
1.2
3.0
8
15
82.9
54.8
13
37
158
11
65
11
42
115
102
108
65
4.0
18
54.1
38
5
6
7
252
130
223
116
320
534
112
135
174
45
62
70
55
28
13
128
52
52
124
81
134
70
79
76
15
79
53
2.0
3.3
3.3
14.5
9
10.5
38.3
32.6
30.0
70
92
99
6
279
179
146
37
55
98
122
68
75
2.1
17
65.0
29
Rank
Rank
Rank
4
20
34
4
60
16
21
45
111
116
12
88
3
6
17
161
49
108
53
5
54
58
73
59
65
60
47
118
136
75
146
86
Source: World Bank Doing Business 2013-2014 Report
World Economic Forum World Competitiveness Report –
Ranking (out of 148 countries)
1.11 Efficiency of legal framework in challenging regs., 1-7 (best)
1.10 Efficiency of legal framework in settling disputes, 1-7 (best)
1.04 Public trust in politicians, 1-7 (best)
1.07 Favoritism in decisions of government officials, 1-7 (best)
1.08 Wastefulness of government spending, 1-7 (best)
1.09 Burden of government regulation, 1-7 (best)
2.02 Quality of roads, 1-7 (best)
2.05 Quality of air transport infrastructure, 1-7 (best)
6.09 Prevalence of trade barriers, 1-7 (best)
1.20 Protection of minority shareholders’ interests, 1-7 (best)
7.07 Reliance on professional management, 1-7 (best)
1.19 Efficacy of corporate boards, 1-7 (best)
7.01 Cooperation in labor-employer relations, 1-7 (best)
5.08 Extent of staff training, 1-7 (best)
1.17 Ethical behavior of firms, 1-7 (best)
2.04 Quality of port infrastructure, 1-7 (best)
7.05 Effect of taxation on incentives to work, 1-7 (best)
6.04 Effect of taxation on incentives to invest, 1-7 (best)
7.08 Country capacity to retain talent, 1-7 (best)
7.09 Country capacity to attract talent, 1-7 (best)
1.B. Private institutions, 1-7 (best)
2.A. Transport infrastructure, 1-7 (best)
Romania Bugaria
Czech Rep Hungary Poland
128
122
126
138
111
128
125
115
113
119
141
97
146
129
100
137
117
123
116
65
134
86
53
110
93
127
105
135
140
133
145
112
81
73
105
119
83
21
101
103
128
123
68
43
89
128
99
83
80
93
131
112
62
114
79
126
127
88
120
95
139
99
74
83
88
134
127
68
108
75
139
110
109
92
59
123
85
61
84
97
146
109
133
132
105
136
103
132
135
116
138
142
109
126
119
132
144
87
115
121
127
94
93
89
60
122
97
49
71
92
Source: The Global Competitiveness report, World Economic Forum, 2013-2014
World Bank Doing Business Report – Paying taxes, ranking
(out of 189 countries)
Rank
Ireland
Estonia
Latvia
Slovenia
Lithuania
United States
Bulgaria
Germany
Slovak Republic
Poland
Czech Republic
Hungary
6
32
49
54
56
64
81
89
102
113
122
124
Kyrgyz Republic
Sierra Leone
Mozambique
Yemen, Rep.
Belarus
Romania
Europe & Central Asia
OECD high income
127
128
129
129
133
134
..
..
Payments
Time (hours Profit tax Labor tax and
Other
Total tax rate
(number per
per year)
(%)
contributions (%) taxes (%)
(% profit)
year)
9
80
12.3
12.1
1.3
25.7
7
81
8.1
39.4
2
49.4
7
264
4.9
27.3
3.7
35.9
11
260
12.9
18.2
1.4
32.5
11
175
6
35.2
1.9
43.1
11
175
27.9
9.9
8.4
46.3
13
454
4.9
20.2
2.6
27.7
9
218
23
21.8
4.6
49.4
20
207
7
39.6
0.6
47.2
18
286
14.1
26
1.5
41.6
8
413
7.7
38.4
2
48.1
12
277
11.6
34.6
3.5
49.7
51
33
37
44
10
39
26
12
210
353
230
248
319
200
246
175
6.2
18.2
30.9
20.1
13.4
10.3
9
16.1
19.5
11.3
4.5
11.3
39
31.5
22.6
23.1
7.7
2.9
2.1
1.4
1.5
1.1
7
2
33.4
32.4
37.5
32.7
54
42.9
38.7
41.3
Source: World Bank Doing Business 2013-2014 Report
Bulgaria
Romania
Czech Republic
Tax or mandatory
contribution
Payments
(number)
Notes on
Payments
Total tax
rate (%
profit)
Social security contributions
1
online filing
20.2
Social security contributions
12
23.5
Social security contributions
1
online filing
24.3
Corporate income tax
1
online filing
4.9
Corporate income tax
4
10.3
Health Insurance
1
online filing
10.2
Fees for municipal services
(garbage collection fee) - Sofia
4
0.9
Health insurance contributions
0
paid jointly
5.9
Corporate income tax
1
online filing
7.7
Stamp duty on property transfer
1
0.9
Medical leave
0
paid jointly
1
Sickness insurance
0
paid jointly
2.6
Vignette
1
0.4
Building tax
2
1
Property transfer tax
1
Real estate tax on the land and
building
1
0.3
Unemployment contribution
0
paid jointly
0.6
Unemployment contribution
0
paid jointly
1.4
Vehicle tax
1
0.1
Accident risk fund
0
paid jointly
0.4
Road tax
1
online filing
0.1
Fuel tax
1
..
Guarantee fund
0
paid jointly
0.3
Real estate tax
1
Value added tax (VAT)
1
online filing
..
Vehicle tax
2
0.1
Value added tax (VAT)
1
online filing
..
Final/one-off tax on certain
expenses
1
online filing
..
Firm tax
2
0
Fuel tax
1
..
Totals:
13
Urbanism tax
1
0
Totals:
8
48.1
Land tax
2
0
Value added tax (VAT)
12
..
Environmental taxes
1
..
Fuel tax
1
..
Stamp duty on contracts
0
Totals:
39
27.7
Tax or mandatory
contribution
Payments
(number)
Hungary
Notes on
Payments
Total tax
rate (%
profit)
Tax or mandatory
contribution
Payments
(number)
Notes on
Payments
Total tax
rate (%
profit)
1.8
0
..
42.9
Poland
Slovak Republic
Payments
(number)
Notes on
Payments
Total tax
rate (%
profit)
Social tax
1
online filing
30.5
Social security contributions
1
online filing
18.9
Social security contributions
1
Local business tax
1
online filing
5.9
Corporate income tax
1
online filing
14.1
Corporate income tax
1
7
Corporate income tax
1
online filing
5.8
National disabled fund
0
paid jointly
4.2
Tax on interest
0
0.5
Rehabilitation contribution
1
online filing
2.4
Labor fund
0
paid jointly
2.8
Property tax
4
0.4
Training contribution
0
paid jointly
1.7
Property tax
1
1.4
Motor vehicle tax
1
0.2
Special tax
1
online filing
1.4
Guaranteed employees' fund
0
0.1
Fuel tax
1
..
Property tax
1
online filing
0.9
Transport tax
2
0.1
Value added tax (VAT)
12
..
R&D Tax
1
online filing
0.9
Fuel tax
1
..
Totals:
20
47.2
Land tax
1
online filing
0.2
Value added tax (VAT)
12
..
Vehicle tax
1
online filing
0.2
Totals:
18
41.6
Fuel tax
1
Value added tax (VAT)
1
Environmental tax
1
Totals:
12
Tax or mandatory
contribution
..
online filing
..
..
49.7
Tax or mandatory
contribution
Payments
(number)
Notes on
Payments
Total tax
rate (%
profit)
Tax or mandatory
contribution
Payments
(number)
Notes on
Payments
Total tax
rate (%
profit)
online filing
39.6
paid jointly
VAT rate
28
27
26
25 25
24 24
24
23 23 23 23
22
22
21 21 21 21 21 21
19.6
20
21.3
20 20 20 20 20 20
19
18 18
18
16
15
Source: European Commission
HU
SE
DK
RO
FI
PT
PL
EL
IE
IT
EU-27
NL
LT
LV
ES
CZ
BE
UK
SK
SI
AT
EE
BG
FR
DE
MT
CY
LU
14
Top personal income tax rates
59
44
45
51.1
52
52
NL
43.6
46
50 50.2
SI
49
50
AT
54
ES
55.6
56.6
53 53.7
47.3 47.5
41
38.5 38.9
39
35
34
32
29
24
24
15
16
16
RO
19
HU
21
25
22
14
10
SE
DK
BE
PT
FI
FR
DE
IT
EL
UK
LU
IE
EU-27
CY
MT
PL
SK
LV
CZ
EE
LT
BG
9
Source: European Commission
Top statutory tax rate on corporate income
39
36.1
35
34
34
31.4 31.5
29.2
29.8 30
29
25
NL
AT
23
UK
24
SK
24.5
23 23.2
25
DK
26
25
22
19
19
CZ
PL
20.6 21
19
17
15
LT
14
15
LV
16
10
10
BG
CY
12.5
FR
MT
BE
PT
IT
ES
DE
LU
EL
FI
EU-27
SE
EE
HU
SI
RO
IE
9
Source: European Commission
Social security contributions
70
59
60
49.4
48 49.05
50
42.19 43.2
33
33.2
EE
EU-27
40
34.75 35.09
36.25 36.46
38.2
44.95 44.96 45
45.5
39.5 39.7
30.3
30
25.02 25.8
20
17.21
14.75
10.5
7.79
10
0
Source: European Commission
FR
SK
NL
BE
HU
CZ
EL
RO
LT
PL
DE
AT
SI
IT
ES
LV
PT
BG
UK
LU
SE
IE
CY
FI
DK
0
What employers must spend to pay each net euro to an
employee
Sursa: Molinari Economic Institute, The Tax Burden of Typical Workers in the EU 27, 2013
Disparitati regionale foarte mari
PIB nom ina l per ca pita (2 0 1 1 , % din m edia na tiona la )
> 150%
BT
SM
MM
SV
BH
IS
BN
SJ
CJ
HR
MS
VS
BC
AR
(1 0 0 % , 1 2 5 % ]
AB
SB
HD
TM
BV
CV
VN
BZ
CS
GJ
VL
AG
MH
TL
(7 5 % , 1 0 0 % ]
DB
OT
TR
GL
BR
PH
IF
B
DJ
(1 2 5 % , 1 5 0 % ]
NT
IL
CL
CT
(5 0 % , 7 5 % ]
GR
<= 50%