Investor sentiment remains reserved, and many companies are postponing the allocation of new capital resources until clearer signals emerge regarding the economic direction and regulatory stability in Romania, according to the "Business Sentiment Index (BSI)", the autumn edition, of the Foreign Investors Council (FIC).
Thus, according to the cited source, only 25% of companies intend to increase capital investments in the next 12 months, down 10% compared to the spring edition and the lowest level recorded in the last decade. Meanwhile, 49% will maintain current investment levels, and 26% intend to reduce them.
Regarding revenue expectations, only 46% of respondents expect revenue from operations in Romania to increase in 2026, down from 55% in the previous edition.
"Although this evolution indicates a downward trend, it nevertheless reflects a relatively positive perspective on the potential of the Romanian market, especially compared to the more reserved expectations in other regional markets," a press release from FIC states.
On the domestic market, 40% of respondents anticipate growth and 47% expect stagnation. Expectations regarding exports are more modest, with only 29% forecasting growth and 62% expecting stagnation.
The index also indicates that Romania is perceived as uncompetitive in several areas: bureaucracy (78%), regulatory burden (78%), transparency and consistency of policy application (73%), fiscal burden (58%) and infrastructure (53%). The availability of an adequate workforce is the only area considered competitive (64%).
Regarding cost management and workforce plans, 83% of companies are considering cost reductions. Only 16% plan to increase their teams, marking the lowest expansion intention since the COVID-19 pandemic.
Regarding the perception of the business climate, 68% of respondents consider that the business environment has deteriorated, a slight improvement of 4 percentage points compared to the spring edition, and regarding legislative predictability, 69% of FIC members consider the legislative environment less predictable. However, 9% now consider it more predictable - a modest but positive change compared to the last four editions.
The most pressing challenges are considered to be legislative uncertainty (76%), inflation and interest rates (70%). Political instability is also mentioned by 58% of respondents as a major obstacle to business planning and investments.
FIC's analysis also shows that recent tax packages have increased taxation, added complexity to compliance, and introduced frequent legislative changes. These have increased operational costs, reduced profitability and demand, forcing companies to prioritize liquidity and postpone long-term growth projects.
However, despite the challenges, companies identify growth potential in exports and market expansion, development and transition of the energy, agriculture and defense sectors. At the same time, operational efficiency and customer-oriented services - including cost reduction, restructuring processes and innovative solutions - are among the main advantages mentioned. These reflect a clear orientation towards resilience and adaptability through innovation.
Every six months, the Foreign Investors Council publishes the Business Sentiment Index. The latest edition reflects the perspectives of 55 member companies, among the largest investors in Romania, providing a relevant and comprehensive picture of the business climate in key sectors of the economy.
The survey is conducted among the CEOs of FIC member companies, which provide information on their expectations regarding the evolution of their own businesses and the Romanian economy in the short and medium term. Profile of the responding companies - autumn 2025 edition: more than half of the respondents reported annual turnovers of over one billion lei, and 44% employ over 1,000 people. 95% of the respondents are active in the services, manufacturing and retail sectors, reinforcing the relevance of the index for the basic economic structure of Romania.
The Foreign Investors Council (FIC) is the association that brings together the most important foreign investors in Romania, approximately 110 of the largest companies in the country with a cumulative turnover representing approximately one fifth of the gross domestic product and which have a significant contribution to the state budget.
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