The first visible effects of the austerity measures introduced by the Romanian government last year are beginning to emerge in Bacău County, according to the latest statistical data for 2026.
While the local economy has not yet entered an industrial recession, several key indicators point to slower economic activity, weaker investment appetite and declining purchasing power.
Productive investment falls despite overall growth
At first glance, investment activity appeared resilient. Data from the County Statistics Directorate show that total investments in 2025 increased by 1.9% compared with the previous year.
A closer look, however, reveals that the increase was driven almost entirely by construction projects, where investment surged by more than 53%.
By contrast, productive investments registered sharp declines:
- machinery and equipment: down 39.3%;
- transport equipment: down 26.6%;
- private-sector investments: down 7.6%.
The figures suggest that businesses reduced spending on production capacity and modernization projects, while public works and construction activity offset the decline in statistical terms.
Economists generally regard investment as one of the most important indicators of business confidence. Companies often postpone purchases of equipment and expansion projects when they anticipate weaker economic conditions, with the impact on production typically becoming visible several quarters later.
Real wages lose purchasing power
Another warning sign comes from income data.
The average net monthly wage in Bacău County stood at 5,187 lei in March 2026, approximately 751 lei below the national average.
More significantly, after adjusting for inflation, the average net wage was around 12% lower than in March 2025. Average gross wages also recorded a similar decline in real terms.
The erosion of purchasing power is likely to affect household consumption and demand for goods and services across the local economy.
Imports register sharp decline
Foreign trade data show that imports into Bacău County totaled €227.5 million during the first two months of 2026, a decline of 24.2% compared with the same period last year.
Exports also fell, although at a slower pace, decreasing by 7.2%.
While current import levels remain close to those recorded in 2024, the sharp year-on-year decline suggests changing behavior among both consumers and businesses.
A significant share of the county’s imports consists of metals, machinery and industrial components. As a result, the reduction reflects not only weaker consumer demand but also lower investment activity among companies.
Industry remains stable for now
Despite these warning signs, industrial indicators do not yet point to a broader economic crisis.
During the first quarter of 2026:
- industrial production increased by 0.1%;
- industrial turnover declined by 2.5%.
The data indicate that Bacău’s industrial sector is currently experiencing stagnation rather than contraction.
Analysts note that such a pattern is common during economic slowdowns. Investment usually weakens before production declines, as companies continue operating existing facilities while postponing new capital expenditures.
A trend worth monitoring
The available data do not support the conclusion that Bacău County is facing a major economic downturn. Industrial output remains broadly stable, while foreign trade volumes are still above levels recorded several years ago.
Nevertheless, several indicators point to a cooling economy, including falling productive investment, lower private-sector spending, declining real wages, weaker exports and a substantial reduction in imports.
Taken together, the figures suggest that austerity measures and a more challenging economic environment are beginning to leave their mark on the county’s economy. For now, the effects are most visible in investment, consumption and foreign trade. Whether these trends eventually spread to industrial production and employment will become clearer in the coming months.
