Value vouchers contributed over RON 32 billion to Romania’s Gross Domestic Product in 2023, which represents more than 2% of the national GDP. According to a study conducted by the Bucharest University of Economic Studies (ASE), value vouchers, including meal vouchers, holiday vouchers, gift vouchers, and cultural vouchers, have played an essential role in supporting consumption, boosting the economy, and creating or maintaining jobs.

The study, which covers the period from January 2020 to July 2024, revealed that every RON 1 spent through value vouchers generates an additional RON 2.91 for the GDP.

The findings were presented during a roundtable discussion on March 19, attended by government representatives, members of parliament, business leaders, and academics.

Professors Radu Mușetescu and Cristian Păun, both co-authors of the study, emphasized the versatility of value vouchers as a policy instrument. They noted that they could be applied to various public policy areas, from environmental protection to supporting small and medium-sized enterprises (SMEs) and promoting social inclusion. Păun also highlighted the potential to expand the use of value vouchers to programs like child subsidies or the "Cornul și laptele" program, which provides food to schoolchildren.

Bogdan Huțucă, president of the Budget, Finance, and Banks Committee in the Chamber of Deputies, underscored the importance of impact studies in shaping more effective public policies. He expressed openness to discussing solutions that can have a positive effect on Romania's economy.

Meanwhile, Gabriela Horga, president of the Senate's Budget, Finance, Banking, and Capital Market Committee, added that value vouchers have been crucial in stimulating consumption, supporting employees, and increasing fiscal transparency.

The ASE study also highlighted the impact of value vouchers on the labor market. Meal vouchers, which account for 84% of the total value of issued vouchers, have been particularly influential. Each RON 436,828 spent through meal vouchers supports one job in wholesale and retail, which means supporting approximately 128,197 jobs during the reference period.

Holiday vouchers, which reached a total value of RON 7.48 billion during the study period, have also had a direct impact on Romania's domestic tourism and hospitality industries, helping sustain nearly 40,000 jobs.

Additionally, gift vouchers have stimulated retail consumption, with each 1% increase in the value or number of beneficiaries leading to a slight rise in retail and wholesale trade.

Also, cultural vouchers, though introduced more recently, are beginning to show their impact on industries like cinema, music production, and TV programs. The study suggests that a 1% increase in the value or number of cultural voucher beneficiaries could lead to a 0.002% increase in turnover in the cultural sector.

irina.marica@romania-insider.com

(Photo source: PR)