Spring 2026 (March–May) | Quarterly Analysis

The second quarter of 2026 presented a mixed picture for Romania’s business registration landscape. The quarter opened with a strong March surge — the best single month of the period — but registrations tapered off through April and May, culminating in a rare year-over-year decline in the final month of the quarter. Meanwhile, business exits continued to outpace new entries across all three months, underscoring the persistently elevated churn rate that has characterized the post-pandemic business environment.

Quarterly Totals: Growth, But Unevenly Distributed

Across the three months of March, April, and May 2026, Romania recorded a total of 39,504 new company registrations — up from 36,972 during the same period in 2025 , representing a gain of roughly 6.8% year-on-year for the quarter as a whole.

However, this aggregate figure masks a notable deceleration. March delivered 14,438 registrations , a 14.5% increase over March 2025’s 12,612 . April followed with 12,639 registrations , up 10.1% year-on-year . But by May, registrations slipped to 12,427 — a 3.5% decline compared to May 2025’s 12,879 , making it the first month of the quarter to fall below the prior year’s level.

The 12-month moving average tells a story of long-term stability: it stood at 13,229 in March , rose to 13,326 in April , and eased slightly to 13,288 in May . This suggests that while short-term momentum faded toward the end of the quarter, the broader trend remains settled around the 13,000–13,300 range.

Entity Type Shifts: The Rise of PFA, The Retreat of SRL

The most dramatic structural shift in Q2 2026 was the continued rebalancing away from SRLs (limited liability companies) toward PFAs (sole proprietorships / authorized individuals).

In March 2026, PFAs hit 5,806 registrations — an extraordinary 61.7% jump compared to 3,591 in March 2025 . SRLs, by contrast, fell 6.8% year-on-year to 7,932 .

April and May continued the pattern. In April, PFA registrations reached 4,930 (+36.6% YoY) , while SRLs dipped to 7,066 (-4.9% YoY) . In May, PFAs registered 4,816 (+14.7% YoY) , while SRLs fell more sharply to 6,964 — a 14.5% drop year-on-year .

Over the full quarter, PFAs accounted for roughly 39% of all registrations, up from about 31% in Q2 2025. This shift may reflect entrepreneurs’ growing preference for lower-cost, lower-compliance business structures — particularly in services sectors where formal corporate structures are less essential.

II (Individual Enterprises) also showed consistent growth, with registrations up 39.2% in March , 38.7% in April , and 13.4% in May , though from a smaller base.

Industry Trends: Transport Slips, ICT and Manufacturing Surge

Transport and storage — historically Romania’s top registration sector — saw a significant reversal. While it ranked first or second in each month of Q2 2026, its numbers eroded notably. In May specifically, transport registrations fell to 1,755 , down 32.9% from 2,616 in May 2025 . Trade (wholesale and retail) also declined by 18.2% in May versus the prior year .

Meanwhile, several sectors bucked the trend with strong growth:

• Manufacturing posted a massive 51.6% year-on-year increase in May , rising to 702 registrations.
• Information and communications grew 19.5% in May , reaching 1,038 registrations.
• Professional, scientific and technical activities were up 9.7% , at 1,333 registrations.
• Agriculture, forestry and fishing surged 70.5% year-on-year in May , reaching 491 registrations.
• Administrative and support services grew 13.8% .

The construction sector remained relatively flat, with 1,182 registrations in May , nearly identical to the 1,188 recorded in May 2025 .

Business Ecosystem Health: Persistent Exits Outpace New Entries

While registrations have grown year-on-year for the quarter overall, the broader business ecosystem continues to face headwinds from high volumes of exits — including suspensions, dissolutions, and deregistrations.

The health ratio (registrations divided by total exits) remained below 1.0 for every month of the quarter, meaning exits exceeded new entries across the board:

• March: 0.92 (14,438 registrations vs 15,609 exits)
• April: 0.81 (12,639 vs 15,657 exits) — the weakest ratio of the quarter
• May: 0.86 (12,427 vs 14,478 exits)

This resulted in negative net growth each month: -1,171 in March, -3,018 in April, and -2,051 in May .

Compared to Q2 2025, the picture is mixed. The health ratio in March 2025 was 0.84 and 0.82 in April 2025 — meaning Q2 2026 actually started stronger (0.92 in March) but deteriorated more sharply by April.

On a positive note, suspensions — which can indicate companies temporarily pausing operations rather than permanently closing — fell year-on-year across all three months: down 8.7% in March , 12.5% in April , and 16.4% in May . This suggests fewer businesses are being forced to temporarily halt operations compared to 2025.

However, deregistrations — the final removal of a company from the register — rose sharply in April: up 25% year-on-year to 9,827 , before leveling off in May (+0.95% YoY) . Dissolutions remained relatively stable across the quarter.

Regionally, București predictably led in both registrations and exits. In May, the capital registered 2,912 new companies , but also recorded 1,553 deregistrations and 1,035 dissolutions — underscoring the churn dynamic concentrated in the economic center.

Regional Standouts

Beyond București, the top counties by registration volume in May were Ilfov (828), Cluj (602), Timiș (593), Constanța (533), and Iași (479) .

Several smaller counties showed notable year-on-year growth in May, including Călărași (+57.4%), Giurgiu (+34.1%), Bistrița-Năsăud (+27.8%), Buzău (+23.2%), and Suceava (+21.2%) , suggesting a broadening of entrepreneurial activity beyond the traditional hubs.

Conclusion: A Quarter of Transition

Q2 2026 presented a nuanced portrait of Romania’s business registration landscape. The quarter began with strong momentum — March’s 14,438 registrations was a standout month — but lost steam by May, which slipped below the prior year’s level for the first time in the quarter.

The structural shift toward PFA registrations and away from SRLs continued to accelerate, pointing to changing preferences in how Romanians choose to formalize their economic activity. Meanwhile, the decline in transport registrations (traditionally the largest sector) was offset by growth in manufacturing, ICT, professional services, and agriculture.

The most persistent challenge remains the business churn rate: exits exceeded registrations in every month of the quarter, resulting in cumulative net loss of approximately 6,240 businesses across March through May. While this is an improvement over the same period in 2025 (which saw around 6,766 net exits), it remains a structural feature of the current business environment that will bear watching in the months ahead.