The SRL-PFA Rebalancing Is Everywhere on the Map — but It Is Not the Switch It Looks Like AI
Romania registered 11,049 new businesses in July 2026, down 27.2% from 15,168 a year earlier. But the more consequential change is in the composition of those registrations, and it is not spread evenly across the economy.
SRLs accounted for 5,963 of July’s registrations, while PFAs accounted for 4,662. A year earlier, the split was 10,832 SRLs and 3,886 PFAs. In share terms, SRLs fell from 71.4% of the total to 54.0%, while PFAs rose from 25.6% to 42.2%. The SRL-to-PFA ratio narrowed from roughly 2.8 to 1.3.