Quarterly Analysis: October-December 2025 Reveals Robust Entrepreneurial Activity with Notable Shifts in Business Structure

Romania’s business registration landscape concluded 2025 with a strong fourth quarter, demonstrating significant year-over-year growth despite expected seasonal patterns. The October-December period saw a total of 42,557 new business registrations, with December alone recording 11,632 registrations . This represents a notable 45.87% increase compared to December 2024, when only 7,974 businesses were registered .

Quarterly Performance: A Tale of Three Months

The fourth quarter of 2025 followed a predictable seasonal pattern, with October showing the strongest performance at 15,874 registrations, followed by November at 15,051, and December at 11,632. This gradual decline reflects typical year-end patterns where business formation activity slows as the holiday season approaches.

Compared to the same quarter in 2024, the overall growth is substantial. October 2025 showed a 7.96% increase over October 2024, November grew by 23.12%, and December surged by 45.87%. The quarter’s total of 42,557 registrations represents a 25.3% increase over the 33,902 registrations recorded in Q4 2024.

Entity Type Evolution: The PFA Surge

One of the most significant trends in Q4 2025 was the dramatic growth in PFA (Authorized Physical Person) registrations. While SRLs (Limited Liability Companies) remained the dominant entity type, PFAs showed explosive growth throughout the quarter:

• October 2025: PFAs grew 67.37% year-over-year to 5,935 registrations
• November 2025: PFAs increased 67.93% to 5,068 registrations
• December 2025: PFAs surged 108.93% to 3,650 registrations

This trend suggests a growing preference for simpler business structures, possibly driven by freelancers, consultants, and small-scale entrepreneurs seeking more flexible operational models.

Industry Sector Analysis: Transportation Leads the Way

The transportation and storage sector dominated Q4 2025, consistently ranking as the top industry for new registrations across all three months. In December alone, this sector accounted for 1,832 registrations, representing a 55.78% increase over December 2024 .

Other notable performing sectors included:

• Information and communications: 59.85% growth in December
• Manufacturing industry: Remarkable 226.28% growth in December
• Hotels and restaurants: 75.33% growth in December

The strong performance in manufacturing and hospitality sectors indicates recovery and growth in traditional economic pillars, while the information sector’s expansion reflects continued digital transformation.

Regional Distribution: Bucharest Maintains Dominance

Bucharest continued to lead in business formation, accounting for 2,683 registrations in December alone, representing 16.6% growth over December 2024 . However, several counties showed even more impressive growth rates:

• Maramureș: 125.86% growth
• Suceava: 92.48% growth
• Iași: 95.06% growth

This regional diversification suggests that entrepreneurial activity is spreading beyond traditional economic centers, potentially indicating broader economic development across Romania.

Business Ecosystem Health: A Mixed Picture

While registration numbers show strong growth, the business ecosystem health metrics reveal a more complex picture. In December 2025, total business exits (suspensions, dissolutions, and deregistrations) reached 15,924, exceeding new registrations by 3,292 . This resulted in a negative net growth of -4,292 for the month.

The churn rate (exits as percentage of registrations) stood at 136.9% in December, indicating that more businesses were exiting than entering the market. However, this pattern is not unusual for year-end periods when businesses often consolidate or close operations.

Comparative Analysis: Q4 2025 vs Q4 2024

The fourth quarter of 2025 showed marked improvement over the same period in 2024. While October 2024 had shown strong growth of 11.95% over October 2023 , the 2025 quarter demonstrated more consistent and substantial growth across all three months.

The shift toward PFAs was less pronounced in Q4 2024, where SRLs dominated growth patterns. The 2025 quarter’s PFA surge represents a structural shift in business formation preferences that began earlier in the year and accelerated through the fourth quarter.

Conclusion: A Strong Finish to 2025

Romania’s business registration activity in Q4 2025 demonstrated robust entrepreneurial momentum, with significant year-over-year growth across most metrics. The quarter’s performance suggests continued economic dynamism, particularly in the transportation, manufacturing, and information sectors.

The notable shift toward PFA registrations indicates evolving business preferences, possibly reflecting increased freelancing activity, digital entrepreneurship, and a search for operational flexibility. While the business exit rate remains elevated, this is consistent with normal market churn patterns, especially at year-end.

As Romania moves into 2026, the strong Q4 2025 performance provides a solid foundation for continued business formation activity, though monitoring the balance between new registrations and business exits will remain important for assessing overall economic health.