PwC business up 7% to 43.9 million euros despite recession

The leader of the consultancy and audit market in Romania, PricewaterhouseCoopers (PwC) ended the July 2008-June 2009 financial year with a 43.9 million-euro turnover, up 7%, even though the consultancy market went through its first year of decline in 2009 after a long time of growth, says Vasile Iuga, country managing partner of PwC.

He says the business performance was "good", considering the difficult market conditions of last year.

"The consultancy market went through its first year of decline in 2009 after quite a long time of fast-paced growth. This was mainly because of the decline of the real estate sector and of the significant drop in the number of mergers and acquisitions," Iuga told ZF.

Iuga believes 2010 could be yet another difficult year for the real estate sector, with very few transactions, also small in scope. He anticipates stagnation or even decline for the overall consultancy market as a result of a difficult economic climate.