The Romanian financial leasing market recorded new business volumes of €350m (£248m) in the first quarter of 2015, an increase of 13% compared to the same period in 2014, according to the country’s financial services association ALB.

ALB, which represents 89% out of the total financial leasing market in Romania, found that 77% (€270m) of new leasing business was vehicle leasing.

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Equipment financing accounted for 20% of new business in Q1 2015 at €68m, while the rest (3%) was leasing for the real estate sector.

In the first quarter of the year, the agricultural equipment sector’s share of the total equipment financing grew from 24% in Q1 2014 to 26%. The same trend was found in the construction sector (up from 15% to 22%), the financing of medical equipment (up from 3% to 15%) and the total metal processing industry (up from 6% to 7%).

The most frequent period of the leasing contracts was 4-5 years (30%), followed by 3-4 years with (23%), 2-3 years (18%), 5-7 years (13%), 1-2 years (8%), 1 year (5%) and 7-15 years (3%).

Felix Daniliuc, ALB President said: "It is gratifying that the results of the first quarter in 2015 continue to consolidate the positive evolution of the leasing industry in the last period, making us confident about a good dynamic of the market, which will maintain throughout the year.

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"Especially gratifying is that the leasing evolution is in line with a good dynamic of the auto market and of the economy as a whole in the first quarter of this year, the context in which it highlights once again the role that the leasing industry plays in sustaining the economic growth, majority quota of the leasing financing being allocated to the sectors that have performed well in the economy, namely auto, agriculture and production sectors."