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Dynamic Analysis of the Predilection of Companies to Invest in the HoReCa Sector in the Romanian Coastal Area in the Context of Spatial Maritime Planning



The entire contemporary economic and social development is under the sign of the evolutions in the sphere of services, which constitute a crucial component of the global economy. The Romanian tourism industry can highlight the natural and anthropic potential of the Black Sea coast, but this requires greater involvement of economic agents in making important investments in the tourism sector. For stakeholders to have confidence in making investments, it is necessary to deepen and control how this happens, so that, on the one hand, the investments bring profits to the economic agents involved, and on the other hand to cover the needs of society to increase the standard of living in all its economic, social and environmental components. Based on all the companies registered between 2010 and 2019 on the territory of Constanta County whose main activity is HORECA, the paper presents, through an exploratory model of analysis, an image that can support stakeholders to make the best decisions regarding investments. For the statistical analysis undertaken in this study, two important variables were taken into account from the financial accounting statements (balance sheets) of the economic agents whose object of activity is the HORECA field: fixed assets and turnover. Through the analysis in dynamics and structural performed and by applying the correlation method we aimed to highlight the structural changes within the activity groups of this field and the existence of statistical links between the considered variables and between the investigated companies and the highlighting of the related areas that can influence the results at the level of these companies. Through its specific consumption of work, intelligence, and creativity, tourism contributes to a higher added value than other branches developed similarly. In this context, for decision-making regarding maritime spatial planning, it is necessary to take into account the involvement of stakeholders, both of the companies whose main activity is HORECA, but also of the related companies that support it.

Application in MSP:
Type of Issue:
Type of practice:
Stage of MSP cycle:
Cross-border / trans-national aspect:
Key words:

Questions this practice may help answer:

  • What are the investment dynamics in the HORECA (Hotels, Restaurants and Cafés) field in Constanta county, Romania?
  • How can involving economic agents in Maritime Spatial Planning (MSP) processes increase investment in a sector?

Implementation Context:

This paper was drafted in the framework of the MARSPLAN-BS II project, aiming at supporting the coherent, cross-sectoral MSP in Bulgaria and Romania in accrodance with MSP Directive 2014/89/EU and to establish a long-lasting mechanism for the Black Sea Basin cross-border cooperation on MSP.

Aspects / Objectives:

This paper aims at analysing the dynamics of investments in the tourism activities of HORECA companies, in correlation with turnover, revealing how their economic effects influence MSP. This article has several objectives:

  • highlighting the structural changes within the groups of activities in this field and the existence of statistical links between the variables considered and between the investigated statistical units;
  • highlighting the similarities/differences between the statistical units analysed according to all the registered variables.


The research is based on statistical analysis considering both fixed assets and turnover variables. The analysis focuses on the Constanta county in Romania and is performed on 2,000 companies operating in the HORECA (Hotels, Restaurants, and Catering) field. The companies were selected according to the Romanian Classification of Activities in the National Economy (CANE), matched the codes between 5500 and 5800, from the period 2010-2019, and obtained a turnover higher than zero.

Main Outputs / Results:

This article provides insights on companies’ investments in the tourism sector in Constanta county and presents substantial arguments for investing in the Black Sea coastal tourism. It also highlights the importance of involving economic agents and stakeholders in the MSP process to increase confidence and security for investors.


This paper focuses on tourism sector investor in Constanta county. Nevertheless, the methodology developed in the framework the MARSPLAN BS II project could inspire similar studies in other regions in Europe.

Responsible Entity:


Costs / Funding Source:

This work has been supported by the European Commission through the European Maritime and Fisheries Fund, Cross-border Maritime Spatial Planning for the Black Sea – Bulgaria and Romania (MARSPLAN-BS-II), EASME/EMFF/2018/

Contact person:

Dragoș-Florian VINTILĂ:

Mari-Isabella STAN: