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The Economy of Romania

Romanian Economy

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Economy - overview: Romania, which joined the European Union on 1 January 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty. Corruption and red tape continue to handicap its business environment. Inflation rose in 2007-08, driven in part by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought affecting food prices, and a relaxation of fiscal discipline. Romania's strong GDP growth moderated markedly in the last quarter of 2008 as the country began to feel the effects of a global downturn in financial markets and trade, and growth is expected to be much weaker in 2009. Romania hopes to adopt the euro by 2014.

GDP:

GDP - real growth rate: 7.6% (2008 est.) 6% (2007 est.) 7.9% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 8.1% industry: 36% services: 55.9% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 1.2% highest 10%: 20.8% (2006)

Distribution of family income - Gini index: 32 (2008)

Inflation rate (consumer prices):

Labor force: 9.32 million (2008 est.)

Labor force - by occupation: agriculture: 29.7% industry: 23.2% services: 47.1% (2006)

Unemployment rate: 3.6% (2008 est.)

Budget: revenues: $64.44 billion expenditures: $71.16 billion (2008 est.)

Industries: electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

Industrial production growth rate: 8% (2008 est.)

Electricity - production: 58.25 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 48.43 billion kWh (2006 est.)

Electricity - exports: 3.362 billion kWh (2007 est.)

Electricity - imports: 1.277 billion kWh (2007 est.)

Oil - production: 112,400 bbl/day (2007 est.)

Oil - consumption: 238,200 bbl/day (2006 est.)

Oil - exports: 125,200 bbl/day (2005)

Oil - imports: 219,000 bbl/day (2005)

Oil - proved reserves: 600 million bbl (1 January 2008 est.)

Natural gas - production: 12.5 billion cu m (2006 est.)

Natural gas - consumption: 17.09 billion cu m (2007)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 4.8 billion cu m (2007 est.)

Natural gas - proved reserves: 63 billion cu m (1 January 2008 est.)

Agriculture - products: wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Exports: $59.75 billion f.o.b. (2008 est.)

Exports - commodities: machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products

Exports - partners: Italy 17.2%, Germany 16.9%, France 7.7%, Turkey 7%, Hungary 5.6%, UK 4.1% (2007)

Imports: $92.09 billion f.o.b. (2008 est.)

Imports - commodities: machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products

Imports - partners: Germany 17.2%, Italy 12.8%, Hungary 6.9%, Russia 6.3%, France 6.2%, Turkey 5.4%, Austria 4.8% (2007)

Debt - external: $92.76 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: lei (RON) per US dollar - 2.5 (2008 est.), 2.43 (2007), 2.809 (2006), 3 (2005), 3 (2004)

Fiscal year: