ROMANIA

COUNTRIES A-Z

Romania Economy

Country Name: Romania

Capital City: Bucharest

Population: 22,303,552 (2006)

Population Growth: -0.12% (2006)

Currency: Leu (ROL)

Languages: Romanian

Area: 237,500 sq km

Inflation Rate: 6.8% (2006 est.)

Unemployment Rate: 5.9% (2005)

Domain extension: .ro

ECONOMIC DETAILS OF ROMANIA

ECONOMY OVERVIEW
Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept GDP growth above 4%. However, macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty, while corruption and red tape continue to handicap the business environment. Romanian government confidence in continuing disinflation was underscored by its currency revaluation in 2005, making 10,000 "old" lei equal 1 "new" leu. The economy grew at 6.4% in 2006, the strongest growth in the last decade. Romania joined the European Union on 1 January 2007, and the IMF has praised the country's recent reform efforts in preparation for EU accession.

GDP - purchasing power parity:

$202.2 billion (2006 est.)

GDP - real growth rate:

7.7% (2006 est.)

GDP - per capita:

$9,100 (2006 est.)

GDP - by sector (agriculture):

agriculture: 10.1%

GDP - by sector (industry):

industry: 34.7%

GDP - by sector (services):

services: 55.2% (2006 est.)

Export Partners:

Italy 16.1%, Germany 15.3%, Turkey 7.8%, Hungary 6.4%, France 6.3%, Austria 4.7%, UK 4.5% (2006)

Import Partners:

Germany 16.6%, Italy 12.9%, China 11.3%, Russia 6.1%, Hungary 5.8%, France 5.3%, Austria 4.9%, Turkey 4.3% (2006)

Export Commodities:

textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products

Import Commodities:

machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products

Exports Volume:

$33 billion f.o.b. (2006 est.)

Imports Volume:

$46.48 billion f.o.b. (2006 est.)

Labour Force:

9.33 million (2006 est.)

Unemployment Rate:

6.1% (2006 est.)

Population below poverty line:

25% (2005 est.)

Inflation Rate:

6.8% (2006 est.)

Investment (gross fixed):

25% of GDP (2006 est.)

Public Debt:

21.4% of GDP (2006 est.)

Agriculture Products:

wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries:

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

Industrial Production Growth Rate:

5.7% (2006 est.)

Electricity - production:

54.53 billion kWh (2004)

Electricity - consumption:

49.62 billion kWh (2004)

Electricity - exports:

3.7 billion kWh (2004)

Electricity - imports:

2.6 billion kWh (2004)

Oil - production:

119,000 bbl/day (2005 est.)

Oil - consumption:

212,000 bbl/day (2004 est.)

Oil - exports:

NA bbl/day

Oil - imports:

163,000 bbl/day (2004)

Natural gas - production:

11.8 billion cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$12.45 billion (2006 est.)

Currency Code:

new leu (RON) was introduced in 2005; old leu (ROL) was phased out in 2006; note - because of currency revaluation, 10,000 ROL = 1 RON