| Economy | Romania |
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Economy - overview:
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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. As a result of the global financial crisis, Romania's GDP fell more than 7% in 2009, prompting Bucharest to seek a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Drastic austerity measures, as part of Romania's IMF-led agreement, led to a 1.3% GDP contraction in 2010. The economy returned to positive growth in 2011. |
GDP (purchasing power parity):
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$263.9 billion (2011 est.)
$260 billion (2010 est.)
$263.4 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$12,300 (2011 est.)
$12,100 (2010 est.)
$12,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$185.3 billion (2011 est.) |
GDP - real growth rate:
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1.5% (2011 est.)
-1.3% (2010 est.)
-7.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 12.3%
industry: 37.8%
services: 50% (2011 est.) |
Investment (gross fixed):
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23.9% of GDP (2011 est.) |
Population below poverty line:
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25% (2005 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.3%
highest 10%: 24.5% (2008) |
Distribution of family income - Gini index:
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31.2 (2008)
28.8 (2003) |
Inflation rate (consumer prices):
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6.1% (2011 est.)
6.1% (2010 est.) |
Central bank discount rate:
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NA% |
Commercial bank prime lending rate:
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13% (31 December 2011 est.)
14.11% (31 December 2010 est.) |
Stock of money:
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$25.3 billion (31 December 2008)
$25.17 billion (31 December 2007) |
Stock of money - per capita:
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1,156 USD per capita |
Stock of quasi money:
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$36.09 billion (31 December 2008)
$34.96 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,648 USD per capita |
Stock of domestic credit:
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$88.41 billion (31 December 2011 est.)
$77.91 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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4,037 USD per capita |
Stock of narrow money:
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$20.35 billion (31 December 2011 est.)
$25.47 billion (31 December 2010 est.) |
Stock of broad money:
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$82.82 billion (31 December 2010 est.)
$84.31 billion (31 December 2009 est.) |
Labor force:
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9.252 million (2011 est.) |
Labor force participation rate:
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42.24 % of population |
Labor force - by occupation:
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agriculture: 29.7%
industry: 23.2%
services: 47.1% (2006) |
Unemployment rate:
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4.6% (2011 est.)
6.9% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 20.8%
male: 21.2%
female: 20.2% (2009) |
Budget:
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revenues: $59.04 billion
expenditures: $66.89 billion (2011 est.) |
Budget revenues per capita:
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2,696 USD per capita |
Taxes and other revenues:
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31.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.2% of GDP (2011 est.) |
Public debt:
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34% of GDP (2011 est.)
31% of GDP (2010 est.) |
Industries:
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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:
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8% (2011 est.) |
Electricity - production:
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62.03 billion kWh (2008 est.) |
Electricity - production per capita:
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2,832 kWh per capita |
Electricity - consumption:
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50.59 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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2,310 kWh per capita |
Electricity - exports:
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2.946 billion kWh (2009 est.) |
Electricity - imports:
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2.295 billion kWh (2009 est.) |
Oil - production:
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107,100 bbl/day (2010 est.) |
Oil - production per capita:
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4,890 bbl/day per capita |
Oil - consumption:
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196,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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3.27 bbl/year per capita |
Oil - exports:
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95,500 bbl/day (2009 est.) |
Oil - imports:
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193,100 bbl/day (2009 est.) |
Oil - proved reserves:
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600 million bbl (1 January 2011 est.) |
Natural gas - production:
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10.86 billion cu m (2009 est.) |
Natural gas - production per capita:
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496 cu m per capita |
Natural gas - consumption:
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12.87 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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588 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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2.01 billion cu m (2009 est.) |
Natural gas - proved reserves:
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63 billion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep |
Current account balance:
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-$8.342 billion (2011 est.)
-$6.48 billion (2010 est.) |
Current account balance - per capita:
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-380 USD per capita |
Exports:
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$62.5 billion (2011 est.)
$49.41 billion (2010 est.) |
Exports per capita:
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2,854 USD per capita |
Exports - commodities:
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machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products |
Exports - partners:
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Germany 18.4%, Italy 14.1%, France 8.5%, Turkey 6.9%, Hungary 4.9% (2010) |
Imports:
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$70.82 billion (2011 est.)
$57.22 billion (2010 est.) |
Imports per capita:
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3,234 USD per capita |
Imports - commodities:
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machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products |
Imports - partners:
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Germany 16.8%, Italy 11.6%, Hungary 8.7%, France 6%, China 5.5%, Russia 4.4%, Austria 4.1% (2010) |
Reserves of foreign exchange and gold:
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$54.66 billion (31 December 2011 est.)
$48.08 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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2,496 USD per capita |
Debt - external:
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$136.9 billion (31 December 2011 est.)
$122.8 billion (31 December 2010 est.) |
Debt - external - per capita:
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6,250 USD per capita |
Stock of direct foreign investment - at home:
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$72.26 billion (31 December 2011 est.)
$70.06 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
3,299 USD per capita |
Stock of direct foreign investment - abroad:
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$1.687 billion (31 December 2011 est.)
$1.487 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
78 USD per capita |
Market value of publicly traded shares:
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$32.38 billion (31 December 2010)
$30.32 billion (31 December 2009)
$19.92 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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1,479 USD per capita |
Currency (code):
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"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 |
Exchange rates:
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lei (RON) per US dollar -
3.02 (2011 est.)
3.1779 (2010 est.)
3.0493 (2009)
2.5 (2008)
2.43 (2007) |
Fiscal year:
|
calendar year |
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