| Economy | Romania |
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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, but fell in 2009 as a result of the world recession. Romania's GDP growth contracted 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 GDP fell nearly 7% in 2009, and unemployment doubled. Romania hopes to adopt the euro by 2014. |
GDP (purchasing power parity):
|
$256.3 billion (2009 est.)
$275.3 billion (2008 est.)
$257 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$11,500 (2009 est.)
$12,400 (2008 est.)
$11,500 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$160.7 billion (2009 est.) |
GDP - real growth rate:
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-6.9% (2009 est.)
7.1% (2008 est.)
6.2% (2007 est.) |
GDP - composition by sector:
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agriculture: 12.4%
industry: 35%
services: 52.6% (2009 est.) |
Investment (gross fixed):
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25.5% of GDP (2009 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%: 1.2%
highest 10%: 20.8% (2006) |
Distribution of family income - Gini index:
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32 (2008)
28.8 (2003) |
Inflation rate (consumer prices):
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5% (2009 est.)
7.8% (2008 est.) |
Central bank discount rate:
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NA% |
Commercial bank prime lending rate:
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14.99% (31 December 2008)
13.35% (31 December 2007) |
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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1,139 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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1,625 USD per capita |
Stock of domestic credit:
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$72.85 billion (31 December 2008)
$58.76 billion (31 December 2007) |
Stock of domestic credit - per capita:
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3,280 USD per capita |
Labor force:
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9.33 million (2009 est.) |
Labor force participation rate:
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42.00 % 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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7.6% (2009 est.)
4.4% (2008 est.) |
Budget:
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revenues: $50.78 billion
expenditures: $61.51 billion (2009 est.) |
Budget revenues per capita:
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2,286 USD per capita |
Public debt:
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20% of GDP (2009 est.)
14.7% of GDP (2008 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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-9% (2009 est.) |
Electricity - production:
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58.28 billion kWh (2007 est.) |
Electricity - production per capita:
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2,624 kWh per capita |
Electricity - consumption:
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49.44 billion kWh (2007 est.) |
Electricity - consumption - per capita:
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2,226 kWh per capita |
Electricity - exports:
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5.169 billion kWh (2008 est.) |
Electricity - imports:
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921 million kWh (2008 est.) |
Oil - production:
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115,200 bbl/day (2008 est.) |
Oil - production per capita:
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5,186 bbl/day per capita |
Oil - consumption:
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219,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
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3.60 bbl/year per capita |
Oil - exports:
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115,600 bbl/day (2007 est.) |
Oil - imports:
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217,000 bbl/day (2007 est.) |
Oil - proved reserves:
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600 million bbl (1 January 2009 est.) |
Natural gas - production:
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11.42 billion cu m (2008 est.) |
Natural gas - production per capita:
|
515 cu m per capita |
Natural gas - consumption:
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16.92 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
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762 cu m per capita |
Natural gas - exports:
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0 cu m (2008 est.) |
Natural gas - imports:
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5.5 billion cu m (2008 est.) |
Natural gas - proved reserves:
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63 billion cu m (1 January 2009 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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$-8.53 billion (2009 est.)
$-24.81 billion (2008 est.) |
Current account balance - per capita:
|
-383 USD per capita |
Exports:
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$38.1 billion (2009 est.)
$49.41 billion (2008 est.) |
Exports per capita:
|
1,716 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 16.5%, Italy 15.6%, France 7.4%, Turkey 6.6%, Hungary 5.1%, Bulgaria 4.2% (2008) |
Imports:
|
$49.2 billion (2009 est.)
$76.17 billion (2008 est.) |
Imports per capita:
|
2,215 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 16.3%, Italy 11.4%, Hungary 7.4%, Russia 6%, France 5.7%, Turkey 4.9%, Austria 4.9%, Kazakhstan 4.6%, China 4.2% (2008) |
Reserves of foreign exchange and gold:
|
$33.7 billion (31 December 2009 est.)
$39.47 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,517 USD per capita |
Debt - external:
|
$95.48 billion (31 December 2009 est.)
$102.2 billion (31 December 2008 est.) |
Debt - external - per capita:
|
4,298 USD per capita |
Stock of direct foreign investment - at home:
|
$78.61 billion (31 December 2009 est.)
$72.61 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
3,539 USD per capita |
Stock of direct foreign investment - abroad:
|
$1.001 billion (31 December 2009 est.)
$921 million (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
46 USD per capita |
Market value of publicly traded shares:
|
$19.92 billion (31 December 2008)
$44.93 billion (31 December 2007)
$32.78 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
897 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$914.3 million |
Economic aid - recipient per capita:
|
42 USD per capita |
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 |
Exchange rates:
|
lei (RON) per US dollar - 3.07 (2009), 2.5 (2008), 2.43 (2007), 2.809 (2006), 3 (2005) |
Fiscal year:
|
calendar year |
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