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 fueled strong GDP growth, but led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania''s widespread poverty. Corruption and red tape continue to permeate the business environment. Inflation rose in 2007-08, driven by strong consumer demand, high wage growth, rising energy costs, a nation-wide drought, and a relaxation of fiscal discipline. As a result of the increase in fiscal and current account deficits and the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Worsening international financial markets, as well as a series of drastic austerity measures implemented to meet Romania''s obligations under the IMF-led bail-out agreement contributed to a GDP contraction of 6.6% in 2009, followed by a 1.1% GDP contraction in 2010. The economy returned to positive growth in 2011 due to strong exports, a better than expected harvest, and weak domestic demand. In 2012, however, growth slowed to less than 1%, partially due to slackening export demand and an extended drought that resulted in an exceptionally poor harvest. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary stand-by agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability. The Romanian authorities announced that they do not intend to draw funds under the agreement.
GDP (purchasing power parity):
- $277.9 billion (2012 est.)
- country comparison to the world: 48
- $277 billion (2011 est.)
- $271.1 billion (2010 est.)
- note: data are in 2012 US dollars
GDP (official exchange rate): $169.4 billion (2012 est.)
- $13,000 (2012 est.)
- country comparison to the world:101
- $13,000 (2011 est.)
- $12,600 (2010 est.)
- note: data are in 2012 US dollars
- 23.2% of GDP (2012 est.)
- country comparison to the world: 56
- 22.5% of GDP (2011 est.)
- 21.1% of GDP (2010 est.)
GDP - composition, by end use:
- household consumption: 71.5%
- government consumption: 6.6%
- investment in fixed capital: 26.7%
- investment in inventories: 0.3%
- exports of goods and services: 40.0%
- imports of goods and services: -45.2%
- (2012 est.)
GDP - composition, by sector of origin:
- agriculture: 7.5%
- industry: 33.0%
- services: 59.5% (2011 est.)
Agriculture - products: wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Industries: electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Labor force: 9.252 million (2012 est.)
- country comparison to the world: 52
Labor force - by occupation:
- agriculture:31.6%
- industry: 21.1%
- services: 47.3% (2010)
Unemployment rate:
- 5.6% (2012 est.)
- country comparison to the world: 56
- 7.5% (2011 est.)
Population below poverty line: 22.2% (2011 est.)
Household income or consumption by percentage share:
- lowest 10%: 1.7%
- highest 10%:19.8% (2011 est.)
Distribution of family income - Gini index:
- 33.2 (2011)
- country comparison to the world: 97
- 30 (2003)
Budget:
- revenues: $55.69 billion
- expenditures: $59.95 billion (2012 est.)
Taxes and other revenues:
- 32.9% of GDP (2012 est.)
- country comparison to the world: 76
Budget surplus (+) or deficit (-): -2.5% of GDP (2012 est.)
- country comparison to the world: 98
Public debt: 37.2% of GDP (2012 est.)
- country comparison to the world: 94
- 32.4% of GDP (2011 est.)
- note: defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and loans; general government sector comprises the subsectors: central government, state government, local government, and social security funds
Fiscal year: calendar year
Inflation rate (consumer prices):
- 3.3% (2012 est.)
- country comparison to the world: 104
- 5.8% (2011 est.)
Central bank discount rate:
- 5.25% (31 December 2012)
- country comparison to the world: 63
- 5.75% (31 December 2011)
Commercial bank prime lending rate:
- 11.33% (31 December 2012 est.)
- country comparison to the world: 67
- 12.12% (31 December 2011 est.)
Stock of narrow money:
- $26.51 billion (31 December 2012 est.)
- country comparison to the world: 62
- $25.7 billion (31 December 2011 est.)
Stock of broad money:
- $63.44 billion (31 December 2012 est.)
- country comparison to the world: 65
- $63.5 billion (31 December 2011 est.)
Stock of domestic credit:
- $82.69 billion (31 December 2012 est.)
- country comparison to the world: 57
- $82.73 billion (31 December 2011 est.)
Market value of publicly traded shares:
- $29.56 billion (31 December 2012)
- country comparison to the world: 62
- $21.2 billion (31 December 2011)
- $32.38 billion (31 December 2010)
Current account balance:
- -$7.488 billion (2012 est.)
- country comparison to the world: 171
- -$7.747 billion (2011 est.)
Exports:
- $58.11 billion (2012 est.)
- country comparison to the world: 57
- $62.68 billion (2011 est.)
Exports - commodities: machinery and equipment, metals and metal products, textiles and footwear, chemicals, agricultural products, minerals and fuels
Exports - partners: Germany 18.9%, Italy 12.3%, France 7.1%, Turkey 5.5%, Hungary 5.5% (2012)
Imports:
- $67.54 billion (2012 est.)
- country comparison to the world: 44
- $73.12 billion (2011 est.)
Imports - commodities: machinery and equipment, chemicals, fuels and minerals, metals, textile and products, agricultural products
Imports - partners: Germany 17.5%, Italy 11%, Hungary 9.1%, France 5.7%, Russia 4.4%, Poland 4.3%, Austria 4.2%, Kazakhstan 4.1% (2012)
Reserves of foreign exchange and gold:
- $46.67 billion (31 December 2012 est.)
- country comparison to the world: 40
- $48.3 billion (31 December 2011 est.)
Debt - external:
Stock of direct foreign investment - at home:
- $75.46 billion (31 December 2012 est.)
- country comparison to the world: 46
- $73.97 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad:
- $2.727 billion (31 December 2012 est.)
- country comparison to the world: 69
- $2.61 billion (31 December 2011 est.)
Exchange rates:
- lei (RON) per US dollar -
- 3.4682 (2012 est.)
- 3.0486 (2011 est.)
- 3.1779 (2010 est.)
- 3.0493 (2009)
- 2.5 (2008)
