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Romania Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Romania Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
Romania, which joined the EU 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 due 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. As a result of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. GDP contracted from 2009 to 2011. 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. In September 2013, the Romanian authorities and the IMF/EU agreed to a follow-on stand-by agreement, worth $5.4 billion, to continue with reforms, although Bucharest announced that it does not intend to draw funds under the agreement. Economic growth accelerated in 2013, driven by strong industrial exports and an excellent agricultural harvest; in December 2013 inflation dropped to a historical low annual rate of 1.6%; and the current account deficit was reduced substantially. Yet, progress on structural reforms is uneven and the economy still is vulnerable to shocks.

GDP (purchasing power parity):
$288.5 billion (2013 est.)
country comparison to the world: 45

$278.7 billion (2012 est.)
$277 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$188.9 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2013 est.)
country comparison to the world: 92

0.6% (2012 est.)
2.3% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,400 (2013 est.)
country comparison to the world: 94

$13,700 (2012 est.)
$13,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
24.1% of GDP (2013 est.)
country comparison to the world: 55

23.1% of GDP (2012 est.)
22.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.4%
government consumption: 6.2%
investment in fixed capital: 23.6%
investment in inventories: -0.7%
exports of goods and services: 42.2%
imports of goods and services: 42.7%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 6.4%
industry: 34.2%
services: 59.4% (2013 est.)

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

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

Industrial production growth rate:
8% (2013 est.)
country comparison to the world: 26
[see also: Industrial production growth rate country ranks ]

Labor force:
9.451 million (2013 est.)
country comparison to the world: 51
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 29%
industry: 28.6%
services: 42.4% (2012)

Unemployment rate:
7.3% (2013 est.)
country comparison to the world: 78

6.5% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.2% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 14.1%
highest 10%: 7.5% (2012 est.)

Distribution of family income - Gini index:
27.4 (2011)
country comparison to the world: 127

24.2 (2010)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $60.11 billion
expenditures: $64.85 billion (2013 est.)

Taxes and other revenues:
31.8% of GDP (2013 est.)
country comparison to the world: 82
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2013 est.)
country comparison to the world: 106
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.6% of GDP (2013 est.)
country comparison to the world: 96

37.9% of GDP (2012 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.2% (2013 est.)
country comparison to the world: 120

3.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 December 2013)
country comparison to the world: 66

5.25% (31 December 2012)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA% (31 December 2013 est.)
country comparison to the world: 70

11.49% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$30.82 billion (31 December 2013 est.)
country comparison to the world: 59

$26.51 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$74.21 billion (31 December 2013 est.)
country comparison to the world: 61

$66.13 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$91.77 billion (31 December 2013 est.)
country comparison to the world: 54

$90.75 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$43.67 billion (31 December 2013 est.)
country comparison to the world: 53

$31.71 billion (31 December 2012)
$24.26 billion (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.986 billion (2013 est.)
country comparison to the world: 143

-$7.48 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$65.84 billion (2013 est.)
country comparison to the world: 52

$57.86 billion (2012 est.)
[see also: Exports country ranks ]

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:
$73.42 billion (2013 est.)
country comparison to the world: 41

$70.17 billion (2012 est.)
[see also: Imports country ranks ]

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:
$48.78 billion (31 December 2013 est.)
country comparison to the world: 41

$46.8 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$131.6 billion (31 December 2013 est.)
country comparison to the world: 42

$131.6 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$84.04 billion (31 December 2013 est.)
country comparison to the world: 47

$78.05 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.455 billion (31 December 2013 est.)
country comparison to the world: 75

$1.298 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
lei (RON) per US dollar -

3.41 (2013 est.)
3.4682 (2012 est.)
3.1779 (2010 est.)
3.0493 (2009)
2.5 (2008)


NOTE: 1) The information regarding Romania on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Romania Economy 2015 information contained here. All suggestions for corrections of any errors about Romania Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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