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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$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 ]
$188.9 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
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 ]
$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 ]
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 ]
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.)
agriculture:
6.4%
industry:
34.2%
services:
59.4% (2013 est.)
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
electric machinery and equipment, textiles and footwear, light machinery, auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
8% (2013 est.)
country comparison to the world: 26
[see also: Industrial production growth rate country ranks ]
9.451 million (2013 est.)
country comparison to the world: 51
[see also: Labor force country ranks ]
agriculture:
29%
industry:
28.6%
services:
42.4% (2012)
7.3% (2013 est.)
country comparison to the world: 78
6.5% (2012 est.)
[see also: Unemployment rate country ranks ]
22.2% (2011 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
14.1%
highest 10%:
7.5% (2012 est.)
27.4 (2011)
country comparison to the world: 127
24.2 (2010)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$60.11 billion
expenditures:
$64.85 billion (2013 est.)
31.8% of GDP (2013 est.)
country comparison to the world: 82
[see also: Taxes and other revenues country ranks ]
-2.5% of GDP (2013 est.)
country comparison to the world: 106
[see also: Budget surplus (+) or deficit (-) country ranks ]
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 ]
calendar year
3.2% (2013 est.)
country comparison to the world: 120
3.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
4% (31 December 2013)
country comparison to the world: 66
5.25% (31 December 2012)
[see also: Central bank discount rate country ranks ]
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 ]
$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 ]
$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 ]
$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 ]
$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 ]
-$1.986 billion (2013 est.)
country comparison to the world: 143
-$7.48 billion (2012 est.)
[see also: Current account balance country ranks ]
$65.84 billion (2013 est.)
country comparison to the world: 52
$57.86 billion (2012 est.)
[see also: Exports country ranks ]
machinery and equipment, metals and metal products, textiles and footwear, chemicals, agricultural products, minerals and fuels
Germany 18.9%, Italy 12.3%, France 7.1%, Turkey 5.5%, Hungary 5.5% (2012)
$73.42 billion (2013 est.)
country comparison to the world: 41
$70.17 billion (2012 est.)
[see also: Imports country ranks ]
machinery and equipment, chemicals, fuels and minerals, metals, textile and products, agricultural products
Germany 17.5%, Italy 11%, Hungary 9.1%, France 5.7%, Russia 4.4%, Poland 4.3%, Austria 4.2%, Kazakhstan 4.1% (2012)
$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 ]
$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 ]
$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 ]
$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 ]
lei (RON) per US dollar -
3.41 (2013 est.)
3.4682 (2012 est.)
3.1779 (2010 est.)
3.0493 (2009)
2.5 (2008)