Romania Economy

Is Romania a rich country?

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. 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.

In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary standby agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability; no funds were drawn. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on standby agreement, worth $5.4 billion, to continue with reforms. This agreement expired in September 2015, and no funds were drawn. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks.

Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017. Industry outperformed other sectors of the economy in 2017. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was the major driver, due to tax cuts and large wage increases that began last year and are set to continue in 2018.

An aging population, emigration of skilled labor, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package compromise Romania’s long-term growth and economic stability and are the economy's top vulnerabilities.

Romania Economy Data

What is the GDP of Romania?

Currency Name and Code Leu (RON)
GDP - Gross Domestic Product (PPP) $393,800,000,000 (USD)
GDP - official exchange rate $174,900,000,000 (USD)
GDP - real growth rate 3.4%
GDP Per Capita $20,600.00 (USD)
GDP by Sector- agriculture 11.8%
GDP by Sector- Industry 36.1%
GDP by Sector- services 52.1%
GDP - composition, by end use household consumption: 68.5%

government consumption: 7.4%

investment in fixed capital: 22.2%

investment in inventories: 1.1%

exports of goods and services: 43%

imports of goods and services: -42.2%
Population Below Poverty Line 25%
Inflation Rate 6%
Labor Force 9,350,000
Labor Force By Occupation- agriculture 29%
Labor Force By Occupation- industry 28.6%
Labor Force By Occupation- services 42.4%
Unemployment Rate 8.2%
Fiscal Year calendar year
Annual Budget $50,890,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -2.5%
Public Debt (% of GDP) 21.2%
Taxes and other revenues - percent of GDP 31.8%
Major Industries textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Industrial Growth Rate 1.5%
Agriculture Products wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Exchange Rate per US Dollar lei (RON)
Child Labor - % of children ages 5-14 1%
Child Labor - # of children ages 5-14 26,658
Commercial Bank Prime Lending Rate 11.49%

Labor Force by Occupation- As reported by Romania

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