Romania:
Economy

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Other pages in this profile of Romania:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept GDP growth above 4%. However, macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty, while corruption and red tape continue to handicap the business environment. Romanian government confidence in continuing disinflation was underscored by its currency revaluation in 2005, making 10,000 "old" lei equal 1 "new" leu. The economy grew at 6.4% in 2006, the strongest growth in the last decade. Romania joined the European Union on 1 January 2007, and the IMF has praised the country's recent reform efforts in preparation for EU accession.
GDP (purchasing power parity)	$202.2 billion (2006 est.)
GDP (official exchange rate)	$80.11 billion (2006 est.)
GDP - real growth rate	7.7% (2006 est.)
GDP - per capita	$9,100 (2006 est.)
GDP - composition by sector	agriculture: 9.1% industry: 34.9% services: 56% (2006 est.)
Labor force	9.33 million (2006 est.)
Labor force - by occupation	agriculture: 31.6% industry: 30.7% services: 37.7% (2004)
Unemployment rate	6.1% (2006 est.)
Population below poverty line	25% (2005 est.)
Household income or consumption by percentage share	lowest 10%: 3.3% highest 10%: 24.4% (2003)
Distribution of family income - Gini index	31 (2003)
Inflation rate (consumer prices)	6.6% (2006 est.)
Investment (gross fixed)	24.6% of GDP (2006 est.)
Budget	revenues: $38.08 billion expenditures: $40.1 billion (2006 est.)
Public debt	18.3% of GDP (2006 est.)
Agriculture - products	wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Industries	textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Electricity - production	56.91 billion kWh (2005)
Electricity - consumption	48.17 billion kWh (2005)
Electricity - exports	5.224 billion kWh (2005)
Electricity - imports	2.321 billion kWh (2005)
Oil - production	119,000 bbl/day (2005 est.)
Oil - consumption	212,000 bbl/day (2004 est.)
Oil - exports	NA bbl/day
Oil - imports	181,100 bbl/day (2004)
Oil - proved reserves	955.6 million bbl (1 January 2006)
Natural Gas - production	11.22 billion cu m (2005 est.)
Natural Gas - consumption	17.46 billion cu m (2005 est.)
Natural Gas - exports	0 cu m (2005 est.)
Natural Gas - imports	6.234 billion cu m (2005)
Natural Gas - proved reserves	96.41 billion cu m (1 January 2006 est.)
Current account balance	$-12.84 billion (2006 est.)
Exports	$32.34 billion f.o.b. (2006 est.)
Exports - commodities	textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products
Exports - partners	Italy 17.9%, Germany 15.7%, Turkey 7.7%, France 7.5%, Hungary 4.9%, UK 4.7% (2006)
Imports	$47.17 billion f.o.b. (2006 est.)
Imports - commodities	machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products
Imports - partners	Germany 15.2%, Italy 14.5%, Russia 7.8%, France 6.5%, Turkey 4.9%, China 4.3% (2006)
Reserves of foreign exchange and gold	$30.21 billion (2006 est.)
Debt - external	$54.39 billion (2006 est.)
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 per US dollar - 2.809 (2006), 3 (2005), 3 (2004), 3 (2003), 3 (2002)
Fiscal year	calendar year

Romania: Economy

Romania:
Economy