unbekannter Gast

Romania: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$288.5 billion (2013 est.)
$278.7 billion (2012 est.)
$277 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3.5% (2013 est.)
0.6% (2012 est.)
2.3% (2011 est.)
GDP - per capita (PPP)$14,400 (2013 est.)
$13,700 (2012 est.)
$13,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 6.4%
industry: 34.2%
services: 59.4% (2013 est.)
Population below poverty line22.2% (2011 est.)
Household income or consumption by percentage sharelowest 10%: 14.1%
highest 10%: 7.5% (2012 est.)
Labor force - by occupationagriculture: 29%
industry: 28.6%
services: 42.4% (2012)
Exports - commoditiesmachinery and equipment, metals and metal products, textiles and footwear, chemicals, agricultural products, minerals and fuels
Exports - partnersGermany 18.9%, Italy 12.3%, France 7.1%, Turkey 5.5%, Hungary 5.5% (2012)
Agriculture - productswheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Budgetrevenues: $60.11 billion
expenditures: $64.85 billion (2013 est.)
Imports - commoditiesmachinery and equipment, chemicals, fuels and minerals, metals, textile and products, agricultural products
Imports - partnersGermany 17.5%, Italy 11%, Hungary 9.1%, France 5.7%, Russia 4.4%, Poland 4.3%, Austria 4.2%, Kazakhstan 4.1% (2012)
Exchange rateslei (RON) per US dollar -
3.41 (2013 est.)
3.4682 (2012 est.)
3.1779 (2010 est.)
3.0493 (2009)
2.5 (2008)
Exports$65.84 billion (2013 est.)
$57.86 billion (2012 est.)
Debt - external$131.6 billion (31 December 2013 est.)
$131.6 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$73.42 billion (2013 est.)
$70.17 billion (2012 est.)
Industrial production growth rate8% (2013 est.)
Industrieselectric machinery and equipment, textiles and footwear, light machinery, auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Inflation rate (consumer prices)3.2% (2013 est.)
3.4% (2012 est.)
Labor force9.451 million (2013 est.)
Unemployment rate7.3% (2013 est.)
6.5% (2012 est.)
Distribution of family income - Gini index27.4 (2011)
24.2 (2010)
Public debt38.6% of GDP (2013 est.)
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
Current account balance-$1.986 billion (2013 est.)
-$7.48 billion (2012 est.)
Reserves of foreign exchange and gold$48.78 billion (31 December 2013 est.)
$46.8 billion (31 December 2012 est.)
GDP (official exchange rate)$188.9 billion (2013 est.)
Stock of direct foreign investment - at home$84.04 billion (31 December 2013 est.)
$78.05 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$1.455 billion (31 December 2013 est.)
$1.298 billion (31 December 2012 est.)
Market value of publicly traded shares$43.67 billion (31 December 2013 est.)
$31.71 billion (31 December 2012)
$24.26 billion (31 December 2011 est.)
Central bank discount rate4% (31 December 2013)
5.25% (31 December 2012)
Commercial bank prime lending rateNA% (31 December 2013 est.)
11.49% (31 December 2012 est.)
Stock of domestic credit$91.77 billion (31 December 2013 est.)
$90.75 billion (31 December 2012 est.)
Stock of narrow money$30.82 billion (31 December 2013 est.)
$26.51 billion (31 December 2012 est.)
Stock of broad money$74.21 billion (31 December 2013 est.)
$66.13 billion (31 December 2012 est.)
Taxes and other revenues31.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.5% of GDP (2013 est.)
GDP - composition, by end usehousehold 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.)
Gross national saving24.1% of GDP (2013 est.)
23.1% of GDP (2012 est.)
22.4% of GDP (2011 est.)