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. 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 2013-15, driven by strong industrial exports and excellent agricultural harvests, and the fiscal deficit was reduced substantially. Industry outperformed other sectors of the economy in 2015. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was a second driver, due to the mid-2015 cut, from 24% to 9%, of the VAT levied upon foodstuffs. In 2015, the government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, even if it rose due to increasing imports. For the first time since 1989, inflation turned into deflation, allowing for a gradual loosening of monetary policy throughout the period.

An aging population, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package jeopardize the low fiscal deficit and public debt and are the economy's top vulnerabilities.

Economic Facts#

GDP (purchasing power parity)$441 billion (2016 est.)
$420.2 billion (2015 est.)
$405 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$186.5 billion (2015 est.)
GDP - real growth rate5% (2016 est.)
3.8% (2015 est.)
3% (2014 est.)
GDP - per capita (PPP)$22,300 (2016 est.)
$21,100 (2015 est.)
$20,300 (2014 est.)
note: data are in 2016 dollars
Gross national saving23% of GDP (2016 est.)
24.4% of GDP (2015 est.)
24.8% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 69.4%
government consumption: 6.7%
investment in fixed capital: 25.2%
investment in inventories: 0.3%
exports of goods and services: 40.9%
imports of goods and services: -42.5% (2016 est.)
GDP - composition, by sector of originagriculture: 3.3%
industry: 35.4%
services: 61.3% (2016 est.)
Agriculture - productswheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Industrieselectric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials
Industrial production growth rate2% (2016 est.)
Labor force9.133 million (2016 est.)
Labor force - by occupationagriculture: 28.3%
industry: 28.9%
services: 42.8% (2014)
Unemployment rate6.7% (2016 est.)
6.8% (2015 est.)
Population below poverty line22.4% (2012 est.)
Household income or consumption by percentage sharelowest 10%: 15.3%
highest 10%: 7.6% (2014 est.)
Distribution of family income - Gini index27.3 (2012)
28.2 (2010)
Budgetrevenues: $56.84 billion
expenditures: $62.14 billion (2016 est.)
Taxes and other revenues30.5% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2.8% of GDP (2016 est.)
Public debt39.3% of GDP (2016 est.)
38.4% of GDP (2015 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 f
Fiscal yearcalendar year
Inflation rate (consumer prices)-1.1% (2016 est.)
-0.6% (2015 est.)
Central bank discount rate1.75% (31 December 2015)
2.75% (31 December 2014)
Commercial bank prime lending rate6% (31 December 2016 est.)
6.77% (31 December 2015 est.)
Stock of narrow money$30.67 billion (31 December 2016 est.)
$36.06 billion (31 December 2015 est.)
Stock of broad money$71.58 billion (31 December 2015 est.)
$78.18 billion (31 December 2014 est.)
Stock of domestic credit$65.93 billion (31 December 2016 est.)
$64.47 billion (31 December 2015 est.)
Market value of publicly traded shares$36.5 billion (31 December 2015 est.)
$41.04 billion (31 December 2014 est.)
$42.59 billion (31 December 2013 est.)
Current account balance-$3.733 billion (2016 est.)
-$2.032 billion (2015 est.)
Exports$56.03 billion (2016 est.)
$54.52 billion (2015 est.)
Exports - commoditiesmachinery and equipment, other manufactured goods, agricultural products and foodstuffs, metals and metal products, chemicals, minerals and fuels, raw materials
Exports - partnersGermany 19.8%, Italy 12.5%, France 6.8%, Hungary 5.4%, UK 4.4% (2015)
Imports$66.45 billion (2016 est.)
$63.12 billion (2015 est.)
Imports - commoditiesmachinery and equipment, other manufactured goods, chemicals, agricultural products and foodstuffs, fuels and minerals, metals and metal products, raw materials
Imports - partnersGermany 19.8%, Italy 10.9%, Hungary 8%, France 5.6%, Poland 4.9%, China 4.6%, Netherlands 4% (2015)
Reserves of foreign exchange and gold$39.86 billion (31 December 2016 est.)
$38.71 billion (31 December 2015 est.)
Debt - external$101.4 billion (31 December 2016 est.)
$102.6 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$76.41 billion (31 December 2016 est.)
$72.21 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$4.018 billion (31 December 2016 est.)
$3.618 billion (31 December 2015 est.)
Exchange rateslei (RON) per US dollar -
4.15 (2016 est.)
4.0057 (2015 est.)
4.0057 (2014 est.)
3.3492 (2013 est.)
3.47 (2012 est.)