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Romania Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Romania Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
Romania, which joined the European Union 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 thanks 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. Inflation rose in 2007-08, driven by strong consumer demand, high wage growth, rising energy costs, a nation-wide drought, and a relaxation of fiscal discipline. As a result of the increase in fiscal and current account deficits and the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Worsening international financial markets, as well as a series of drastic austerity measures implemented to meet Romania''s obligations under the IMF-led bail-out agreement contributed to a GDP contraction of 6.6% in 2009, followed by a 1.1% GDP contraction in 2010. The economy returned to positive growth in 2011 due to strong exports, a better than expected harvest, and weak domestic demand. In 2012, however, growth slowed to less than 1%, partially due to slackening export demand and an extended drought that resulted in an exceptionally poor harvest. 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. The Romanian authorities announced that they do not intend to draw funds under the agreement.

GDP (purchasing power parity):
$271.4 billion (2012 est.)
country comparison to the world: 49

$269.6 billion (2011 est.)
$263.9 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$167.1 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.7% (2012 est.)
country comparison to the world: 168

2.2% (2011 est.)
-1.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,700 (2012 est.)
country comparison to the world: 101

$12,600 (2011 est.)
$12,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
23.3% of GDP (2012 est.)
country comparison to the world: 58

22.4% of GDP (2011 est.)
21.2% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 6.6%
investment in fixed capital: 26.7%
investment in inventories: 0.3%
exports of goods and services: 40%
imports of goods and services: -45.2%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 10.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35%
services: 54.9% (2012 est.)

Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries:
electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

Industrial production growth rate:
-0.8% (2012 est.)
country comparison to the world: 144
[see also: Industrial production growth rate country ranks ]

Labor force:
9.252 million (2012 est.)
country comparison to the world: 53
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 31.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.1%
services: 47.3% (2010)

Unemployment rate:
5.6% (2012 est.)
country comparison to the world: 57

5.1% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.2% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 19.8% (2011 est.)

Distribution of family income - Gini index:
33.2 (2011)
country comparison to the world: 97

30 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $55.69 billion
[see also: Budget revenues country ranks ]
expenditures: $59.95 billion (2012 est.)

Taxes and other revenues:
33.3% of GDP (2012 est.)
country comparison to the world: 78
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2012 est.)
country comparison to the world: 99
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
37.2% of GDP (2012 est.)
country comparison to the world: 98

32.4% of GDP (2011 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 ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.3% (2012 est.)
country comparison to the world: 103

5.8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.25% (31 December 2012)
country comparison to the world: 63

5.75% (31 December 2011)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.33% (31 December 2012 est.)
country comparison to the world: 67

12.12% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$26.51 billion (31 December 2012 est.)
country comparison to the world: 62

$25.7 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$63.44 billion (31 December 2012 est.)
country comparison to the world: 65

$63.5 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$82.69 billion (31 December 2012 est.)
country comparison to the world: 57

$82.73 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$29.56 billion (31 December 2012)
country comparison to the world: 62

$21.2 billion (31 December 2011)
$32.38 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-6.346 billion (2012 est.)
country comparison to the world: 167

$-8.344 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$51.29 billion (2012 est.)
country comparison to the world: 59

$55.81 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, metals and metal products, textiles and footwear, chemicals, agricultural products, minerals and fuels

Exports - partners:
Germany 18.9%, Italy 12.3%, France 7.1%, Turkey 5.5%, Hungary 5.5% (2012)

Imports:
$62.75 billion (2012 est.)
country comparison to the world: 47

$68.36 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, fuels and minerals, metals, textile and products, agricultural products

Imports - partners:
Germany 17.5%, Italy 11%, Hungary 9.1%, France 5.7%, Russia 4.4%, Poland 4.3%, Austria 4.2%, Kazakhstan 4.1% (2012)

Reserves of foreign exchange and gold:
$46.71 billion (31 December 2012 est.)
country comparison to the world: 41

$48.19 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$129.3 billion (31 December 2012 est.)
country comparison to the world: 43

$129.8 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$75.46 billion (31 December 2012 est.)
country comparison to the world: 46

$73.97 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$2.727 billion (31 December 2012 est.)
country comparison to the world: 71

$2.61 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
lei (RON) per US dollar -

3.4682 (2012 est.)
3.0486 (2011 est.)
3.1779 (2010 est.)
3.0493 (2009)
2.5 (2008)


NOTE: 1) The information regarding Romania on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Romania Economy 2014 information contained here. All suggestions for corrections of any errors about Romania Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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