Romanian Economy
Economy - overview: 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 on to 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 stand-by agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on precautionary two-year stand-by agreement, worth $5.4 billion, to continue with reforms, although Bucharest has announced that it does not intend to draw funds under the agreement. Economic growth rebounded in 2013, driven by strong industrial exports and an excellent agricultural harvest, and the current account deficit was reduced substantially. The economy closed out 2014 with 2.8% growth, down from the 3.5% posted in 2013. Industry outperformed other sectors of the economy. Exports remained the engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. In 2014, the Government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, and inflation was the lowest since 1989, allowing a gradual loosening of the monetary policy throughout the year. However, progress on structural reforms has been uneven and the economy still is vulnerable to external shocks. An ageing population, weak domestic demand, tax evasion, and insufficient health-care represent the top vulnerabilities.
GDP (purchasing power parity): $392.8 billion (2014 est.)
GDP (official exchange rate): $200 billion (2014 est.)
GDP - real growth rate: 2.9% (2014 est.)
GDP - per capita (PPP): $19,700 (2014 est.)
GDP - composition by sector: agriculture: 5.4%
industry: 27.3%
services: 67.3% (2014 est.)
Labor force: 9.172 million (2014 est.)
Labor force - by occupation: agriculture: 27.9%
industry: 28.2%
services: 43.9% (2013)
Unemployment rate: 6.4% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 14.5%
highest 10%: 7.7% (2013 est.)
Investment (gross fixed): 25.5% of GDP (2009 est.)
Budget: revenues: $63.85 billion
expenditures: $67.58 billion (2014 est.)
Public debt: 39.6% of GDP (2014 est.)
Inflation rate (consumer prices): 1.1% (2014 est.)
Central bank discount rate: 2.75% (31 December 2014)
Commercial bank prime lending rate: 8.45% (31 December 2014 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: 3.6% (2014 est.)
Electricity - production: 55.78 billion kWh (2013 est.)
Electricity - consumption: 49.69 billion kWh (2013 est.)
Electricity - exports: 2.466 billion kWh (2013 est.)
Electricity - imports: 450 million kWh (2013 est.)
Oil - production: 92,390 bbl/day (2013 est.)
Oil - consumption: 219,000 bbl/day (2008 est.)
Oil - exports: 1,604 bbl/day (2010 est.)
Oil - imports: 122,000 bbl/day (2010 est.)
Oil - proved reserves: 600 million bbl (1 January 2014 est.)
Natural gas - production: 11.4 billion cu m (2014 est.)
Natural gas - consumption: 12.1 billion cu m (2014 est.)
Natural gas - exports: 241.7 million cu m (2014 est.)
Natural gas - imports: 801 million cu m (2014 est.)
Natural gas - proved reserves: 105.5 billion cu m (1 January 2014 est.)
Current account balance: -$921 million (2014 est.)
Exports: $69.25 billion (2014 est.)
Exports - commodities: machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products
Exports - partners: Germany 19.6%, Italy 12.1%, France 6.9%, Hungary 5.2%, Turkey 4.6%, UK 4.2% (2014)
Imports: $77.23 billion (2014 est.)
Imports - commodities: machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products
Imports - partners: Germany 19.2%, Italy 10.9%, Hungary 7.9%, France 5.7%, Poland 4.7% (2014)
Reserves of foreign exchange and gold: $42.96 billion (31 December 2014 est.)
Debt - external: $114.1 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $87.24 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $2.697 billion (31 December 2014 est.)
Exchange rates: lei (RON) per US dollar - 3.3492 (2014 est.), 3.3279 (2013 est.), 3.47 (2012 est.), 3.0486 (2011 est.), 3.1779 (2010 est.)
economic climate  
Background: Romania joined the European Union in January 2007, but is being monitored by the European Commission to ensure that it meets its membership obligations in crucial areas.
Policy will focus on the remaining large privatisations, restructuring the energy sector and investing in health, education and infrastructure.
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. http://www.austrade.gov.au
3. DIBNC Experts Team