| 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. |
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| GDP | 2.47% (2005 est.) |
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| GDP - real growth rate | 7.7% (2006 est.) |
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| GDP - composition by sector | agriculture: 10.1%
industry: 34.7%
services: 55.2% (2006 est.) |
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| Population below poverty line | 25% (2005 est.) |
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Household income or consumption
by percentage share | lowest 10%: 2.4%
highest 10%: 27.6% (2003) |
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Distribution of family income
- Gini index | 28.8 (2003) |
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| Labor force | 9.33 million (2006 est.) |
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| Labor force - by occupation | agriculture: 31.6%
industry: 30.7%
services: 37.7% (2004) |
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| Unemployment rate | 6.1% (2006 est.) |
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| Budget | revenues: $36.89 billion
expenditures: $39.1 billion; including capital expenditures of $2.2 billion (2006 est.) |
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| Industries | textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining |
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| Industrial production growth rate | 5.7% (2006 est.) |
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Electricity -
production | 54.53 billion kWh (2004) |
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Electricity -
production by source | fossil fuel: 62.5%
hydro: 27.6%
nuclear: 9.9%
other: 0% (2001) |
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Electricity -
consumption | 49.62 billion kWh (2004) |
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Electricity -
exports | 3.7 billion kWh (2004) |
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Electricity -
imports | 2.6 billion kWh (2004) |
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| Oil - production | 119,000 bbl/day (2005 est.) |
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| Oil - consumption | 212,000 bbl/day (2004 est.) |
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| Oil - exports | NA bbl/day |
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| Oil - imports | 163,000 bbl/day (2004) |
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| Oil - proved reserves | 500 million bbl (yearend 2004) |
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| Agriculture - products | wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep |
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| Exports | $33 billion f.o.b. (2006 est.) |
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| Exports - commodities | textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products |
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| Exports - partners | Italy 19.4%, Germany 14%, Turkey 7.9%, France 7.4%, UK 5.5%, Hungary 4.1%, US 4.1% (2005) |
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| Imports | $46.48 billion f.o.b. (2006 est.) |
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| Imports - commodities | machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products |
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| Imports - partners | Italy 15.5%, Germany 14%, Russia 8.3%, France 6.8%, Turkey 4.9%, China 4.1% (2005) |
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| Debt - external | $42.76 billion (2006 est.) |
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| Currency code | ROL |
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| Exchange rates | lei per US dollar - 2.809 (2006), 3 (2005), 3 (2004), 3 (2003), 3 (2002) |
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| Fiscal year | calendar year |
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