Economy Of Romania
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Economy overview
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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 growth above 4%. An IMF Standby Agreement, signed in 2001, has been accompanied by slow but palpable gains in privatization, deficit reduction, and the curbing of inflation. The IMF Board approved Romania's completion of the standby agreement in October 2003, the first time Romania has successfully concluded an IMF agreement since the 1989 revolution. Nonetheless, recent macroeconomic gains have done little to address Romania's widespread poverty, while corruption and red tape hinder foreign investment.
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GDP
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purchasing power parity - $155 billion (2004 est.)
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GDP - real growth rate
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4.9% (2004 est.)
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GDP - per capita
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purchasing power parity - $7,000 (2004 est.)
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GDP - composition by sector
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agriculture: 13.1%
industry: 38.1%
services: 48.8% (2003)
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Investment gross fixed
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22.5% of GDP (2004 est.)
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Population below poverty line
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44.5% (2000)
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Household income or consumption by percentage share
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lowest 10%: 3.2%
highest 10%: 25% (1998)
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Distribution of family income - Gini index
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31.1 (1998)
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Inflation rate consumer prices
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15.3% (2004 est.)
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Labor force
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9.28 million (2004 est.)
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Labor force by occupation
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agriculture 41.4%, industry 27.3%, services 31.3% (2000)
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Unemployment rate
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7.2% (2004 est.)
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Budget
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revenues: $17.06 billion
expenditures: $18.38 billion, including capital expenditures of NA (2004 est.)
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Public debt
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25.5% of GDP (2004 est.)
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Agriculture products
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wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
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Industries
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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
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2.3% (2004 est.)
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Electricity production
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50.86 billion kWh (2001)
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Electricity production by source
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fossil fuel: 62.5%
hydro: 27.6%
other: 0% (2001)
nuclear: 9.9%
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Electricity consumption
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46.1 billion kWh (2001)
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Electricity exports
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1.6 billion kWh (2001)
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Electricity imports
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400 million kWh (2001)
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Oil production
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127,500 bbl/day (2004 est.)
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Oil consumption
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215,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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1.055 billion bbl (1 January 2002)
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Natural gas production
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14.3 billion cu m (2001 est.)
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Natural gas consumption
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19.7 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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5.4 billion cu m (2001 est.)
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Natural gas proved reserves
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111.1 billion cu m (1 January 2002)
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Current account balance
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$-3.368 billion (2004 est.)
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Exports
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$17.63 billion f.o.b. (2004 est.)
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Exports commodities
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textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products
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Exports partners
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Italy 24.3%, Germany 15.7%, France 7.4%, UK 6.7%, Turkey 5.1% (2003)
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Imports
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$22.17 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products
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Imports partners
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Italy 19.6%, Germany 14.9%, Russia 8.3%, France 7.3% (2003)
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Reserves of foreign exchange gold
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$10.37 billion (2004 est.)
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Debt external
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$18.34 billion (2004 est.)
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Economic aid recipient
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Currency
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leu (ROL)
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Currency code
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ROL
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Exchange rates
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lei per US dollar - 33,200.1 (2003), 33,055.4 (2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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