Economy of Romania

Mother Earth Travel > Country Index > Romania > Map Economy History

Economy - overview: Romania, one of the poorest countries in Central and Eastern Europe, began the transition from communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down over 40%. Corruption too has worsened. The EU ranks Romania last among enlargement candidates, and the European Bank for Reconstruction and Development (EBRD) rates Romania's transition progress the region's worst. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. A new government elected in November 2000 promises to promote economic reform. Bucharest hopes to receive financial and technical assistance from international financial institutions and Western governments; negotiations over a new IMF standby agreement are to begin early in 2001. If reform stalls, Romania's ability to borrow from both public and private sources could quickly dry up, leading to another financial crisis.

GDP: purchasing power parity - $87.4 billion (1999 est.), $132.5 billion (2000 est.)
GDP - real growth rate: -4.8% (1999 est.), 2.2% (2000 est.)
GDP - per capita: purchasing power parity - $3,900 (1999 est.), $5,900 (2000 est.)
GDP - composition by sector:
agriculture:  13.9%
industry:  32.6%
services:  53.5% (2000)
Household income or consumption by percentage share:
lowest 10%: 3.8%
highest 10%: 20.2% (1992)
Inflation rate (consumer prices): 45.7% (2000 est.)
Labor force: 9.9 million (1999 est.)
Labor force - by occupation: agriculture 40%, industry 25%, services 35% (1998)
Unemployment rate: 11.5% (1999)
Budget:
revenues:  $11.7 billion
expenditures:  $12.4 billion (1999 est.)
Industries: textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Industrial production growth rate: 8% (2000)
Electricity - production: 49.036 billion kWh (1999)
Electricity - production by source:
fossil fuel:  53.99%
hydro:  36.18%
nuclear:  9.81%
other:  0.02% (1999)
Electricity - consumption: 44.768 billion kWh (1999)
Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Exports: $11.2 billion (f.o.b., 2000 est.)
Exports - commodities: textiles and footwear 26%, metals and metal products 15%, machinery and equipment 11%, minerals and fuels 6% (1999)
Exports - partners: Italy 23%, Germany 18%, France 6%, Turkey 5%, US (1999)
Imports: $11.9 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and equipment 23%, fuels and minerals 12%, chemicals 9%, textile and products 19% (1999)
Imports - partners: Italy 20%, Germany 19%, France 7%, Russia 6% (1999)
Debt - external: $9.3 billion (2000 est.)
Currency: 1 leu (ROL) = 100 bani

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Romania > Map Economy History