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World > Europe > Romania > Economy (Facts)

Romania - Economy (Facts)
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.
GDP - real growth rate: 7.7% (2006 est.)
GDP (purchasing power parity): $202.2 billion (2006 est.)
GDP (official exchange rate): $80.11 billion (2006 est.)
GDP - per capita (PPP): $9,100 (2006 est.)
GDP - composition by sector: agriculture: 10.1%
industry: 34.7%
services: 55.2% (2006 est.)
Population below poverty line: 25% (2005 est.)
Household income or consumption by percentage share: lowest 10%: 2.4%
highest 10%: 27.6% (2003)
Inflation rate (consumer prices): 6.8% (2006 est.)
Labor force: 9.33 million (2006 est.)
Labor force - by occupation: agriculture: 31.6%
industry: 30.7%
services: 37.7% (2004)
Unemployment rate: 6.1% (2006 est.)
Budget: revenues: $36.89 billion
expenditures: $39.1 billion; including capital expenditures of $2.2 billion (2006 est.)
Industries: textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Industrial production growth rate: 5.7% (2006 est.)
Electricity - production: 54.53 billion kWh (2004)
Electricity - consumption: 49.62 billion kWh (2004)
Electricity - exports: 3.7 billion kWh (2004)
Electricity - imports: 2.6 billion kWh (2004)
Oil - production: 119,000 bbl/day (2005 est.)
Oil - consumption: 212,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: 181,100 bbl/day (2004)
Oil - proved reserves: 955.6 million bbl (1 January 2005)
Natural gas - production: 11.8 billion cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 6.2 billion cu m (2004 est.)
Agriculture - products: wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Exports: $33 billion f.o.b. (2006 est.)
Exports - commodities: textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products
Exports - partners: Italy 16.1%, Germany 15.3%, Turkey 7.8%, Hungary 6.4%, France 6.3%, Austria 4.7%, UK 4.5% (2006)
Imports: $46.48 billion f.o.b. (2006 est.)
Imports - commodities: machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products
Imports - partners: Germany 16.6%, Italy 12.9%, China 11.3%, Russia 6.1%, Hungary 5.8%, France 5.3%, Austria 4.9%, Turkey 4.3% (2006)
Debt - external: $42.76 billion (2006 est.)
Currency: ROL
Currency code: ROL
Exchange rates: lei per US dollar - 2.809 (2006), 3 (2005), 3 (2004), 3 (2003), 3 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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