Romania - Economic Indicators
Economic 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 a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Private Consumption | 2020 Q2 | 161,286 | 162,178 | Mil. RON, NSA | Quarterly |
| Real Government Consumption | 2020 Q2 | 1,399 | 1,069 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Real Gross Domestic Product | 2020 Q2 | 35,464 | 34,415 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Nominal Gross Domestic Product | 2020 Q2 | 224,253 | 215,965 | Mil. RON, NSA | Quarterly |
| Investment | 2020 Q2 | 59,469 | 36,775 | Mil. RON, NSA | Quarterly |
| Real Private Consumption | 2020 Q2 | 36,954 | 42,522 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Government Consumption | 2020 Q2 | 21,534 | 17,613 | Mil. RON, NSA | Quarterly |
| Real Investment | 2020 Q2 | 10,799 | 8,378 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2017 | 193,640,900,000 | 175,053,600,000 | NCU | Annual |
| Price | Reference | Last | Previous | Units | Frequency |
| Wholesale Price Index | Jul 2020 | 103.4 | 103 | Corresponding month of previous year = 100, NSA | Monthly |
| Producer Price Index (PPI) | Jul 2020 | 124.86 | 124.3 | 2010=100, NSA | Monthly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Wage & Salaries | Jul 2020 | 5,468 | 5,369 | RON, NSA | Monthly |
| Labor Force | Jun 2020 | 5,157 | 5,142 | #, NSA | Monthly |
| Unemployment Rate | Jun 2020 | 3 | 2.9 | %, NSA | Monthly |
| Unemployment | Jun 2020 | 260.7 | 249.6 | Ths. #, NSA | Monthly |
| Total Employment | Jun 2020 | 4,897 | 4,892 | Ths. #, NSA | Monthly |
| Labor Force Employment | Jun 2020 | 4,897 | 4,892 | Ths. #, NSA | Monthly |
| Agriculture Employment | 2017 | 2,023,849 | 2,065,258 | # | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Exports of Goods and Services | 2020 Q2 | 76,708 | 105,681 | Mil. RON, NSA | Quarterly |
| Real Imports of Goods and Services | 2020 Q2 | 41,146 | 49,169 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Real Net Exports | 2020 Q2 | -20,221 | -21,621 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Imports of Goods and Services | 2020 Q2 | 87,659 | 115,601 | Mil. RON, NSA | Quarterly |
| Real Exports of Goods and Services | 2020 Q2 | 20,924 | 27,548 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Net Exports | 2020 Q2 | -10,950 | -9,919 | Mil. RON, NSA | Quarterly |
| Current Account Balance | 2020 Q2 | -2,526 | -971 | Mil. EUR, NSA | Quarterly |
| Balance of Goods | 2020 Q1 | -4,828,590,033 | -5,758,169,428 | USD, NSA | Quarterly |
| Imports of Goods | 2020 Q1 | 22,244,378,902 | 23,219,684,063 | USD, NSA | Quarterly |
| Exports of Goods | 2020 Q1 | 17,415,788,868 | 17,461,514,635 | USD, NSA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Government Expenditures | Aug 2020 | 139,935 | 125,241 | Mil. RON cumulative from the beginning of the year | Monthly |
| Government Revenues | Aug 2020 | 85,233 | 74,415 | Mil. RON cumulative from the beginning of the year | Monthly |
| Government Budget Balance | Aug 2020 | -54,702 | -43,645 | Mil. RON cumulative from the beginning of the year | Monthly |
| Gross External Debt | 2020 Q2 | 111,451 | 107,918 | Mil. EUR, NSA | Quarterly |
| Outstanding Public Debt | 2011 | 242,211 | 201,228 | Mil. Lei, NSA | Annual |
| Markets | Reference | Last | Previous | Units | Frequency |
| Average Long-term Government Bond | Sep 2020 | 3.49 | 3.88 | % p.a., NSA | Monthly |
| Money Market Rate | Sep 2020 | 1.5 | 1.5 | % per annum | Monthly |
| Stock Market Index | Sep 2020 | 9,007 | 8,997 | Index, NSA | Monthly |
| Treasury Bills (over 31 days) | Aug 2020 | 3.58 | 3.75 | % p.a., NSA | Monthly |
| Lending Rate | Mar 2013 | 5.25 | 5.25 | % | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Residential Building Permits | Jul 2020 | 4,114 | 3,881 | #, NSA | Monthly |
| House Price Index | 2020 Q2 | 129.77 | 129.62 | Index 2015=100, NSA | Quarterly |
| Building Completions | 2020 Q1 | 14,919 | 21,075 | #, NSA | Quarterly |
| Dwelling Stocks | 2019 | 9,092,963 | 9,031,317 | #, NSA | Annual |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Retail Sales | Jul 2020 | 108.7 | 108.5 | Prev. month = 100, SA | Monthly |
| Consumer Confidence | Apr 2020 | -26.1 | -11.1 | SA | Monthly |
| Business | Reference | Last | Previous | Units | Frequency |
| Capacity Utilization | 2020 Q3 | 66.9 | 73.4 | %, SA | Quarterly |
| Industrial Production | Jul 2020 | 139.04 | 134.47 | Index 2005 = 100, NSA | Monthly |
| Real Change in Inventories | 2020 Q2 | -34,256 | -93.9 | Mil. Ch. 2000 RON, NSA | Quarterly |
| Change in Inventories | 2020 Q2 | -10,848 | 821.8 | Mil. RON, NSA | Quarterly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Births | Jul 2020 | 17,415 | 14,786 | #, NSA | Monthly |
| Deaths | Jul 2020 | 22,417 | 21,073 | #, NSA | Monthly |
| Population | 2018 | 19,476,713 | 19,591,668 | Absolute | Annual |
| Net Migration | 2017 | -150,000 | # | Annual | |
| Birth Rate | 2016 | 9.6 | # per Ths. pop. | Annual | |
| Death Rate | 2016 | 13 | 13.2 | # per Ths. pop. | Annual |
Factbook
Background
Background:
The principalities of Wallachia and Moldavia - for centuries under the suzerainty of the Turkish Ottoman Empire - secured their autonomy in 1856; they were de facto linked in 1859 and formally united in 1862 under the new name of Romania. The country gained recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories - most notably Transylvania - following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the formation of a communist "people's republic" in 1947 and the abdication of the king. The decades-long rule of dictator Nicolae CEAUSESCU, who took power in 1965, and his Securitate police state became increasingly oppressive and draconian through the 1980s. CEAUSESCU was overthrown and executed in late 1989. Former communists dominated the government until 1996 when they were swept from power. Romania joined NATO in 2004 and the EU in 2007.
Geography
Location:
Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine
Geographic coordinates:
46 00 N, 25 00 E
Map references:
Europe
Area:
total: 238,391 sq km
land: 229,891 sq km
water: 8,500 sq km
country comparison to the world: 84
Area - comparative:
twice the size of Pennsylvania; slightly smaller than Oregon
Land boundaries:
total: 2,844 km
border countries (5): Bulgaria 605 km, Hungary 424 km, Moldova 683 km, Serbia 531 km, Ukraine 601 km
Coastline:
225 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
temperate; cold, cloudy winters with frequent snow and fog; sunny summers with frequent showers and thunderstorms
Terrain:
central Transylvanian Basin is separated from the Moldavian Plateau on the east by the Eastern Carpathian Mountains and separated from the Walachian Plain on the south by the Transylvanian Alps
Elevation:
mean elevation: 414 m
elevation extremes: lowest point: Black Sea 0 m
highest point: Moldoveanu 2,544 m
Natural resources:
petroleum (reserves declining), timber, natural gas, coal, iron ore, salt, arable land, hydropower
Land use:
agricultural land: 60.7%
arable land 39.1%; permanent crops 1.9%; permanent pasture 19.7%
forest: 28.7%
other: 10.6% (2011 est.)
Irrigated land:
31,490 sq km (2012)
Population - distribution:
urbanization is not particularly high, and a fairly even population distribution can be found throughout most of the country, with urban areas attracting larger and denser populations; Hungarians, the country's largest minority, have a particularly strong presence in eastern Transylvania
Natural hazards:
earthquakes, most severe in south and southwest; geologic structure and climate promote landslides
Environment - current issues:
soil erosion and degradation; water pollution; air pollution in south from industrial effluents; contamination of Danube delta wetlands
Environment - international agreements:
party to: Air Pollution, Air Pollution-Persistent Organic Pollutants, Antarctic-Environmental Protocol, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: none of the selected agreements
Geography - note:
controls the most easily traversable land route between the Balkans, Moldova, and Ukraine; the Carpathian Mountains dominate the center of the country, while the Danube River forms much of the southern boundary with Serbia and Bulgaria
People & Society
Population:
21,529,967 (July 2017 est.)
country comparison to the world: 58
Nationality:
noun: Romanian(s)
adjective: Romanian
Ethnic groups:
Romanian 83.4%, Hungarian 6.1%, Romani 3.1%, Ukrainian 0.3%, German 0.2%, other 0.7%, unspecified 6.1% (2011 est.)
note: Romani populations are usually underestimated in official statistics and may represent 5–11% of Romania's population
Languages:
Romanian (official) 85.4%, Hungarian 6.3%, Romani 1.2%, other 1%, unspecified 6.1% (2011 est.)
Religions:
Eastern Orthodox (including all sub-denominations) 81.9%, Protestant (various denominations including Reformed and Pentecostal) 6.4%, Roman Catholic 4.3%, other (includes Muslim) 0.9%, none or atheist 0.2%, unspecified 6.3% (2011 est.)
Age structure:
0-14 years: 14.35% (male 1,586,976/female 1,502,864)
15-24 years: 10.6% (male 1,170,679/female 1,110,727)
25-54 years: 46.03% (male 5,016,529/female 4,893,792)
55-64 years: 12.61% (male 1,271,281/female 1,443,414)
65 years and over: 16.41% (male 1,428,599/female 2,105,106) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 48
youth dependency ratio: 22.8
elderly dependency ratio: 25.2
potential support ratio: 4 (2015 est.)
Median age:
total: 41.1 years
male: 39.7 years
female: 42.6 years (2017 est.)
country comparison to the world: 42
Population growth rate:
-0.33% (2017 est.)
country comparison to the world: 219
Birth rate:
8.9 births/1,000 population (2017 est.)
country comparison to the world: 209
Death rate:
12 deaths/1,000 population (2017 est.)
country comparison to the world: 22
Net migration rate:
-0.2 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 109
Population distribution:
urbanization is not particularly high, and a fairly even population distribution can be found throughout most of the country, with urban areas attracting larger and denser populations; Hungarians, the country's largest minority, have a particularly strong presence in eastern Transylvania
Urbanization:
urban population: 54.9% of total population (2017)
rate of urbanization: 0.05% annual rate of change (2015-20 est.)
Major urban areas - population:
BUCHAREST (capital) 1.868 million (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.05 male(s)/female
25-54 years: 1.02 male(s)/female
55-64 years: 0.88 male(s)/female
65 years and over: 0.68 male(s)/female
total population: 0.95 male(s)/female (2017 est.)
Mother's mean age at first birth:
26.7 years (2014 est.)
Maternal mortality ratio:
31 deaths/100,000 live births (2015 est.)
country comparison to the world: 112
Infant mortality rate:
total: 9.4 deaths/1,000 live births
male: 10.7 deaths/1,000 live births
female: 8 deaths/1,000 live births (2017 est.)
country comparison to the world: 144
Life expectancy at birth:
total population: 75.4 years
male: 71.9 years
female: 79 years (2017 est.)
country comparison to the world: 108
Total fertility rate:
1.35 children born/woman (2017 est.)
country comparison to the world: 214
Health expenditures:
5.6% of GDP (2014)
country comparison to the world: 122
Physicians density:
2.67 physicians/1,000 population (2013)
Hospital bed density:
6.3 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 92.2% of population
rural: 63.3% of population
total: 79.1% of population
unimproved:
urban: 7.8% of population
rural: 36.7% of population
total: 20.9% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.1% (2016 est.)
country comparison to the world: 104
HIV/AIDS - people living with HIV/AIDS:
16,000 (2016 est.)
country comparison to the world: 81
HIV/AIDS - deaths:
<200 (2016 est.)
Obesity - adult prevalence rate:
22.5% (2016)
country comparison to the world: 76
Education expenditures:
3.1% of GDP (2014)
country comparison to the world: 104
Literacy:
definition: age 15 and over can read and write
total population: 98.8%
male: 99.1%
female: 98.5% (2015 est.)
School life expectancy (primary to tertiary education):
total: 15 years
male: 15 years
female: 15 years (2015)
Unemployment, youth ages 15-24:
total: 21.7%
male: 20.6%
female: 23.4% (2015 est.)
country comparison to the world: 59
Government
Country name:
conventional long form: none
conventional short form: Romania
local long form: none
local short form: Romania
etymology: the name derives from the Latin "Romanus" meaning "citizen of Rome" and was used to stress the common ancient heritage of Romania's three main regions - Moldavia, Transylvania, and Wallachia - during their gradual unification between the mid-19th century and early 20th century
Government type:
semi-presidential republic
Capital:
name: Bucharest
geographic coordinates: 44 26 N, 26 06 E
time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
41 counties (judete, singular - judet) and 1 municipality* (municipiu); Alba, Arad, Arges, Bacau, Bihor, Bistrita-Nasaud, Botosani, Braila, Brasov, Bucuresti (Bucharest)*, Buzau, Calarasi, Caras-Severin, Cluj, Constanta, Covasna, Dambovita, Dolj, Galati, Gorj, Giurgiu, Harghita, Hunedoara, Ialomita, Iasi, Ilfov, Maramures, Mehedinti, Mures, Neamt, Olt, Prahova, Salaj, Satu Mare, Sibiu, Suceava, Teleorman, Timis, Tulcea, Vaslui, Valcea, Vrancea
Independence:
9 May 1877 (independence proclaimed from the Ottoman Empire; 13 July 1878 independence recognized by the Treaty of Berlin); 26 March 1881 (kingdom proclaimed); 30 December 1947 (republic proclaimed)
National holiday:
Unification Day (unification of Romania and Transylvania), 1 December (1918)
Constitution:
history: several previous; latest adopted 21 November 1991, approved by referendum and effective 8 December 1991
amendments: initiated by the president of Romania through a proposal by the government, by at least one-fourth of deputies or senators in Parliament, or by petition of eligible voters representing at least one-half of Romania’s counties; passage requires at least two-thirds majority vote by both chambers or – if mediation is required - by three-fourths majority vote in a joint session, followed by approval in a referendum; articles including those on national sovereignty, form of government, political pluralism, and fundamental rights and freedoms cannot be amended; amended 2003 (2016)
Legal system:
civil law system
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Romania
dual citizenship recognized: yes
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Klaus Werner IOHANNIS (since 21 December 2014)
head of government: Prime Minister Viorica DANCILA (since 29 January 2018); Deputy Prime Ministers Gratiela GAVRILESCU (since 29 June 2017), Paul STANESCU (17 October 2017), Viorel STEFAN (since 29 January 2018), Ana BIRCHALL (since 29 January 2018); note - DANCILA is Romania's first woman prime minister
cabinet: Council of Ministers appointed by the prime minister
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); election last held on 2 November 2014 with a runoff on 16 November 2014 (next to be held in November 2019); prime minister appointed by the president with consent of Parliament
election results: Klaus IOHANNIS elected president in second round; percent of vote - Klaus IOHANNIS (PNL) 54.4%, Victor PONTA (PSD) 45.6%; Viorica DANCILA approved as prime minister 282-136
Legislative branch:
description: bicameral Parliament or Parlament consists of the Senate or Senat (136 seats, 2 reserved for the diaspora; members serve 4-year terms) and the Chamber of Deputies or Camera Deputatilor (329 seats, 17 reserved for non-Hungarian national minorities and 4 for the diaspora; members serve 4-year terms); in 2016, the elections returned to a party list vote-proportional representation voting system
elections: Senate - last held on 11 December 2016 (next to be held by December 2020); Chamber of Deputies - last held on 11 December 2016 (next to be held by December 2020)
election results: Senate - percent of vote by party - PSD 45.7%, PNL 20.4%, USR 8.9%, UDMR 6.2%, ALDE 6%, PMP 5.7%, other 7.1%; seats by party - PSD 67, PNL 30, USR 13, UDMR 9, ALDE 9, PMP 8; Chamber of Deputies - percent of vote by party - PSD 45.5%, PNL 20%, USR 8.9%, UDMR 6.2%, ALDE 5.6%, PMP 5.4%, other 8.4%; seats by party - PSD 154, PNL 69, USR 30, UDMR 21, ALDE 20, PMP 18, minorities 17
Judicial branch:
highest court(s): High Court of Cassation and Justice (consists of 111 judges organized into civil, penal, commercial, contentious administrative and fiscal business, and joint sections); Supreme Constitutional Court (consists of 9 members)
judge selection and term of office: High Court of Cassation and Justice judges appointed by the president upon nomination by the Superior Council of Magistracy, a 19-member body of judges, prosecutors, and law specialists; judges appointed for 6-year renewable terms; Constitutional Court members - 6 elected by Parliament and 3 appointed by the president; members serve 9-year, nonrenewable terms
subordinate courts: Courts of Appeal; regional tribunals; first instance courts; military and arbitration courts
Political parties and leaders:
Christian-Democratic National Peasants' Party or PNT-CD [Aurelian PAVELESCU]
Democratic Union of Hungarians in Romania or UDMR [Hunor KELEMEN]
Civic Hungarian Party [Zsolt BIRO]
Ecologist Party of Romania or PER [Danut POP]
Greater Romania Party or PRM [Adrian POPESCU]
M10 Party [Ioana CONSTANTIN]
National Liberal Party or PNL [Ludovic ORBAN]
New Romania Party or PNR [Sebastian POPESCU]
Our Romania Alliance [Marian MUNTEANU]
Party of the Alliance of Liberals and Democrats or ALDE [Calin POPESCU TARICEANU]
Popular Movement Party or PMP [Traian BASESCU]
Romanian Social Party or PSRo [Mircea GEOANA]
Save Romania Union Party or Partidul USR [Dan BARNA]
Social Democratic Party or PSD [Liviu DRAGNEA]
United Romania Party or PRU [Robert BUGA]
Political pressure groups and leaders:
various human rights and professional associations
International organization participation:
Australia Group, BIS, BSEC, CBSS (observer), CD, CE, CEI, EAPC, EBRD, ECB, EIB, ESA, EU, FAO, G-9, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MONUSCO, NATO, NSG, OAS (observer), OIF, OPCW, OSCE, PCA, SELEC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador George Cristian MAIOR (since 17 September 2015)
chancery: 1607 23rd Street NW, Washington, DC 20008
telephone: [1] (202) 332-4846, 4848, 4851, 4852
FAX: [1] (202) 232-4748
consulate(s) general: Chicago, Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Hans G. KLEMM (since 21 September 2015)
embassy: 4-6, Dr. Liviu Librescu Blvd., District 1, Bucharest, 015118
mailing address: American Embassy Bucharest, US Department of State, 5260 Bucharest Place, Washington, DC 20521-5260 (pouch)
telephone: [40] (21) 200-3300
FAX: [40] (21) 200-3442
Flag description:
three equal vertical bands of cobalt blue (hoist side), chrome yellow, and vermilion red; modeled after the flag of France, the colors are those of the principalities of Walachia (red and yellow) and Moldavia (red and blue), which united in 1862 to form Romania; the national coat of arms that used to be centered in the yellow band has been removed
note: now similar to the flag of Chad, whose blue band is darker; also resembles the flags of Andorra and Moldova
National symbol(s):
golden eagle; national colors: blue, yellow, red
National anthem:
name: "Desteapta-te romane!" (Wake up, Romanian!)
lyrics/music: Andrei MURESIANU/Anton PANN
note: adopted 1990; the anthem was written during the 1848 Revolution
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 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 standby agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability; no funds were drawn. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on standby agreement, worth $5.4 billion, to continue with reforms. This agreement expired in September 2015, and no funds were drawn. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks.
Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017. Industry outperformed other sectors of the economy in 2017. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was the major driver, due to tax cuts and large wage increases that began last year and are set to continue in 2018.
An aging population, emigration of skilled labor, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package compromise Romania’s long-term growth and economic stability and are the economy's top vulnerabilities.
GDP (purchasing power parity):
$474 billion (2017 est.)
$449.3 billion (2016 est.)
$428.7 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 43
GDP (official exchange rate):
$204.9 billion (2017 est.)
GDP - real growth rate:
5.5% (2017 est.)
4.8% (2016 est.)
3.9% (2015 est.)
country comparison to the world: 28
GDP - per capita (PPP):
$24,000 (2017 est.)
$22,700 (2016 est.)
$21,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 83
Gross national saving:
21.4% of GDP (2017 est.)
22.7% of GDP (2016 est.)
23.7% of GDP (2015 est.)
country comparison to the world: 80
GDP - composition, by end use:
household consumption: 70.6%
government consumption: 7.9%
investment in fixed capital: 22.4%
investment in inventories: 1.2%
exports of goods and services: 43.9%
imports of goods and services: -46% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 4.2%
industry: 33.2%
services: 64.4% (2017 est.)
Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Industries:
electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials
Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 136
Labor force:
8.951 million (2017 est.)
country comparison to the world: 55
Labor force - by occupation:
agriculture: 28.3%
industry: 28.9%
services: 42.8% (2014 est.)
Unemployment rate:
5.3% (2017 est.)
5.9% (2016 est.)
country comparison to the world: 71
Population below poverty line:
22.4% (2012 est.)
Household income or consumption by percentage share:
lowest 10%: 15.3%
highest 10%: 7.6% (2014 est.)
Distribution of family income - Gini index:
27.3 (2012 est.)
28.2 (2010 est.)
country comparison to the world: 141
Budget:
revenues: $58.5 billion
expenditures: $65.54 billion (2017 est.)
Taxes and other revenues:
28.5% of GDP (2017 est.)
country comparison to the world: 92
Budget surplus (+) or deficit (-):
-3.4% of GDP (2017 est.)
country comparison to the world: 131
Public debt:
38.5% of GDP (2017 est.)
37.6% of GDP (2016 est.)
note: defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and loans; general government sector comprises the subsectors: central government, state government, local government, and social security funds
country comparison to the world: 142
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.1% (2017 est.)
-1.6% (2016 est.)
country comparison to the world: 48
Central bank discount rate:
1.75% (31 December 2017 est.)
2.75% (31 December 2016 est.)
country comparison to the world: 120
Commercial bank prime lending rate:
5.7% (31 December 2017 est.)
5.71% (31 December 2016 est.)
country comparison to the world: 130
Stock of narrow money:
$54.44 billion (31 December 2017 est.)
$41.82 billion (31 December 2016 est.)
country comparison to the world: 52
Stock of broad money:
$90.36 billion (31 December 2017 est.)
$72.97 billion (31 December 2016 est.)
country comparison to the world: 58
Stock of domestic credit:
$67.05 billion (31 December 2017 est.)
$60.3 billion (31 December 2016 est.)
country comparison to the world: 62
Market value of publicly traded shares:
$36.5 billion (31 December 2017 est.)
$41.04 billion (31 December 2016 est.)
$42.59 billion (31 December 2013 est.)
country comparison to the world: 59
Current account balance:
$-6.131 billion (2017 est.)
$-4.389 billion (2016 est.)
country comparison to the world: 178
Exports:
$64.92 billion (2017 est.)
$57.72 billion (2016 est.)
country comparison to the world: 43
Exports - commodities:
machinery and equipment, other manufactured goods, agricultural products and foodstuffs, metals and metal products, chemicals, minerals and fuels, raw materials
Exports - partners:
Germany 21.5%, Italy 11.6%, France 7.2%, Hungary 5.2%, UK 4.3% (2016)
Imports:
$78.12 billion (2017 est.)
$67.94 billion (2016 est.)
country comparison to the world: 40
Imports - commodities:
machinery and equipment, other manufactured goods, chemicals, agricultural products and foodstuffs, fuels and minerals, metals and metal products, raw materials
Imports - partners:
Germany 20.5%, Italy 10.3%, Hungary 7.5%, France 5.6%, Poland 5.1%, China 5.1%, Netherlands 4.1% (2016)
Reserves of foreign exchange and gold:
$45.07 billion (31 December 2017 est.)
$40 billion (31 December 2016 est.)
country comparison to the world: 43
Debt - external:
$94.17 billion (31 December 2017 est.)
$93.71 billion (31 December 2016 est.)
country comparison to the world: 50
Stock of direct foreign investment - at home:
$81.53 billion (31 December 2017 est.)
$76.93 billion (31 December 2016 est.)
country comparison to the world: 50
Stock of direct foreign investment - abroad:
$6.263 billion (31 December 2017 est.)
$5.963 billion (31 December 2016 est.)
country comparison to the world: 69
Exchange rates:
lei (RON) per US dollar -
4.08 (2017 est.)
4.06 (2016 est.)
4.06 (2015 est.)
4.01 (2014 est.)
3.35 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
62.16 billion kWh (2015 est.)
country comparison to the world: 47
Electricity - consumption:
48.28 billion kWh (2015 est.)
country comparison to the world: 51
Electricity - exports:
11.22 billion kWh (2015 est.)
country comparison to the world: 20
Electricity - imports:
4.492 billion kWh (2015 est.)
country comparison to the world: 43
Electricity - installed generating capacity:
24.03 million kW (2015 est.)
country comparison to the world: 37
Electricity - from fossil fuels:
46.7% of total installed capacity (2015 est.)
country comparison to the world: 155
Electricity - from nuclear fuels:
5.4% of total installed capacity (2015 est.)
country comparison to the world: 22
Electricity - from hydroelectric plants:
28% of total installed capacity (2015 est.)
country comparison to the world: 76
Electricity - from other renewable sources:
18.8% of total installed capacity (2015 est.)
country comparison to the world: 33
Crude oil - production:
77,910 bbl/day (2016 est.)
country comparison to the world: 47
Crude oil - exports:
1,049 bbl/day (2014 est.)
country comparison to the world: 71
Crude oil - imports:
145,500 bbl/day (2014 est.)
country comparison to the world: 37
Crude oil - proved reserves:
600 million bbl (1 January 2017 est.)
country comparison to the world: 46
Refined petroleum products - production:
228,100 bbl/day (2014 est.)
country comparison to the world: 48
Refined petroleum products - consumption:
182,000 bbl/day (2015 est.)
country comparison to the world: 58
Refined petroleum products - exports:
80,400 bbl/day (2014 est.)
country comparison to the world: 47
Refined petroleum products - imports:
40,940 bbl/day (2014 est.)
country comparison to the world: 92
Natural gas - production:
11.17 billion cu m (2015 est.)
country comparison to the world: 41
Natural gas - consumption:
17.33 billion cu m (2015 est.)
country comparison to the world: 46
Natural gas - exports:
1.078 million cu m (2015 est.)
country comparison to the world: 55
Natural gas - imports:
728 million cu m (2015 est.)
country comparison to the world: 64
Natural gas - proved reserves:
105.5 billion cu m (1 January 2017 est.)
country comparison to the world: 52
Carbon dioxide emissions from consumption of energy:
76 million Mt (2015 est.)
country comparison to the world: 48
Communications
Telephones - fixed lines:
total subscriptions: 4.11 million
subscriptions per 100 inhabitants: 19 (July 2016 est.)
country comparison to the world: 37
Telephones - mobile cellular:
total: 22.9 million
subscriptions per 100 inhabitants: 106 (July 2016 est.)
country comparison to the world: 53
Telephone system:
general assessment: the telecommunications sector is being expanded and modernized; domestic and international service improving rapidly, especially mobile-cellular services
domestic: fixed-line teledensity is about 20 telephones per 100 persons; mobile market served by five mobile network operators; mobile-cellular teledensity over 105 telephones per 100 persons
international: country code - 40; the Black Sea Fiber-Optic Cable System provides connectivity to Bulgaria and Turkey; satellite earth stations - 10; digital, international, direct-dial exchanges operate in Bucharest (2016)
Broadcast media:
a mixture of public and private TV stations; there are 7 public TV stations (2 national, 5 regional) using terrestrial broadcasting and 187 private TV stations (out of which 171 offer local coverage) using terrestrial broadcasting, plus 11 public TV stations using satellite broadcasting and 86 private TV stations using satellite broadcasting; state-owned public radio broadcaster operates 4 national networks and regional and local stations, having in total 20 public radio stations by terrestrial broadcasting plus 4 public radio stations by satellite broadcasting; there are 502 operational private radio stations using terrestrial broadcasting and 26 private radio stations using satellite broadcasting (2014)
Internet country code:
.ro
Internet users:
total: 12,852,696
percent of population: 59.5% (July 2016 est.)
country comparison to the world: 44
Transportation
National air transport system:
number of registered air carriers: 5
inventory of registered aircraft operated by air carriers: 51
annual passenger traffic on registered air carriers: 3,636,642
annual freight traffic on registered air carriers: 4,691,280 mt-km (2015)
Civil aircraft registration country code prefix:
YR (2016)
Airports:
45 (2013)
country comparison to the world: 96
Airports - with paved runways:
total: 26
over 3,047 m: 4
2,438 to 3,047 m: 10
1,524 to 2,437 m: 11
under 914 m: 1 (2017)
Airports - with unpaved runways:
total: 19
914 to 1,523 m: 5
under 914 m: 14 (2013)
Heliports:
2 (2013)
Pipelines:
gas 3,726 km; oil 2,451 km (2013)
Railways:
total: 11,268 km
broad gauge: 60 km 1.524-m gauge
standard gauge: 10,781 km 1.435-m gauge (3,292 km electrified)
narrow gauge: 427 km 0.760-m gauge (2014)
country comparison to the world: 23
Roadways:
total: 84,185 km
paved: 49,873 km (includes 337 km of expressways)
unpaved: 34,312 km (2012)
country comparison to the world: 57
Waterways:
1,731 km (includes 1,075 km on the Danube River, 524 km on secondary branches, and 132 km on canals) (2010)
country comparison to the world: 45
Merchant marine:
total: 114
by type: general cargo 13, oil tanker 7, other 94 (2017)
country comparison to the world: 79
Ports and terminals:
major seaport(s): Constanta, Midia
river port(s): Braila, Galati (Galatz), Mancanului (Giurgiu), Tulcea (Danube River)
Military & Security
Military expenditures:
1.42% of GDP (2016)
1.45% of GDP (2015)
1.35% of GDP (2014)
1.28% of GDP (2013)
1.22% of GDP (2012)
country comparison to the world: 82
Military branches:
Ground Forces, Navy, Air Force (2016)
Military service age and obligation:
conscription ended 2006; 18 years of age for male and female voluntary service; all military inductees (including women) contract for an initial 5-year term of service, with subsequent successive 3-year terms until age 36 (2015)
Transnational Issues
Disputes - international:
the ICJ ruled largely in favor of Romania in its dispute submitted in 2004 over Ukrainian-administered Zmiyinyy/Serpilor (Snake) Island and Black Sea maritime boundary delimitation; Romania opposes Ukraine's reopening of a navigation canal from the Danube border through Ukraine to the Black Sea
Refugees and internally displaced persons:
stateless persons: 249 (2016)
Illicit drugs:
major transshipment point for Southwest Asian heroin transiting the Balkan route and small amounts of Latin American cocaine bound for Western Europe; although not a significant financial center, role as a narcotics conduit leaves it vulnerable to laundering, which occurs via the banking system, currency exchange houses, and casinos
