Country of considerable potential: rich agricultural lands; diverse energy sources (coal, oil, natural gas, hydro, and nuclear); a substantial industrial base encompassing almost the full range of manufacturing activities; an educated work force; and opportunities for expanded development in tourism on the Black Sea and in the Carpathian Mountains. Country joined the European Union 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.
Financial and technical assistance continues to flow from the U.S., European Union, other industrial nations, and international financial institutions facilitating Romania's reintegration into the world economy. With the assistance of the World Bank, European Union, and International Monetary Fund (IMF), Romania succeeded in privatizing most industrial state-owned enterprises, including some large state-owned energy companies. It also completed the privatization of the largest commercial bank (BCR) in 2006, privatization of natural gas distribution companies also progressed with the sale of Romania's two regional gas distributors. Romania's economy has been one of the most dynamic economies of Eastern Europe during the last years. Foreign capital investment in Romania has been increasing rapidly, inflation rates have gradually declined, that was one of Romania's most serious economic problems, and unemployment was quite low, with officially 3.9% in August 2007. Romania's budget deficits also dropped under IMF guidance, though the trend is reversing.

Romania's GDP growth contracted markedly in the last quarter of 2008 as the country began to feel the effects of a global downturn in financial markets and trade, and GDP fell nearly 7% in 2009, and unemployment doubled.


Labor force:
9.33 million (2009 est.)
country comparison to the world: 52

Labor force - by occupation:
agriculture: 29.7%
industry: 23.2%
services: 47.1% (2006)

Unemployment rate:
7.6% (2009 est.)
country comparison to the world: 80
4.4% (2008 est.)

Population below poverty line:
25% (2005 est.)

Household income or consumption by percentage share:
lowest 10%: 1.2%
highest 10%: 20.8% (2006)

Distribution of family income - Gini index:
32 (2008)
country comparison to the world: 103
28.8 (2003)

Investment (gross fixed):
25.5% of GDP (2009 est.)
country comparison to the world: 43

Budget:
revenues: $50.78 billion
expenditures: $61.51 billion (2009 est.)

Public debt:
20% of GDP (2009 est.)
country comparison to the world: 102
14.7% of GDP (2008 est.)

Inflation rate (consumer prices):
5% (2009 est.)
country comparison to the world: 142
7.8% (2008 est.)

Central bank discount rate:
NA%

Commercial bank prime lending rate:
14.99% (31 December 2008)
country comparison to the world: 59
13.35% (31 December 2007)

Stock of money:
$25.3 billion (31 December 2008)
country comparison to the world: 35
$25.17 billion (31 December 2007)

Stock of quasi money:
$36.09 billion (31 December 2008)
country comparison to the world: 37
$34.96 billion (31 December 2007)

Stock of domestic credit:
$72.85 billion (31 December 2008)
country comparison to the world: 48
$58.76 billion (31 December 2007)

Market value of publicly traded shares:
$19.92 billion (31 December 2008)
country comparison to the world: 56
$44.93 billion (31 December 2007)
$32.78 billion (31 December 2006)

Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries:
electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

Industrial production growth rate:
-9% (2009 est.)
country comparison to the world: 136

Electricity - production:
58.28 billion kWh (2007 est.)
country comparison to the world: 44

Electricity - consumption:
49.44 billion kWh (2007 est.)
country comparison to the world: 45

Electricity - exports:
5.169 billion kWh (2008 est.)

Electricity - imports:
921 million kWh (2008 est.)

GDP (purchasing power parity):
$255.4 billion (2009 est.)
country comparison to the world: 44
$275.2 billion (2008 est.)
$257 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$162.6 billion (2009 est.)

GDP - real growth rate:
-7.2% (2009 est.)
country comparison to the world: 201
7.1% (2008 est.)
6.3% (2007 est.)

GDP - per capita (PPP):
$11,500 (2009 est.)
country comparison to the world: 96
$12,400 (2008 est.)
$11,500 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 12.4%
industry: 35%
services: 52.6% (2009 est.)

Oil - production:
115,200 bbl/day (2008 est.)
country comparison to the world: 51

Oil - consumption:
219,000 bbl/day (2008 est.)
country comparison to the world: 53

Oil - exports:
115,600 bbl/day (2007 est.)
country comparison to the world: 65

Oil - imports:
217,000 bbl/day (2007 est.)
country comparison to the world: 43

Oil - proved reserves:
600 million bbl (1 January 2009 est.)
country comparison to the world: 44

Natural gas - production:
11.42 billion cu m (2008 est.)
country comparison to the world: 41
Natural gas - consumption:
16.92 billion cu m (2008 est.)
country comparison to the world: 39

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 129

Natural gas - imports:
5.5 billion cu m (2008 est.)
country comparison to the world: 29

Natural gas - proved reserves:
63 billion cu m (1 January 2009 est.)
country comparison to the world: 60

Current account balance:
-$8.53 billion (2009 est.)
country comparison to the world: 173
-$24.81 billion (2008 est.)

Exports:
$38.1 billion (2009 est.)
country comparison to the world: 54
$49.41 billion (2008 est.)

Exports - commodities:
machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products

Exports - partners:
Germany 16.3%, Italy 15.4%, France 7.3%, Turkey 6.5%, Hungary 5%, Bulgaria 4.1% (2008)

Imports:
$49.2 billion (2009 est.)
country comparison to the world: 45
$76.17 billion (2008 est.)

Imports - commodities:
machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products

Imports - partners:
Germany 16.1%, Italy 11.2%, Hungary 7.3%, Russia 5.9%, France 5.6%, Turkey 4.9%, Austria 4.8%, Kazakhstan 4.5%, China 4.2% (2008)

Reserves of foreign exchange and gold:
$33.7 billion (31 December 2009 est.)
country comparison to the world: 32
$39.47 billion (31 December 2008 est.)

Debt - external:
$95.48 billion (31 December 2009 est.)
country comparison to the world: 34
$102.2 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$78.61 billion (31 December 2009 est.)
country comparison to the world: 41
$72.61 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$1.001 billion (31 December 2009 est.)
country comparison to the world: 68
$921 million (31 December 2008 est.)

Exchange rates:
lei (RON) per US dollar - 3.07 (2009), 2.5 (2008), 2.43 (2007), 2.809 (2006), 3 (2005)