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Romania - Economic information

Romania is an industrial-agrarian country, which traditionally stands out by an average level of economy. Romania's economy ranks 11th in terms of GDP among EU countries, but the level of GDP per capita is about 55% of the European average.

Romania extracts oil, natural gas, gold, silver, salt, bauxite, manganese ore, coal.

About 70% of the arable land is occupied by wheat (3.04 million tons) and corn (3.85 million tons). Other important crops are potatoes (3.71 million tons), sugar beet and sunflower. The vineyards are located mainly on the Transylvanian plateau, at the foot of the Carpathians and in Dobrogea. Fruit orchards are found mainly at the southern foot of the Carpathians, on the Dobrogea plateau and in the Danube Delta. Plums and apples are mainly grown (0.47 million tons). Pears, cherries and apricots are also grown.

About 1/5 of the country's territory is made up of pastures. The main animal breeding areas are the southern foothills of the Carpathians, the southwestern part of the Transylvanian plateau and the northern part of the Carpathian Mountains. Sheep breeding is developed in the southeast, and swine breeding - in the south (from Banat to Bucharest).

55% of GDP belongs to the service sector. The financial and business sector represents 20.5%; hotels, restaurants and transport - 25%, other sectors - 21.7%.

"Romanian Railways" - is a railway company that carries out a significant part of the transport of goods and passengers inside the country. The length of the railways is over 11 thousand km. A characteristic of the Romanian railways is that they are represented by the simple railway, which considerably slows down the circulation of transports and cargo. 1075 km of transport network runs along the Danube. The importance of Romanian ports increases with the creation of the trans-European Rhine-Danube corridor. The country has a well-developed and rapidly growing market for car transport.

In 2015, the Romanian economy registered the highest growth among EU countries in the second quarter: 4.8% against the average of 1.3% in the European Union. The growth of the Romanian economy in 2016 was determined by a consumption boom based on the sharp growth of retail trade. This, in turn, was facilitated by a decrease in sales tax, value added tax (from 24% to 20%, and on food products - from 24% to 9%), as well as by the negative inflation (0.3%), by the high employment, low taxes, cheap loans and a 10% increase in public sector salaries.


In 2015-2016, the Romanian leu appreciated against the euro, along with other Eastern European currencies. At the end of 2015, the exchange rate of the Romanian currency increased by 1.5%.

According to the European Commission's forecasts, the country's GDP will increase by 4.1% in 2016, and by 3.6% in 2017 thanks to further consolidation of consumption amid fiscal easing. Inflation will remain negative, on minus 0.3% in 2016. The forecast for 2017 indicates an inflation rate of up to 2.3%. Public debt will drop to 39.4% of GDP this year, then it will gradually increase over the next two years. The budget deficit will be 2.8% of GDP in 2016 and 3.7% of GDP in 2017. The IMF predicts Romania's economic growth at 3.9% in 2016.

Improving Romania's economic results would not have been possible without decisive action taken to reform the public finance sector. Nevertheless, the continuation of structural reforms remains particularly important, as well as providing support for public finances and short- and medium-term economic growth through responsible budget-related policies.

The EBRD predicts that private investments in the Romanian economy will increase as a result of increased investor confidence and reduced financing costs, while public investments will increase in 2016 through better absorption of European funds.

According to a study conducted by the consulting firm Ernst & Young, Romanian business leaders are confident both in the growth of their business this year, and in the evolution of economy as a whole. More than a third of the interviewed businessmen assess the increase in turnover as significant and express their confidence in Romania's economic growth.

In 2015, the total volume of Romanian exports amounted to 60.6 billion dollars (an increase of about 6%). Imports approached 69.8 billion (an increase of about 7%). Romania's main trading partners are Germany (almost 20% of the Romanian exports), Italy, France, Hungary, UK, Turkey, Bulgaria, Spain, Poland and the Netherlands. The cumulative share of Romania's partners that do not enter the European area is of about 19% of the country's total turnover.

The main categories of Romanian exports: machinery and equipment (44.5%), other industrial products (33%), food and agricultural products (8.4%), chemicals, including plastics, fuels and lubricants (10%), raw materials (4%).

The main categories of Romanian imports: machinery and equipment (36.6%), other industrial products (31.5%), chemicals (14%), food and agricultural products (8%), fuels and lubricants (6.9%), raw materials (3.1%).


Romania - Trade

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Table, source: tradingeconomics.com