GTE INVEST - Your Real Estate Investment Partner in Romania

GDP of Romania (Overview for 2010)

Romania, which 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. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty. Corruption and red tape continue to handicap its business environment. Inflation rose in 2007-08, driven in part by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought affecting food prices, and a relaxation of fiscal discipline, but fell in 2009 as a result of the world recession. 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 more than 7% in 2009, and unemployment nearly doubled. Romania hopes to adopt the euro by 2014.

GDP (purchasing power parity - data are in 2009 US dollars):
$255.4 billion (2009 est.)
$275.2 billion (2008 est.)
$257 billion (2007 est.)

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

GDP - real growth rate:
-7.2% (2009 est.)
7.1% (2008 est.)
6.3% (2007 est.)

GDP - per capita (PPP - data are in 2009 US dollars):
$11,500 (2009 est.)
$12,400 (2008 est.)
$11,500 (2007 est.)

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

Labor force:
9.33 million (2009 est.)

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

Unemployment rate:
7.8% (2009 est.)
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)
28.8 (2003)

Investment (gross fixed):
25.6% of GDP (2009 est.)

Budget:
revenues: $51.36 billion
expenditures: $63.3 billion (2009 est.)

Public debt:
24% of GDP (2009 est.)
20.1% of GDP (2008 est.)

Inflation rate (consumer prices):
5.6% (2009 est.)
7.8% (2008 est.)

Stock of money:
$25.3 billion (31 December 2008)
$25.17 billion (31 December 2007)

Stock of quasi money:
$36.09 billion (31 December 2008)
$34.96 billion (31 December 2007)

Source: CIA World Factbook

Stock of domestic credit:
$72.85 billion (31 December 2008)
$58.76 billion (31 December 2007)

Market value of publicly traded shares:
$31.32 billion (31 December 2009)
$19.92 billion (31 December 2008)
$44.93 billion (31 December 2007)

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:
-7% (2009 est.)

Electricity - production:
58.28 billion kWh (2007 est.)

Electricity - consumption:
49.44 billion kWh (2007 est.)

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

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

Oil - production:
111,000 bbl/day (2008 est.)

Oil - consumption:
219,000 bbl/day (2008 est.)

Oil - exports:
115,600 bbl/day (2007 est.)

Oil - imports:
217,000 bbl/day (2007 est.)

Oil - proved reserves:
600 million bbl (1 January 2009 est.)

Natural gas - production:
11.42 billion cu m (2008 est.)

Natural gas - consumption:
16.92 billion cu m (2008 est.)

Natural gas - imports:
5.5 billion cu m (2008 est.)

Natural gas - proved reserves:
63 billion cu m (1 January 2009 est.)

Current account balance:
-$7.025 billion (2009 est.)
-$24.81 billion (2008 est.)

Exports:
$40.36 billion (2009 est.)
$49.76 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:
$49.75 billion (2009 est.)
$77.94 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:
$45.52 billion (31 December 2009 est.)
$39.47 billion (31 December 2008 est.)

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