Overview: Despite the continuing difficulties in moving away from the former command system, the Romanian economy seems to have bottomed out in 1993. Market oriented reforms have been introduced fitfully since the downfall of CEAUSESCU in December 1989, with the result a growing private sector, especially in services. The slow pace of structural reform, however, has exacerbated Romania's high inflation rate and eroded real wages. Agricultural production rebounded in 1993 from the previous year's drought-reduced harvest; food supplies are adequate, but expensive. Bucharest resisted pressure to devalue its currency despite a $638 million trade deficit in the first half of 1993 and the emergence of a black market for hard currency. Unable to support the currency, the national bank, nonetheless, was forced to depreciate the currency 65% over the course of the year. The return of winter revealed that much of Romania's infrastructure had deteriorated over the last four years due to reduced levels of public investment. Residents of the capital reported frequent disruptions of heating and water services.

National product: GDP - purchasing power equivalent - $63.7 billion (1993 est.)

National product real growth rate: 1% (1993)

National product per capita: $2,700 (1993 est.)

Inflation rate (consumer prices): 6% per month (March 1994)

Unemployment rate: 11% (March 1994)

Budget:
revenues: $19 billion
expenditures: $20 billion, including capital expenditures of $2.1 billion (1991 est.)

Exports: $4 billion (f.o.b., 1993)
commodities: metals and metal products 24%, mineral products 14%, textiles 10.7%, electric machines and equipment 9.3%, transport materials 9.2% (1993)
partners: EC 36.1%, developing countries 27.4%, East and Central Europe 14.9%, EFTA 5.1%, Russia 5%, Japan 1.4%, US 1.3% (1993)

Imports: $5.4 billion (f.o.b., 1993)
commodities: minerals 29%, machinery and equipment 17.2%, textiles 10%, agricultural goods 9% (1993)
partners: EC 45.8%, East and Central Europe 8.6%, developing countries 22.6%, Russia 11%, EFTA 6.2%, US 5.0%, Japan 0.8% (1993)

External debt: $4 billion (1993)

Industrial production: growth rate -1% (1993 est.); accounts for 45% of GDP

Electricity:
capacity: 22,500,000 kW
production: 59 billion kWh
consumption per capita: 2,540 kWh (1992)

Industries: mining, timber, construction materials, metallurgy, chemicals, machine building, food processing, petroleum production and refining

Agriculture: accounts for 18% of GDP and 28% of labor force; major wheat and corn producer; other products - sugar beets, sunflower seed, potatoes, milk, eggs, meat, grapes

Illicit drugs: transshipment point for southwest Asian heroin and Latin American cocaine transiting the Balkan route

Economic aid: $NA

Currency: 1 leu (L) = 100 bani
Exchange rates: lei (L) per US$1 - 1,387.16 (January 1994), 760.05 (1993), 307.95 (1992), 76.39 (1991), 22.432 (1990), 14.922 (1989)

Fiscal year: calendar year

NOTE: The information regarding Romania on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Romania Economy 1995 information contained here. All suggestions for corrections of any errors about Romania Economy 1995 should be addressed to the CIA.