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. 1996 Index
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Romania Economy 1996
Despite the continuing difficulties in moving away from the former command
system, the Romanian economy seems to have bottomed out in 1993-94. 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 drought-reduced harvest
of 1992. The economy continued its recovery in 1994, further gains being
realized in agriculture, construction, services, and trade. Food supplies
are adequate but expensive. Romania's infrastructure had deteriorated over
the last five years due to reduced levels of public investment. Residents of
the capital reported frequent disruptions of heating and water services. The
slow and painful process of conversion to a more open economy will continue
in 1995.
GDP - purchasing power parity - $64.7 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$9.4 billion, including capital expenditures of $NA (1995 est.)
$6 billion (f.o.b., 1994)
metals and metal products 17.6%, mineral products 11.9%, textiles 18.5%,
electric machines and equipment 8.4%, transport materials 6.5% (1994)
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)
$6.3 billion (f.o.b., 1994)
minerals 21.1%, machinery and equipment 19.7%, textiles 11.5%, agricultural
goods 9.2% (1994)
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)
growth rate -1% (1993 est.); accounts for 45% of GDP
mining, timber, construction materials, metallurgy, chemicals, machine
building, food processing, petroleum production and refining
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
transshipment point for southwest Asian heroin and Latin American cocaine
transiting the Balkan route
lei (L) per US$1 - 1,776.00 (January 1995), 1,655.09 (1994), 760.05 (1993),
307.95 (1992), 76.39 (1991), 22.432 (1990)
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