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Romania Economy 1996

Overview:

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.

National product:

GDP - purchasing power parity - $64.7 billion (1994 est.)

National product real growth rate:

3.4% (1994 est.)

National product per capita:

$2,790 (1994 est.)

Inflation rate (consumer prices):

62% (1994)

Unemployment rate:

10.9% (December 1994)

Budget:

revenues:

$8.3 billion

expenditures:

$9.4 billion, including capital expenditures of $NA (1995 est.)

Exports:

$6 billion (f.o.b., 1994)

commodities:

metals and metal products 17.6%, mineral products 11.9%, textiles 18.5%, electric machines and equipment 8.4%, transport materials 6.5% (1994)

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:

$6.3 billion (f.o.b., 1994)

commodities:

minerals 21.1%, machinery and equipment 19.7%, textiles 11.5%, agricultural goods 9.2% (1994)

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:

$4.4 billion (1994)

Industrial production:

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

Electricity:

capacity:

22,180,000 kW

production:

50.8 billion kWh

consumption per capita:

2,076 kWh (1993)

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 - 1,776.00 (January 1995), 1,655.09 (1994), 760.05 (1993), 307.95 (1992), 76.39 (1991), 22.432 (1990)

Fiscal year:

calendar year

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