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    Romania Economy - 1989

      Overview: Economic development, rigidly controlled by the government, is dominated by industrial activity. In 1986 industry generated over 60% of GNP and employed about 35% of the labor force. Persistent shortages of energy supplies, however, are affecting industrial output and the standard of living. Since the early 1980s the agricultural sector has suffered setbacks from periodic droughts, mismanagement, and shortages of inputs. Despite agricultural production shortfalls, the government has diverted food from domestic consumption to hard currency export markets. In 1982, Romania put into effect an austere import program and increased exports to Western countries. The resulting revenues have allowed the government to reduce its external debt from about $10 billion in 1981 to $4.9 billion at the end of 1987.

      GNP: $151.3 billion, per capita $6,570; real growth rate 2.1% (1988)

      Inflation rate (consumer prices): 0% (1987)

      Unemployment rate: NA%

      Budget: revenues $26 billion; expenditures $21.6 billion, including capital expenditures of $13.6 billion (1987)

      Exports: $12.5 billion (f.o.b., 1986); @m5commodities--machinery and equipment 34.7%, fuels, minerals and metals 24.7%, manufactured consumer goods 16.9%, agricultural materials and forestry products 11.9%, other 11.6% (1986); @m5partners--USSR 27%, Eastern Europe 23%, EC 15%, US 5%, China 4% (1987)

      Imports: $10.6 billion (f.o.b., 1986); @m5commodities--fuels, minerals, and metals 51.0%, machinery and equipment 26.7%, agricultural and forestry products 11.0%, manufactured consumer goods 4.2% (1986); @m5partners--Communist countries 60%, non-Communist countries 40% (1987)

      External debt: $4.9 billion (1987)

      Industrial production: growth rate 3.4% (1987)

      Electricity: 22,437,000 kW capacity; 78,500 million kWh produced, 3,410 kWh per capita (1988)

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

      Agriculture: corn, wheat, oilseed; livestock--cattle, hogs, sheep; consumer and food supplies weak; a net exporter

      Aid: NA

      Currency: leu (plural--lei); 1 leu (L) = 100 bani

      Exchange rates: lei (L) per US$1--14.555 (January 1989), 14.277 (1988), 14.557 (1987), 16.153 (1986), 17.141 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Romania on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Romania Economy 1989 information contained here. All suggestions for corrections of any errors about Romania Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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