Economy - overview:
Romania, which joined the EU 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. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania's widespread poverty. Corruption and red tape continue to permeate the business environment.

In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary standby agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability; no funds were drawn. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on standby agreement, worth $5.4 billion, to continue with reforms. This agreement expired in September 2015, and no funds were drawn. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks.

Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017. Industry outperformed other sectors of the economy in 2017. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was the major driver, due to tax cuts and large wage increases that began last year and are set to continue in 2018.

An aging population, emigration of skilled labor, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package compromise Romania’s long-term growth and economic stability and are the economy's top vulnerabilities.

GDP (purchasing power parity):
$483.4 billion (2017 est.)
$452 billion (2016 est.)
$431.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 41
[see also: GDP country ranks ]

GDP (official exchange rate):
$211.9 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.9% (2017 est.)
4.8% (2016 est.)
3.9% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 23
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$24,600 (2017 est.)
$22,900 (2016 est.)
$21,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 83
[see also: GDP - per capita country ranks ]

Gross national saving:
21.1% of GDP (2017 est.)
21.7% of GDP (2016 est.)
23.9% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 87
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 70% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 7.7% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.6% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.9% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 41.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -43.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.6% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries:
electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials

Industrial production growth rate:
5.5% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Industrial production growth rate country ranks ]

Labor force:
8.951 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 54
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 28.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 28.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 42.8% (2014)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.9% (2017 est.)
5.9% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.4% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 15.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 7.6% (2014 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
27.3 (2012)
28.2 (2010)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 62.14 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 68.13 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 84
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 125
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
36.8% of GDP (2017 est.)
38.8% of GDP (2016 est.)
note: defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and loans; general government sector comprises the subsectors: central government, state government, local government, and social security funds
country comparison to the world (CIA rank, may be based on non-current data): 145
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.3% (2017 est.)
-1.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2017)
1.75% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 125
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.57% (31 December 2017 est.)
5.71% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 132
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$54.13 billion (31 December 2017 est.)
$41.82 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$54.13 billion (31 December 2017 est.)
$41.82 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$72.54 billion (31 December 2017 est.)
$60.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 59
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$42.24 billion (31 December 2017 est.)
$34.06 billion (31 December 2016 est.)
$42.59 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$7.114 billion (2017 est.)
-$3.93 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 188
[see also: Current account balance country ranks ]

Exports:
$64.58 billion (2017 est.)
$57.72 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Exports country ranks ]

Exports - partners:
Germany 23%, Italy 11.2%, France 6.8%, Hungary 4.7%, UK 4.1% (2017)

Exports - commodities:
machinery and equipment, other manufactured goods, agricultural products and foodstuffs, metals and metal products, chemicals, minerals and fuels, raw materials

Imports:
$78.12 billion (2017 est.)
$68 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, other manufactured goods, chemicals, agricultural products and foodstuffs, fuels and minerals, metals and metal products, raw materials

Imports - partners:
Germany 20%, Italy 10%, Hungary 7.5%, Poland 5.5%, France 5.3%, China 5%, Netherlands 4% (2017)

Reserves of foreign exchange and gold:
$44.43 billion (31 December 2017 est.)
$40 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$95.97 billion (31 December 2017 est.)
$93.71 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$94 billion (31 December 2017 est.)
$76.93 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 47
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$6.822 billion (31 December 2017 est.)
$5.963 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 70
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
lei (RON) per US dollar -
4.077 (2017 est.)
4.0592 (2016 est.)
4.0592 (2015 est.)
4.0057 (2014 est.)
3.3492 (2013 est.)