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.
4.2% (2019 est.)
4.54% (2018 est.)
7.11% (2017 est.)
3.8% (2019 est.)
4.6% (2018 est.)
1.3% (2017 est.)
Fitch rating: BBB- (2011)
Moody's rating: Baa3 (2006)
Standard & Poors rating: BBB- (2014)
$579.549 billion (2019 est.)
$556.442 billion (2018 est.)
$532.611 billion (2017 est.)
note: data are in 2010 dollars
$249.543 billion (2019 est.)
$29,941 (2019 est.)
$28,576 (2018 est.)
$27,192 (2017 est.)
note: data are in 2010 dollars
18.3% of GDP (2019 est.)
18.1% of GDP (2018 est.)
20.3% of GDP (2017 est.)
agriculture: 4.2% (2017 est.)
industry: 33.2% (2017 est.)
services: 62.6% (2017 est.)
household consumption: 70% (2017 est.)
government consumption: 7.7% (2017 est.)
investment in fixed capital: 22.6% (2017 est.)
investment in inventories: 1.9% (2017 est.)
exports of goods and services: 41.4% (2017 est.)
imports of goods and services: -43.6% (2017 est.)
Overall score: 73.3 (2020)
Starting a Business score: 87.7 (2020)
Trading score: 100 (2020)
Enforcement score: 72.2 (2020)
maize, wheat, milk, sunflower seed, potatoes, barley, grapes, sugar beet, rapeseed, plums/sloes
electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials
5.5% (2017 est.)
4.889 million (2020 est.)
agriculture: 28.3%
industry: 28.9%
services: 42.8% (2014)
3.06% (2019 est.)
3.56% (2018 est.)
23.8% (2018 est.)
36 (2017 est.)
28.2 (2010)
lowest 10%: 15.3%
highest 10%: 7.6% (2014 est.)
revenues: 62.14 billion (2017 est.)
expenditures: 68.13 billion (2017 est.)
29.3% (of GDP) (2017 est.)
-2.8% (of GDP) (2017 est.)
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
calendar year
-$11.389 billion (2019 est.)
-$10.78 billion (2018 est.)
$114.311 billion (2019 est.)
$110.685 billion (2018 est.)
$105.188 billion (2017 est.)
Germany 22%, Italy 10%, France 7% (2019)
cars and vehicle parts, insulated wiring, refined petroleum, electrical control boards, seats (2019)
$136.091 billion (2019 est.)
$127.553 billion (2018 est.)
$117.292 billion (2017 est.)
Germany 19%, Italy 9%, Hungary 7%, Poland 6%, China 5%, France 5% (2019)
cars and vehicle parts, crude petroleum, packaged medicines, insulated wiring, broadcasting equipment (2019)
$44.43 billion (31 December 2017 est.)
$40 billion (31 December 2016 est.)
$117.829 billion (2019 est.)
$115.803 billion (2018 est.)
lei (RON) per US dollar -
4.02835 (2020 est.)
4.31655 (2019 est.)
4.0782 (2018 est.)
4.0057 (2014 est.)
3.3492 (2013 est.)
NOTE: The information regarding Romania on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Romania 2021 information contained here. All suggestions for corrections of any errors about Romania 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.