Romania Economy - 2024

Economic overview

high-income, service- and industrial-based European economy; EU member but non-euro user until convergence criteria met; sustained growth prior to COVID-19; major FDI recipient; flat taxation structure; digital hub of Eastern Europe

Real GDP (purchasing power parity)

$618.95 billion (2022 est.)
$588.451 billion (2021 est.)
$559.896 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.1% (2021 est.)
-3.68% (2020 est.)
3.85% (2019 est.)

Real GDP per capita

$32,500 (2022 est.)
$30,800 (2021 est.)
$29,100 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$249.543 billion (2019 est.)

Inflation rate (consumer prices)

5.05% (2021 est.)
2.63% (2020 est.)
3.83% (2019 est.)

Credit ratings

Fitch rating: BBB- (2011)

Moody's rating: Baa3 (2006)

Standard & Poors rating: BBB- (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.2% (2017 est.)

industry: 33.2% (2017 est.)

services: 62.6% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

maize, wheat, milk, sunflower seeds, potatoes, barley, grapes, sugar beets, rapeseed, plums/sloes

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

4.07% (2021 est.)

Labor force

8.381 million (2021 est.)

Unemployment rate

5.17% (2021 est.)
5.03% (2020 est.)
3.91% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 20.6% (2021 est.)

male: 20.9%

female: 20.1%

Population below poverty line

23.8% (2018 est.)

Gini Index coefficient - distribution of family income

34.8 (2019 est.)

Average household expenditures

on food: 27.3% of household expenditures (2018 est.)

on alcohol and tobacco: 5.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 15.3%

highest 10%: 7.6% (2014 est.)

Remittances

3.22% of GDP (2021 est.)
3.03% of GDP (2020 est.)
3.24% of GDP (2019 est.)

Budget

revenues: $72.193 billion (2019 est.)

expenditures: $83.59 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2.8% (of GDP) (2017 est.)

Public debt

57.11% of GDP (2020 est.)
43.21% of GDP (2019 est.)
42.56% of GDP (2018 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

Taxes and other revenues

14.18% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$20.627 billion (2021 est.)
-$12.535 billion (2020 est.)
-$12.184 billion (2019 est.)

Exports

$129.215 billion (2022 est.)
$115.879 billion (2021 est.)
$93.024 billion (2020 est.)

note: data are in current year dollars

Exports - partners

Germany 20%, Italy 10%, France 6%, Hungary 5%, Poland 4% (2021)

Exports - commodities

cars and vehicle parts, insulated wiring, refined petroleum, electrical control boards, seats (2019)

Imports

$149.876 billion (2022 est.)
$132.056 billion (2021 est.)
$103.899 billion (2020 est.)

note: data are in current year dollars

Imports - partners

Germany 19%, Italy 9%, Hungary 7%, Poland 6%, China 6% (2021)

Imports - commodities

cars and vehicle parts, crude petroleum, packaged medicines, insulated wiring, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$51.886 billion (31 December 2021 est.)
$52.191 billion (31 December 2020 est.)
$42.007 billion (31 December 2019 est.)

Debt - external

$117.829 billion (2019 est.)
$115.803 billion (2018 est.)

Exchange rates

lei (RON) per US dollar -

Exchange rates:
4.16 (2021 est.)
4.244 (2020 est.)
4.238 (2019 est.)
3.942 (2018 est.)
4.052 (2017 est.)