Economy Of Romania - Romania Information

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Economy Of Romania
Romania Information - Country Guides

Economy overview	Romania began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept growth above 4%. An IMF Standby Agreement, signed in 2001, has been accompanied by slow but palpable gains in privatization, deficit reduction, and the curbing of inflation. The IMF Board approved Romania's completion of the standby agreement in October 2003, the first time Romania has successfully concluded an IMF agreement since the 1989 revolution. Nonetheless, recent macroeconomic gains have done little to address Romania's widespread poverty, while corruption and red tape hinder foreign investment.
GDP	purchasing power parity - $155 billion (2004 est.)
GDP - real growth rate	4.9% (2004 est.)
GDP - per capita	purchasing power parity - $7,000 (2004 est.)
GDP - composition by sector	agriculture: 13.1% industry: 38.1% services: 48.8% (2003)
Investment gross fixed	22.5% of GDP (2004 est.)
Population below poverty line	44.5% (2000)
Household income or consumption by percentage share	lowest 10%: 3.2% highest 10%: 25% (1998)
Distribution of family income - Gini index	31.1 (1998)
Inflation rate consumer prices	15.3% (2004 est.)
Labor force	9.28 million (2004 est.)
Labor force by occupation	agriculture 41.4%, industry 27.3%, services 31.3% (2000)
Unemployment rate	7.2% (2004 est.)
Budget	revenues: $17.06 billion expenditures: $18.38 billion, including capital expenditures of na (2004 est.)
Public debt	25.5% of GDP (2004 est.)
Agriculture products	wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Industries	textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Industrial production growth rate	2.3% (2004 est.)
Electricity production	50.86 billion kWh (2001)
Electricity production by source	fossil fuel: 62.5% hydro: 27.6% other: 0% (2001) nuclear: 9.9%
Electricity consumption	46.1 billion kWh (2001)
Electricity exports	1.6 billion kWh (2001)
Electricity imports	400 million kWh (2001)
Oil production	127,500 bbl/day (2004 est.)
Oil consumption	215,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	1.055 billion bbl (1 January 2002)
Natural gas production	14.3 billion cu m (2001 est.)
Natural gas consumption	19.7 billion cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	5.4 billion cu m (2001 est.)
Natural gas proved reserves	111.1 billion cu m (1 January 2002)
Current account balance	$-3.368 billion (2004 est.)
Exports	$17.63 billion f.o.b. (2004 est.)
Exports commodities	textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products
Exports partners	Italy 24.3%, Germany 15.7%, France 7.4%, UK 6.7%, Turkey 5.1% (2003)
Imports	$22.17 billion f.o.b. (2003 est.)
Imports commodities	machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products
Imports partners	Italy 19.6%, Germany 14.9%, Russia 8.3%, France 7.3% (2003)
Reserves of foreign exchange gold	$10.37 billion (2004 est.)
Debt external	$18.34 billion (2004 est.)
Economic aid recipient
Currency	leu (ROL)
Currency code	ROL
Exchange rates	lei per US dollar - 33,200.1 (2003), 33,055.4 (2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999)
Fiscal year	calendar year

Romanian Flag Map Of Romania

Economy Of RomaniaRomania Information - Country Guides

Economy Of Romania
Romania Information - Country Guides