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| ⚫ | 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. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down perhaps 40%. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets, and despite the global slowdown in 2001, strong domestic activity in construction, agriculture, and consumption led to 4.8% growth. A standby agreement with the IMF - covering the period October 2001 to March 2003 - provides a key opportunity for vigorous privatization, regulatory reform, deficit reduction, and the curbing of inflation. The government in the past has not been able to fully implement IMF agreements; its degree of success in this case will affect prospects for joining the EU. | ||
| Economy - overview: (source CIA worldfactbook) | |||
| ⚫ | GDP: purchasing power parity - $152.7 billion (2001 est.) | ||
| ⚫ | 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. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down perhaps 40%. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets, and despite the global slowdown in 2001, strong domestic activity in construction, agriculture, and consumption led to 4.8% growth. A standby agreement with the IMF - covering the period October 2001 to March 2003 - provides a key opportunity for vigorous privatization, regulatory reform, deficit reduction, and the curbing of inflation. The government in the past has not been able to fully implement IMF agreements; its degree of success in this case will affect prospects for joining the EU. | ||
| ⚫ | GDP: purchasing power parity - $152.7 billion (2001 est.) | ||
| GDP - real growth rate: 4.8% (2001 est.) | GDP - real growth rate: 4.8% (2001 est.) | ||
| GDP - per capita: purchasing power parity - $6,800 (2001 est.) | GDP - per capita: purchasing power parity - $6,800 (2001 est.) | ||
| GDP - composition by sector: agriculture: 15% | GDP - composition by sector: agriculture: 15% | ||
| industry: 30% | industry: 30% | ||
| services: 55% (2000) | services: 55% (2000) | ||
| ⚫ | Population below poverty line: 44.5% (2000) | ||
| ⚫ | Population below poverty line: 44.5% (2000) | ||
| Household income or consumption by percentage share: lowest 10%: 3.7% | Household income or consumption by percentage share: lowest 10%: 3.7% | ||
| highest 10%: 22.7% (1994) | highest 10%: 22.7% (1994) | ||
| ⚫ | Distribution of family income - Gini index: 30.5 (1997) | ||
| ⚫ | Inflation rate (consumer prices): 34.5% (2001 est.) | ||
| ⚫ | Distribution of family income - Gini index: 30.5 (1997) | ||
| ⚫ | Inflation rate (consumer prices): 34.5% (2001 est.) | ||
| Labor force: 9.9 million (1999 est.) | Labor force: 9.9 million (1999 est.) | ||
| Labor force - by occupation: agriculture 40%, industry 25%, services 35% (1998) | Labor force - by occupation: agriculture 40%, industry 25%, services 35% (1998) | ||
| ⚫ | Unemployment rate: 9.1% (2001) | ||
| ⚫ | Budget: revenues: $11.7 billion | ||
| ⚫ | Unemployment rate: 9.1% (2001) | ||
| ⚫ | Budget: revenues: $11.7 billion | ||
| expenditures: $12.4 billion, including capital expenditures of $NA (1999 est.) | expenditures: $12.4 billion, including capital expenditures of $NA (1999 est.) | ||
| Industries: textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining | Industries: textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining | ||
| Industrial production growth rate: 6.5% (2001) | Industrial production growth rate: 6.5% (2001) | ||
| Electricity - production: 49.787 billion kWh (2000) | Electricity - production: 49.787 billion kWh (2000) | ||
| Electricity - production by source: fossil fuel: 52.58% | Electricity - production by source: fossil fuel: 52.58% | ||
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| Electricity - consumption: 45.677 billion kWh (2000) | Electricity - consumption: 45.677 billion kWh (2000) | ||
| Electricity - exports: 1.4 billion kWh (2000) | Electricity - exports: 1.4 billion kWh (2000) | ||
| Electricity - imports: 775 million kWh (2000) | Electricity - imports: 775 million kWh (2000) | ||
| Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep | Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep | ||
| Exports: $11.5 billion (f.o.b., 2001 est.) | Exports: $11.5 billion (f.o.b., 2001 est.) | ||
| Exports - commodities: textiles and footwear 26%, metals and metal products 15%, machinery and equipment 11%, minerals and fuels 6% (1999) | Exports - commodities: textiles and footwear 26%, metals and metal products 15%, machinery and equipment 11%, minerals and fuels 6% (1999) | ||
| Exports - partners: Italy 22%, Germany 16%, France 7%, Turkey 6%, US (2000) | Exports - partners: Italy 22%, Germany 16%, France 7%, Turkey 6%, US (2000) | ||
| Imports: $14.4 billion (f.o.b., 2001 est.) | Imports: $14.4 billion (f.o.b., 2001 est.) | ||
| Imports - commodities: machinery and equipment 23%, fuels and minerals 12%, chemicals 9%, textile and products 19% (1999) | Imports - commodities: machinery and equipment 23%, fuels and minerals 12%, chemicals 9%, textile and products 19% (1999) | ||
| Imports - partners: Italy 19%, Germany 15%, Russia 9%, France 6% (2000) | Imports - partners: Italy 19%, Germany 15%, Russia 9%, France 6% (2000) | ||
| Debt - external: $11.6 billion (2001 est.) | Debt - external: $11.6 billion (2001 est.) | ||
| Currency: leu (ROL) | Currency: leu (ROL) | ||
| Currency code: ROL | Currency code: ROL | ||
| Exchange rates: lei per US dollar - 35,052.0 (January 2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999), 8,875.6 (1998), 7,167.9 (1997); note - lei is the plural form of leu | Exchange rates: lei per US dollar - 35,052.0 (January 2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999), 8,875.6 (1998), 7,167.9 (1997); note - lei is the plural form of leu | ||
| Fiscal year: calendar year | Fiscal year: calendar year | ||
Revision as of 18:51, 25 December 2002
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. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down perhaps 40%. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets, and despite the global slowdown in 2001, strong domestic activity in construction, agriculture, and consumption led to 4.8% growth. A standby agreement with the IMF - covering the period October 2001 to March 2003 - provides a key opportunity for vigorous privatization, regulatory reform, deficit reduction, and the curbing of inflation. The government in the past has not been able to fully implement IMF agreements; its degree of success in this case will affect prospects for joining the EU. GDP: purchasing power parity - $152.7 billion (2001 est.) GDP - real growth rate: 4.8% (2001 est.) GDP - per capita: purchasing power parity - $6,800 (2001 est.) GDP - composition by sector: agriculture: 15% industry: 30% services: 55% (2000) Population below poverty line: 44.5% (2000) Household income or consumption by percentage share: lowest 10%: 3.7% highest 10%: 22.7% (1994) Distribution of family income - Gini index: 30.5 (1997) Inflation rate (consumer prices): 34.5% (2001 est.) Labor force: 9.9 million (1999 est.) Labor force - by occupation: agriculture 40%, industry 25%, services 35% (1998) Unemployment rate: 9.1% (2001) Budget: revenues: $11.7 billion expenditures: $12.4 billion, including capital expenditures of $NA (1999 est.) Industries: textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining Industrial production growth rate: 6.5% (2001) Electricity - production: 49.787 billion kWh (2000) Electricity - production by source: fossil fuel: 52.58% hydro: 36.92% other: 0.01% (2000) nuclear: 10.49% Electricity - consumption: 45.677 billion kWh (2000) Electricity - exports: 1.4 billion kWh (2000) Electricity - imports: 775 million kWh (2000) Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep Exports: $11.5 billion (f.o.b., 2001 est.) Exports - commodities: textiles and footwear 26%, metals and metal products 15%, machinery and equipment 11%, minerals and fuels 6% (1999) Exports - partners: Italy 22%, Germany 16%, France 7%, Turkey 6%, US (2000) Imports: $14.4 billion (f.o.b., 2001 est.) Imports - commodities: machinery and equipment 23%, fuels and minerals 12%, chemicals 9%, textile and products 19% (1999) Imports - partners: Italy 19%, Germany 15%, Russia 9%, France 6% (2000) Debt - external: $11.6 billion (2001 est.) Currency: leu (ROL) Currency code: ROL Exchange rates: lei per US dollar - 35,052.0 (January 2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999), 8,875.6 (1998), 7,167.9 (1997); note - lei is the plural form of leu Fiscal year: calendar year
- See also : Romania