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| Economy - overview: After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. In February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program, but reform subsequently has been a frustrating stop-and-go process. Restructuring programs include liquidating large energy-intensive industries and major agricultural and financial sector reforms. In 1999 Romania's economy contracted for a third straight year - by an estimated 4.8%. Romania reached an agreement with the IMF in August for a $547 million loan, but release of the second tranche was postponed in October because of unresolved private sector lending requirements and differences over budgetary spending. Bucharest avoided defaulting on mid-year lump-sum debt payments, but had to significantly draw down reserves to do so; reserves rebounded to an estimated $1.5 billion by yearend 1999. The government's priorities include: obtaining renewed IMF lending, tightening fiscal policy, accelerating privatization, and restructuring unprofitable firms. Romania was invited by the EU in December 1999 to begin accession negotiations. | |||
| 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 |
GDP: purchasing power parity - $87.4 billion (1999 est.) | ||
| GDP - per capita: purchasing power parity - $6,800 (2001 est.) | |||
| GDP - real growth rate: -4.8% (1999 est.) | |||
| GDP - composition by sector: agriculture: 15% | |||
| industry: 30% | |||
| GDP - per capita: purchasing power parity - $3,900 (1999 est.) | |||
| services: 55% (2000) | |||
| Population below poverty line: 44.5% (2000) | |||
| GDP - composition by sector: | |||
| Household income or consumption by percentage share: lowest 10%: 3.7% | |||
| agriculture: 23% | |||
| highest 10%: 22.7% (1994) | |||
| industry: 51% | |||
| Distribution of family income - Gini index: 30.5 (1997) | |||
| services: 26% (1997) | |||
| Inflation rate (consumer prices): 34.5% (2001 est.) | |||
| Labor force: 9.9 million (1999 est.) | |||
| Population below poverty line: 21.5% (1994 est.) | |||
| Labor force - by occupation: agriculture 40%, industry 25%, services 35% (1998) | |||
| Unemployment rate: 9.1% (2001) | |||
| Household income or consumption by percentage share: | |||
| Budget: revenues: $11.7 billion | |||
| lowest 10%: 3.8% | |||
| expenditures: $12.4 billion, including capital expenditures of $NA (1999 est.) | |||
| highest 10%: 20.2% (1992) | |||
| 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) | |||
| Inflation rate (consumer prices): 44% (1999 est.) | |||
| Electricity - production: 49.787 billion kWh (2000) | |||
| Electricity - production by source: fossil fuel: 52.58% | |||
| Labor force: 9.6 million (1998 est.) | |||
| hydro: 36.92% | |||
| other: 0.01% (2000) | |||
| Labor force - by occupation: agriculture 36.5%, industry 34.4%, services 29.1% (1994) | |||
| nuclear: 10.49% | |||
| Electricity - consumption: 45.677 billion kWh (2000) | |||
| Unemployment rate: 11% (1999 est.) | |||
| Electricity - exports: 1.4 billion kWh (2000) | |||
| Electricity - imports: 775 million kWh (2000) | |||
| Budget: | |||
| Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep | |||
| revenues: $11.2 billion | |||
| expenditures: $12.7 billion, including capital expenditures of $NA (1999 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) | |||
| Industries: mining, timber, construction materials, metallurgy, chemicals, machine building, food processing, petroleum production and refining | |||
| 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) | |||
| Industrial production growth rate: -8.7% (1999 est.) | |||
| Imports - partners: Italy 19%, Germany 15%, Russia 9%, France 6% (2000) | |||
| Debt - external: $11.6 billion (2001 est.) | |||
| Electricity - production: 52.495 billion kWh (1998) | |||
| Currency: leu (ROL) | |||
| Currency code: ROL | |||
| Electricity - production by source: | |||
| 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 | |||
| fossil fuel: 59% | |||
| Fiscal year: calendar year | |||
| hydro: 31.67% | |||
| nuclear: 9.33% | |||
| other: 0% (1998) | |||
| Electricity - consumption: 49.552 billion kWh (1998) | |||
| Electricity - exports: 537 million kWh (1998) | |||
| Electricity - imports: 1.269 billion kWh (1998) | |||
| Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; milk, eggs, beef | |||
| Exports: $8.4 billion (f.o.b., 1999 est.) | |||
| Exports - commodities: textiles and footwear 33.4%, metals and metal products 19.1%, machinery and equipment 9.5%, minerals and fuels 6.1% (1998) | |||
| Exports - partners: Italy 22%, Germany 19.6%, France 5.9%, US 3.8% (1998) | |||
| Imports: $9.6 billion (f.o.b., 1999 est.) | |||
| Imports - commodities: machinery and equipment 23%, fuels and minerals 14.2%, chemicals 8.7%, textiles and footwear 17.1% (1998) | |||
| Imports - partners: Germany 17.5%, Italy 17.4%, France 6.9%, US 4.2% (1998) | |||
| Debt - external: $9 billion (1999 est.) | |||
| Economic aid - recipient: $510.1 million (1995) | |||
| Currency: 1 leu (L) = 100 bani | |||
| Exchange rates: lei (L) per US$1 - 17,996.4 (December 1999), 15,332.8 (1999), 8,875.6 (1998), 7,167.9 (1997), 3,084.2 (1996), 2,033.3 (1995) | |||
| Fiscal year: calendar year | |||
| :''See also :'' ] | :''See also :'' ] | ||
Revision as of 18:52, 25 December 2002
Economy - overview: After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. In February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program, but reform subsequently has been a frustrating stop-and-go process. Restructuring programs include liquidating large energy-intensive industries and major agricultural and financial sector reforms. In 1999 Romania's economy contracted for a third straight year - by an estimated 4.8%. Romania reached an agreement with the IMF in August for a $547 million loan, but release of the second tranche was postponed in October because of unresolved private sector lending requirements and differences over budgetary spending. Bucharest avoided defaulting on mid-year lump-sum debt payments, but had to significantly draw down reserves to do so; reserves rebounded to an estimated $1.5 billion by yearend 1999. The government's priorities include: obtaining renewed IMF lending, tightening fiscal policy, accelerating privatization, and restructuring unprofitable firms. Romania was invited by the EU in December 1999 to begin accession negotiations.
GDP: purchasing power parity - $87.4 billion (1999 est.)
GDP - real growth rate: -4.8% (1999 est.)
GDP - per capita: purchasing power parity - $3,900 (1999 est.)
GDP - composition by sector: agriculture: 23% industry: 51% services: 26% (1997)
Population below poverty line: 21.5% (1994 est.)
Household income or consumption by percentage share: lowest 10%: 3.8% highest 10%: 20.2% (1992)
Inflation rate (consumer prices): 44% (1999 est.)
Labor force: 9.6 million (1998 est.)
Labor force - by occupation: agriculture 36.5%, industry 34.4%, services 29.1% (1994)
Unemployment rate: 11% (1999 est.)
Budget: revenues: $11.2 billion expenditures: $12.7 billion, including capital expenditures of $NA (1999 est.)
Industries: mining, timber, construction materials, metallurgy, chemicals, machine building, food processing, petroleum production and refining
Industrial production growth rate: -8.7% (1999 est.)
Electricity - production: 52.495 billion kWh (1998)
Electricity - production by source: fossil fuel: 59% hydro: 31.67% nuclear: 9.33% other: 0% (1998)
Electricity - consumption: 49.552 billion kWh (1998)
Electricity - exports: 537 million kWh (1998)
Electricity - imports: 1.269 billion kWh (1998)
Agriculture - products: wheat, corn, sugar beets, sunflower seed, potatoes, grapes; milk, eggs, beef
Exports: $8.4 billion (f.o.b., 1999 est.)
Exports - commodities: textiles and footwear 33.4%, metals and metal products 19.1%, machinery and equipment 9.5%, minerals and fuels 6.1% (1998)
Exports - partners: Italy 22%, Germany 19.6%, France 5.9%, US 3.8% (1998)
Imports: $9.6 billion (f.o.b., 1999 est.)
Imports - commodities: machinery and equipment 23%, fuels and minerals 14.2%, chemicals 8.7%, textiles and footwear 17.1% (1998)
Imports - partners: Germany 17.5%, Italy 17.4%, France 6.9%, US 4.2% (1998)
Debt - external: $9 billion (1999 est.)
Economic aid - recipient: $510.1 million (1995)
Currency: 1 leu (L) = 100 bani
Exchange rates: lei (L) per US$1 - 17,996.4 (December 1999), 15,332.8 (1999), 8,875.6 (1998), 7,167.9 (1997), 3,084.2 (1996), 2,033.3 (1995)
Fiscal year: calendar year
- See also : Romania