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Revision as of 15:43, 25 February 2002 by Conversion script (talk | contribs) (Automated conversion)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)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