Romanian Economy, Romania Economy
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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. 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. In July 2004, the executive board of the IMF approved a 24-month standby agreement for $367 million. The Romanian authorities do not intend to draw on this agreement, however, viewing it simply as a precaution. Meanwhile, recent macroeconomic gains have done little to address Romania's widespread poverty, while corruption and red tape continue to handicap the business environment.
GDP: 2.47% (2002)
GDP - real growth rate: 8.1% (2004 est.)
GDP - per capita: Purchasing power parity - $7,700 (2004 est.)
GDP - composition by sector: Agriculture: 13.1% industry: 33.7% services: 53.2% (2004 est.)
Population below poverty line: 28.9% (2002)
Household income or consumption by percentage share: Lowest 10%: 2.4% highest 10%: 27.6% (2003)
Distribution of family income - Gini index: 28.8 (2003)
Inflation rate (consumer prices):
Labor force: 9.66 million (2004 est.)
Labor force - by occupation: Agriculture 31.6%, industry 30.7%, services 37.7% (2004)
Unemployment rate: 6.3% (2004 est.)
Budget: Revenues: $22.1 billion expenditures: $23.2 billion, including capital expenditures of $2.2 billion (2004 est.)
Industries: Textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Industrial production growth rate: 4% (2004 est.)
Electricity - production: 56.53 billion kWh (2003)
Electricity - production by source:
Electricity - consumption: 57.5 billion kWh (2003)
Electricity - exports: 3.046 billion kWh (2003)
Electricity - imports: 962 million kWh (2003)
Oil - production: 128,000 bbl/day (2004 est.)
Oil - consumption: 253,800 bbl/day (2003 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves: 1.055 billion bbl (1 January 2002)
Natural gas - production: 12.6 billion cu m (2003 est.)
Natural gas - consumption: 18.5 billion cu m (2003 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)
Agriculture - products: Wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Exports: $23.54 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 21.4%, Germany 15%, France 8.5%, Turkey 7%, UK 6.6% (2004)
Imports: $28.43 billion f.o.b. (2004 est.)
Imports - commodities: Machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products
Imports - partners: Italy 17.2%, Germany 14.9%, France 7.1%, Russia 6.8%, Turkey 4.2% (2004)
Debt - external: $24.59 billion (2004 est.)
Economic aid - recipient:
Currency:
Currency code:
Exchange rates: Lei per US dollar - 32,637 (2004), 33,200 (2003), 33,055 (2002), 29,061 (2001), 21,709 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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