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Economy of Romania

Economy of Romania
Bucharest, the financial center of Romania
CurrencyLeu (RON, L)
Calendar year
Trade organisations
EU, WTO and BSEC
Country group
Statistics
PopulationNeutral increase 19,064,409 (2024)[4]
GDP
GDP rank
GDP growth
GDP per capita
  • Increase $20,090 (nominal, 2024 est.)[5]
  • Increase $47,200 (PPP, 2024 est.)[5]
GDP per capita rank
GDP by sector
5.3% (2024)[5]
Population below poverty line
  • Steady 17% (OECD, 2022)[7][8] -- set at 50% of the national median household income.
  • Positive decrease 32.0% at risk of poverty or social exclusion (AROPE 2023)[9]
Positive decrease 31.0 medium (2023)[10]
Steady 46 out of 100 points (2023, 63rd)
Labour force
  • Increase 8.214 million (2021)[13]
  • Increase 68.7% employment rate (2023)[14]
Labour force by occupation
UnemploymentPositive decrease 5.6% (2024)[5]
Average gross salary
RON 8,580 / €1,724 / $1,910 monthly (July, 2024)[16]
RON 5,242 / € 1,053 / $1,167 monthly (July, 2024)[17]
Main industries
Electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials.[3]
External
Exports
  • Increase $88.3 billion (2021)[18]
  • Decrease $73 billion (2020)[19]
  • Decrease $81.1 billion (2019)[20]
Export goods
Electrical machines and equipment; transport vehicles and materials; Metals and metal articles; Plastic and rubber materials; Vegetable products; Footwear, textiles and hats; Food products, drinks and tobacco; Optical, photographic, cinematographic and surgical devices; Chemical and mineral products; Wood products (furniture); Livestock and animal products; Paper; Stone, plaster and ceramic articles; Leather, furs, fats and oils; Refined petroleum; Other.[3][21][22]
Main export partners
Imports
  • Increase $116.4 billion (2021)[18]
  • Decrease $90.2 billion (2020)[19]
  • Decrease $94.9 billion (2019)[24]
Import goods
Electrical machines and equipment; Mechanical appliances, nuclear reactors, boilers, and parts thereof; Vehicles other than railway or tramway rolling stock, and parts & accessories thereof; Mineral fuels, mineral oils and products of their distillation; Plastics and articles thereof; Pharmaceutical products; Iron, steel & articles thereof; Optical, photographic, cinematographic instruments and apparatus; Miscellaneous chemical products; Crude petroleum; Others.[3][25][26]
Main import partners
FDI stock
  • Increase €100.288 / $114.068 billion (31 Dec 2021)[28]
  • Increase Abroad: €2.793 / $3.177 billion (31 Dec 2021)[29]
  • −7.1% of GDP (2024e)[5]
  • −$27.238 billion (2024e)[5]
Negative increase €137.2 / $143.8 billion (30 June 2022)[30]
Public finances
  • Neutral increase 53% of GDP (April 2024)[5]
  • Neutral increase RON 614.3 billion (May 2022)
  • −7.1% of GDP (2024)[5]
  • USD −26.292 billion (2024)
Revenues
  • Increase 31.04% of GDP (2024)[5]
  • Increase RON 201.804 billion (2024)
Expenses
  • Increase 36.82% of GDP (2024)[5]
  • Increase RON 140.994 billion (2024)
Increase $78,969 billion (Sep 2024)[36] (32rd)
All values, unless otherwise stated, are in US dollars.

The economy of Romania is a developing high-income mixed economy, with a high degree of complexity.[37] It ranks 12th in the European Union by total nominal GDP[38] and 7th largest when adjusted by purchasing power (PPP).[39] The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase.[40][41]

In recent years, it witnessed growth rates such as: 4.8% in 2016, 7.1% in 2017, 4.4% in 2018 and 4.1% in 2019.[42] In 2020, its GDP per capita in purchasing power standards reached 72% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27.[43] Romania's economy ranks 35th in the world by its total GDP (PPP), with a Int$784 billion annual output (2023 est.).[5]

The country is a leading destination in Central and Eastern Europe for foreign direct investment: the cumulative FDI since 1989 totals more than $170 billion.[44] Romania is the largest electronics producer in the region.[45] In the past 20 years Romania has also grown into a major center for mobile technology, information security, and related hardware research. The country is a regional leader in fields such as IT and motor vehicle production.[46][47][48] Bucharest, the capital city, is one of the leading financial and industrial centres in Eastern Europe.

  1. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 9 September 2020.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ a b c d "Romania". The World Factbook (2024 ed.). Central Intelligence Agency.
  4. ^ "Populaţia rezidentă la 1 Ianuarie 2024" (PDF) (in Romanian). INSSE (www.insse.ro). Retrieved 30 August 2024.
  5. ^ a b c d e f g h i j k l m n o p "World Economic Outlook Database, October 2024. Romania". IMF.org. International Monetary Fund. Retrieved 23 October 2024.
  6. ^ "Romania: Share of economic sectors in the gross domestic product (GDP) from 2011 to 2022". statista.com. Statista. Retrieved 25 March 2024.
  7. ^ "Inequality - Poverty rate - OECD Data". data.oecd.org. Organisation for Economic Co-operation and Development. Retrieved 4 October 2022.
  8. ^ "Romania: Boosting productivity and human capital will foster economic growth, more jobs and higher incomes, says OECD". oecd.org. Organisation for Economic Co-operation and Development. 28 January 2022. Retrieved 4 October 2022.
  9. ^ "Persons at risk of poverty or social exclusion by age and sex". ec.europa.eu. Eurostat.
  10. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat.
  11. ^ "Human Development Index (HDI)" (PDF). hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 13 March 2024.
  12. ^ "Human Development Reports: Romania. IHDI–Inequality-adjusted HDI". hdr.undp.org. UNDP. Retrieved 13 March 2024.
  13. ^ "Publicații statistice în format electronic". insse.ro (in Romanian). National Institute of Statistics (Romania). // "Labour Force In Romania: Employment And Unemployment - The Year 2021" (PDF). 5 August 2022. p. 27. Retrieved 17 October 2022. In 2021, the economically active population was of 8214.7 thousand persons, increasing (+26.7 thousand persons) compared to 2020. The largest shares in the total economically active population were held by those with medium level of education (63.9%), by men (58.5%) and by those with residence in urban area (57.8%).
  14. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  15. ^ "Publicații statistice în format electronic". insse.ro (in Romanian). National Institute of Statistics (Romania). // "Labour Force In Romania: Employment And Unemployment - The Year 2021" (PDF). 5 August 2022. p. 31. Retrieved 17 October 2022. In 2021, 61.2% of employees worked in services, 35.7% in industry and constructions and 3.1% in agricultural activities.
  16. ^ "Câștigul salarial mediu lunar / Perioada de referinta: august 2022". insse.ro (in Romanian). Institutul Național de Statistică. 12 October 2022. Retrieved 15 October 2022.
  17. ^ "CÂŞTIGUL SALARIAL MEDIU BRUT" (PDF). ins.ro (in Romanian). Institutul Național de Statistică. Retrieved 14 September 2024.
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  20. ^ "What does Romania export? (2019)". oec.world. The Observatory of Economic Complexity. Retrieved 21 July 2022.
  21. ^ "Noi producem, ei cumpără. Ce și cât exportă România (2020)". panorama.ro (in Romanian). Panorama - Business of Tomorrow. 28 June 2021. Retrieved 21 July 2022.
  22. ^ "What does Romania export? (2020)". oec.world. The Observatory of Economic Complexity. Retrieved 21 July 2022.
  23. ^ "Where does Romania export to? (2021)". oec.world. OEC - The Observatory of Economic Complexity. Retrieved 6 April 2023.
  24. ^ "What does Romania import? (2019)". oec.world. The Observatory of Economic Complexity. Retrieved 21 July 2022.
  25. ^ "Main products imported by Romania in 2020, by value". statista.com. Statista. Retrieved 22 July 2022.
  26. ^ "What does Romania import? (2020)". oec.world. The Observatory of Economic Complexity. Retrieved 22 July 2022.
  27. ^ "Where does Romania import from? (2021)". oec.world. OEC - The Observatory of Economic Complexity. Retrieved 6 April 2023.
  28. ^ "Investiţiile străine directe în România - raport anual 2021. PDF report, p. 8". bnr.ro (in Romanian). National Bank of Romania. 20 September 2022. Retrieved 17 October 2022.
  29. ^ "Investiţiile străine directe în România - raport anual 2021. PDF report, p. 23". bnr.ro (in Romanian). National Bank of Romania. 20 September 2022. Retrieved 17 October 2022.
  30. ^ "Datoria externă totală a României a crescut în primele şase luni cu 2,64 miliarde euro, la 137,2 miliarde euro. Datoria administraţiei publice a fost de 55 miliarde euro, în scădere cu 3,7 mld. euro faţă de decembrie 2021". zf.ro (in Romanian). Ziarul Financiar, financial newspaper. 12 August 2022. Retrieved 17 October 2022.
  31. ^ mfinante.gov.ro (in Romanian). Ministry of Public Finance (Romania) https://www.mfinante.gov.ro/static/10/Mfp/buget/sitebuget/RatinghistoryRomaniaS&P_RO082024.pdf. Retrieved 9 November 2024. {{cite web}}: Missing or empty |title= (help)
  32. ^ "Moody's - Istoric evaluare risc suveran" (PDF). mfinante.gov.ro (in Romanian). Ministry of Public Finance (Romania). Retrieved 9 November 2024.
  33. ^ "Fitch - Istoric evaluare risc suveran" (PDF). mfinante.gov.ro (in Romanian). Ministry of Public Finance (Romania). Retrieved 9 November 2024.
  34. ^ "Ratings & Research / Sovereign and Public Sector / Sovereign Ratings". scoperatings.com. Scope Ratings. Retrieved 1 March 2024.
  35. ^ "Scope affirms Romania's credit ratings at BBB- with Stable Outlook". scoperatings.com. Scope Ratings. 1 March 2024. Retrieved 1 March 2024.
  36. ^ "Romania Foreign Exchange Reserves".
  37. ^ "Country & Product Complexity Rankings". atlas.cid.harvard.edu. The Atlas of Economic Complexity. → "Romania". Growth Lab - Center for International Development at Harvard University. Retrieved 27 December 2022. Romania ranks as the ⁨⁨19th most complex country in the Economic Complexity Index (ECI) ranking. Compared to a decade prior, ⁨Romania's ⁨economy has become more complex, improving 9 positions in the ECI ranking. [...]⁨ Romania is ⁨more complex than expected for its income level.
  38. ^ "GDP (current US$) - Romania, 2022". The World Bank. Retrieved 29 September 2023.
  39. ^ "GDP, PPP (current international $) - Romania, 2022". The World Bank. Retrieved 29 September 2023.
  40. ^ Romania Overview: Development news, research, data (11 April 2023). "The World Bank in Romania". worldbank.org. Retrieved 29 September 2023. Romania has made impressive strides in raising its economic performance and prosperity over the past two decades. However, the COVID-19 pandemic and Russia's invasion of Ukraine have tested the resilience of the Romanian economy and exacerbated its structural vulnerabilities, // the World Bank supports Romania's efforts to accelerate structural reforms and convergence with the EU through robust, sustainable, and equitable growth and enhanced competitiveness. // Romania's economy performed better than expected in 2022, expanding by 4.8 percent. Growth was driven by strong private consumption (up 5.5 percent year-over-year) benefiting from the phasing-out of pandemic restrictions, higher wages, and muted unemployment.{{cite web}}: CS1 maint: multiple names: authors list (link)
  41. ^ "Bloomberg: Romania supplies the EU with labor but covers own shortages with Asian workers". Romania-Insider.com. 23 November 2022. Retrieved 27 December 2022. Romania, the second poorest of the 27 EU states at the time of its accession 15 years ago, has seen spectacular economic growth. The country recently surpassed Latvia, Slovakia, and Greece in GDP per capita relative to purchasing power, reaching 73% of the EU average. The average net salary quadrupled in this period, reaching EUR 900 per month.
  42. ^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 16 April 2020.
  43. ^ "GDP per capita in PPS". EUROSTAT. 1 June 2022.
  44. ^ "The World Factbook". Retrieved 16 September 2014.
  45. ^ International Trade Administration (30 September 2021). "Romania - Country Commercial Guide".
  46. ^ "Global Services - A Glance Inside Bucharest, Dubai, Cape Town &Glasgow". Archived from the original on 26 December 2010. Retrieved 21 January 2011.
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  48. ^ "BCR: Romania poate adopta euro in 2014 23904". Archived from the original on 17 March 2012. Retrieved 16 September 2014.

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