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
PopulationIncrease 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.

The top 10 exports of Romania are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics. Imports of goods and services increased 9.3%, while exports grew 7.6% in 2016, as compared to 2015.[49] Exports of goods and services were expected to grow by 5.6% in 2017, while imports were seen increasing by 8.5%, according to the latest CNP (National Prognosis Commission) projections.[50]

The industry in Romania generated 33.6% of the local gross domestic product (GDP) in the first half of 2018.[51]

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  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.
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