Romania

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Romania - In Short.

Overview of Romania

The principalities of Wallachia and Moldavia – for centuries under the suzerainty of the Turkish Ottoman Empire – secured their autonomy in 1856; they were de facto linked in 1859 and formally united in 1862 under the new name of Romania. The country gained recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories – most notably Transylvania – following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the formation of a communist “people’s republic” in 1947 and the abdication of the king. The decades-long rule of dictator Nicolae CEAUSESCU, who took power in 1965, and his Securitate police state became increasingly oppressive and draconian through the 1980s. CEAUSESCU was overthrown and executed in late 1989. Former communists dominated the government until 1996 when they were swept from power. Romania joined NATO in 2004 and the EU in 2007.
Value
Country Full Name
Romania
Country Code
ROU
Region
Europe & Central Asia
Income Group
Upper middle income
Currency Unit
GDP
2.49E+11
Population
19257520
Land Area
230080
Net National Income Per Capita
10815.89949
GDP per Capita (PPP)
32099.40572

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Romania - Economic

Economy of Romania

Romania, which joined the EU on 1 January 2007, began the transition from communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country’s needs. Romania’s macroeconomic gains have only recently started to spur creation of a middle class and to address Romania’s widespread poverty. Corruption and red tape continue to permeate the business environment.In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary standby agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability; no funds were drawn. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on standby agreement, worth $5.4 billion, to continue with reforms. This agreement expired in September 2015, and no funds were drawn. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks.Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017. Industry outperformed other sectors of the economy in 2017. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was the major driver, due to tax cuts and large wage increases that began last year and are set to continue in 2018.An aging population, emigration of skilled labor, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package compromise Romania’s long-term growth and economic stability and are the economy’s top vulnerabilities.

Unemployment Rate

Inflation Rate

Romania - GDP Composition

GDP Composiiton & Value Added of Romania

Last Updated: Jan, 2021, Updated For 2020.

Romania - GDP, Value Added

Demographics of Romania

urbanization is not particularly high, and a fairly even population distribution can be found throughout most of the country, with urban areas attracting larger and denser populations; Hungarians, the country’s largest minority, have a particularly strong presence in eastern Transylvania
Geographic Location

Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine

Races

Romanian 83.4%, Hungarian 6.1%, Romani 3.1%, Ukrainian 0.3%, German 0.2%, other 0.7%, unspecified 6.1% (2011 est.)note: Romani populations are usually underestimated in official statistics and may represent 5–11% of Romania's population

Languages

Romanian (official) 85.4%, Hungarian 6.3%, Romani 1.2%, other 1%, unspecified 6.1% (2011 est.)major-language

Religion

Eastern Orthodox (including all sub-denominations) 81.9%, Protestant (various denominations including Reformed and Pentecostal) 6.4%, Roman Catholic 4.3%, other (includes Muslim) 0.9%, none or atheist 0.2%, unspecified 6.3% (2011 est.)

Dependency & Expectancy of Romania

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Romania - Social Media Briefing

Romania - Social Media & Social Commerce

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Politics & Policies of Romania

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

Australia Group, BIS, BSEC, CBSS (observer), CD, CE, CEI, EAPC, EBRD, ECB, EIB, ESA, EU, FAO, G-9, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MONUSCO, NATO, NSG, OAS (observer), OIF, OPCW, OSCE, PCA, SELEC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC

Import of Romania

Export of Romania

Import Destination

Export Destination