Economy - overview Romania, one of the poorest countries of Central and Eastern Europe, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down perhaps 40%. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets, and despite the global slowdown in 2001, strong domestic activity in construction, agriculture, and consumption led to 4.8% growth. A standby agreement with the IMF - covering the period October 2001 to March 2003 - provides a key opportunity for vigorous privatization, regulatory reform, deficit reduction, and the curbing of inflation. The government in the past has not been able to fully implement IMF agreements; its degree of success in this case will affect prospects for joining the EU.

GDP purchasing power parity - $152.7 billion (2001 est.)

GDP - real growth rate 4.8% (2001 est.)

GDP - per capita purchasing power parity - $6,800 (2001 est.)

GDP - composition by sector
agriculture: 15%
industry: 30%
services: 55% (2000)

Population below poverty line 44.5% (2000)

Household income or consumption by percentage share
lowest 10%: 3.7%
highest 10%: 22.7% (1994)

Distribution of family income - Gini index 30.5 (1997)

Inflation rate (consumer prices) 34.5% (2001 est.)

Labor force 9.9 million (1999 est.)

Labor force - by occupation agriculture 40%, industry 25%, services 35% (1998)

Unemployment rate 9.1% (2001)

Budget
revenues: $11.7 billion
expenditures: $12.4 billion, including capital expenditures of $NA (1999 est.)

Industries textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

Industrial production growth rate 6.5% (2001)

Electricity - production 49.787 billion kWh (2000)

Electricity - production by source
fossil fuel: 52.58%
hydro: 36.92%
other: 0.01% (2000)
nuclear: 10.49%

Electricity - consumption 45.677 billion kWh (2000)

Electricity - exports 1.4 billion kWh (2000)

Electricity - imports 775 million kWh (2000)

Agriculture - products wheat, corn, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Exports $11.5 billion (f.o.b., 2001 est.)

Exports - commodities textiles and footwear 26%, metals and metal products 15%, machinery and equipment 11%, minerals and fuels 6% (1999)

Exports - partners Italy 22%, Germany 16%, France 7%, Turkey 6%, US (2000)

Imports $14.4 billion (f.o.b., 2001 est.)

Imports - commodities machinery and equipment 23%, fuels and minerals 12%, chemicals 9%, textile and products 19% (1999)

Imports - partners Italy 19%, Germany 15%, Russia 9%, France 6% (2000)

Debt - external $11.6 billion (2001 est.)

Currency leu (ROL)

Currency code ROL

Exchange rates lei per US dollar - 35,052.0 (January 2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999), 8,875.6 (1998), 7,167.9 (1997); note - lei is the plural form of leu

Fiscal year calendar year

NOTE: The information regarding Romania on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Romania Economy 2002 information contained here. All suggestions for corrections of any errors about Romania Economy 2002 should be addressed to the CIA.