Diplomatic representation from the US: chief of mission: Ambassador James C. ROSAPEPE embassy: Strada Tudor Arghezi 7-9, Bucharest mailing address: American Embassy Bucharest, Department of State, Washington, DC 20521-5260 (pouch) telephone: [40] (1) 210 01 49, 210 40 42 FAX: [40] (1) 210 03 95 branch office: Cluj-Napoca
Flag description: three equal vertical bands of blue (hoist side), yellow, and red; the national coat of arms that used to be centered in the yellow band has been removed; now similar to the flags of Andorra and Chad
@Romania:Economy
Economy-overview: Romania, one of the poorer countries in the region, is continuing its difficult transition to a market-based economy. After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. For the next few years the country lagged behind most of its neighbors in the pace of restructuring. Then in February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program. The domestic foreign exchange market was freed, and controls on current-account convertibility were removed in October. Restructuring programs include liquidating large energy-intensive industries, and agricultural and financial sector reform. The private sector share of GDP rose to an estimated 58% in 1997, however, this total includes firms with government-held minority stakes. Although progress has been made in privatizing small- and medium-sized firms, delays in structural reforms-including the postponement of sales of large state-owned enterprises - threaten plans to revive GDP growth. In 1998, GDP will likely be unchanged; and inflation is projected to fall to 45% from 151% in 1997.
GDP: purchasing power parity-$114.2 billion (1997 est.)
GDP-real growth rate: -6.6% (1997 est.)
GDP-per capita: purchasing power parity-$5,300 (1997 est.)
GDP-composition by sector: agriculture: 19% industry: 36% services: 45% (1996)
Inflation rate-consumer price index: 151% (1997 est.)
Labor force: total: 10.1 million (1996 est.) by occupation: industry 28.6%, agriculture 34.4%, trade 10.4%, construction 5.1%, other 21.5% (1995)