Diplomatic representation from the US: chief of mission: Ambassador Dr. Jack Dyer CROUCH II embassy: Strada Tudor Arghezi 7-9, Bucharest mailing address: American Embassy Bucharest, Department of State, 5260 Bucharest Place, Washington, DC 20521-5260 (pouch) telephone: [40] (21) 210-4042 FAX: [40] (21) 210-0395 branch office(s): 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 flag of Chad, also
resembles the flags of Andorra and Moldova
Economy Romania
Economy - overview:
Romania began the transition from Communism in 1989 with a largely
obsolete industrial base and a pattern of output unsuited to the
country's needs. The country emerged in 2000 from a punishing
three-year recession thanks to strong demand in EU export markets.
Despite the global slowdown in 2001-02, strong domestic activity in
construction, agriculture, and consumption have kept growth above
4%. An IMF standby agreement, signed in 2001, was accompanied by
slow but palpable gains in privatization, deficit reduction, and the
curbing of inflation. The IMF Board approved Romania's completion of
the standby agreement in October 2003, the first time Romania had
successfully concluded an IMF agreement since the 1989 revolution.
In July 2004, the Executive Board of the IMF approved a 24-month
standby arrangement for $367 million. The Romanian authorities do
not intend to draw on this arrangement, viewing it as a precaution.
Meanwhile, recent macroeconomic gains have done little to address
Romania's widespread poverty, and corruption and red tape handicap
the business environment.
GDP:
purchasing power parity - $155 billion (2003 est.)
GDP - real growth rate:
4.9% (2003 est.)
GDP - per capita:
purchasing power parity - $7,000 (2003 est.)
GDP - composition by sector: agriculture: 13.1% industry: 38.1% services: 48.8% (2003)
Investment (gross fixed):
22.5% of GDP (2003)
Population below poverty line:
44.5% (2000)