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 GDP growth
above 4%. However, macroeconomic gains have only recently started to
spur creation of a middle class and address Romania's widespread
poverty, while corruption and red tape continue to handicap the
business environment. Romanian government confidence in continuing
disinflation was underscored by its currency revaluation in 2005,
making 10,000 "old" lei equal 1 "new" leu. The economy grew at 6.4%
in 2006, the strongest growth in the last decade. Romania joined the
European Union on 1 January 2007, and the IMF has praised the
country's recent reform efforts in preparation for EU accession.
GDP (purchasing power parity):
$197.3 billion (2006 est.)
GDP (official exchange rate):
$79.17 billion (2006 est.)
GDP - real growth rate:
6.4% (2006 est.)
GDP - per capita (PPP):
$8,800 (2006 est.)
GDP - composition by sector: agriculture: 10.1% industry: 34.7% services: 55.2% (2006 est.)
Labor force: 9.33 million (2006 est.)
Labor force - by occupation: agriculture: 31.6% industry: 30.7% services: 37.7% (2004)
Unemployment rate:
6.1% (2006 est.)