Romania/

Romania, which joined the European Union 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. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania’s macroeconomic gains have only recently started to spur creation of a middle class and address Romania’s widespread poverty. Corruption and red tape continue to handicap its business environment. Inflation rose in 2007-08, driven in part by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought affecting food prices, and a relaxation of fiscal discipline. Romania’s GDP contracted markedly in the last quarter of 2008 as the country began to feel the effects of a global downturn in financial markets and trade, and GDP fell more than 7% in 2009, prompting Bucharest to seek a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Drastic austerity measures, as part of Romania’s IMF-led agreement led to a further 1.9% GDP contraction in 2010. The economy is expected to return to positive growth in 2011.

$253.3 billion (2010 est.)

$258.2 billion (2009 est.)

$277.9 billion (2008 est.)

$158.4 billion (2010 est.)

-1.9% (2010 est.)

-7.1% (2009 est.)

7.1% (2008 est.)

$11,500 (2010 est.)

$11,700 (2009 est.)

$12,600 (2008 est.)

9.35 million (2010 est.)

8.2% (2010 est.)

7.8% (2009 est.)

25% (2005 est.)

32 (2008)

28.8 (2003)

21.1% of GDP (2010 est.)

34.8% of GDP (2010 est.)

24% of GDP (2009 est.)

6% (2010 est.)

5.6% (2009 est.)

NA%

17.28% (31 December 2009 est.)

14.99% (31 December 2008 est.)

$24.39 billion (31 December 2010 est)

$26.03 billion (31 December 2009 est)

$63.67 billion (31 December 2010 est.)

$61.66 billion (31 December 2009 est.)

$77.46 billion (31 December 2010 est.)

$72.45 billion (31 December 2009 est.)

$30.32 billion (31 December 2009)

$19.92 billion (31 December 2008)

$44.93 billion (31 December 2007)

wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

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

1.5% (2010 est.)

58.28 billion kWh (2007 est.)

49.44 billion kWh (2007 est.)

5.169 billion kWh (2008 est.)

921 million kWh (2008 est.)

117,000 bbl/day (2009 est.)

214,000 bbl/day (2009 est.)

115,600 bbl/day (2007 est.)

217,000 bbl/day (2007 est.)

600 million bbl (1 January 2010 est.)

11.42 billion cu m (2008 est.)

16.92 billion cu m (2008 est.)

0 cu m (2008 est.)

5.5 billion cu m (2008 est.)

63 billion cu m (1 January 2010 est.)

-$7.934 billion (2010 est.)

-$7.139 billion (2009 est.)

$51.91 billion (2010 est.)

$40.6 billion (2009 est.)

machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products

Germany 18.76%, Italy 15.42%, France 8.2%, Turkey 4.99%, Hungary 4.33% (2009)

$59.84 billion (2010 est.)

$50.03 billion (2009 est.)

machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products

Germany 17.3%, Italy 11.78%, Hungary 8.36%, France 6.14%, China 4.91%, Austria 4.75% (2009)

$50.51 billion (31 December 2010 est.)

$44.11 billion (31 December 2009 est.)

$108.9 billion (31 December 2010 est.)

$110 billion (31 December 2009 est.)

$80.16 billion (31 December 2010 est.)

$73.96 billion (31 December 2009 est.)

$1.831 billion (31 December 2010 est.)

$1.731 billion (31 December 2009 est.)

lei (RON) per US dollar - 3.2 (2010), 3.0493 (2009), 2.5 (2008), 2.43 (2007), 2.809 (2006)