Economy of Romania

Economy of Romania
	Bucharest, the financial center of Romania
Currency	Leu (RON, L)
Fiscal year	Calendar year
Trade organisations	EU, WTO and BSEC
Country group	Developing/Emerging; High-income economy; Diversified European (EU) economy;
Statistics
Population	19,051,562 (2023)
GDP	$382.932 billion (nominal; 2024 est.); $828.746 billion (PPP; 2024 est.);
GDP rank	41th (nominal, 2024); 35th (PPP, 2023);
GDP growth	4.8% (2022); 2.2% (2023); 3.8% (2024f);
GDP per capita	$20,214 (nominal, 2024 est.); $43,747 (PPP, 2024 est.);
GDP per capita rank	56th (nominal, 2024); 48th (PPP, 2024);
GDP by sector	agriculture: 4.47%; industry: 28.88%; services: 57.61%; (2022);
Inflation (CPI)	5.8% (2024)
Population below poverty line	17% (OECD, 2022) -- set at 50% of the national median household income.
Population at risk of poverty	21.2% (Eurostat, 2022) -- set at 60% of the national median disposable income.;
Gini coefficient	32.0 medium (2022)
Human Development Index	0.827 very high HDI (53rd) (2022); 0.739 high IHDI (43rd) (2022);
Corruption Perceptions Index	46 more corrupt CPI (63rd) (2022)
Labour force	8.214 million (2021); 61.9% employment rate (2021);
Labour force by occupation	agriculture: 3.1%; industry & constr.: 35.7%; services: 61.2%; (2021);
Unemployment	5.4% (2024)
Average gross salary	RON 7,405 / €1,490 / $1,609 monthly (January, 2024)
Average net salary	RON 4,532 / € 912 / $985 monthly (January, 2024)
Main industries	Electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials.
External
Exports	$88.3 billion (2021); $73 billion (2020); $81.1 billion (2019);
Export goods	Electrical machines and equipment; transport vehicles and materials; Metals and metal articles; Plastic and rubber materials; Vegetable products; Footwear, textiles and hats; Food products, drinks and tobacco; Optical, photographic, cinematographic and surgical devices; Chemical and mineral products; Wood products (furniture); Livestock and animal products; Paper; Stone, plaster and ceramic articles; Leather, furs, fats and oils; Refined petroleum; Other.
Main export partners	Germany 19.5%; Italy 9.7%; France 6.0%; Hungary 4.9%; Poland 3.86%; Bulgaria 3.8%; Turkey 3.5%; Netherlands 3.2%; Czech Republic 3.1%; United Kingdom 3.0% (2021);
Imports	$116.4 billion (2021); $90.2 billion (2020); $94.9 billion (2019);
Import goods	Electrical machines and equipment; Mechanical appliances, nuclear reactors, boilers, and parts thereof; Vehicles other than railway or tramway rolling stock, and parts & accessories thereof; Mineral fuels, mineral oils and products of their distillation; Plastics and articles thereof; Pharmaceutical products; Iron, steel & articles thereof; Optical, photographic, cinematographic instruments and apparatus; Miscellaneous chemical products; Crude petroleum; Others.
Main import partners	Germany 19.1%; Italy 9.06%; Hungary 6.5%; Poland 6.3%; China 6.1%; Turkey 5.05%; France 4.3%; Bulgaria 3.9%; Netherlands 3.8%; Austria 3.3% (2021);
FDI stock	€100.288 / $114.068 billion (31 Dec 2021); Abroad: €2.793 / $3.177 billion (31 Dec 2021);
Current account	−7.1% of GDP (2024e); −$27.238 billion (2024e);
Gross external debt	€137.2 / $143.8 billion (30 June 2022)
Public finances
Government debt	52.7% of GDP (March 2024); RON 614.3 billion (May 2022);
Budget balance	−7.1% of GDP (2024e); RON −27.118 billion (2024e);
Revenues	31.04% of GDP (2024); RON 201.804 billion (2024);
Expenses	36.82% of GDP (2024); RON 140.994 billion (2024);
Credit rating	Standard & Poor's (2022):; BBB− (Local & Foreign currency, LT); A-3 (Local & Foreign currency, ST); A− (T&C Assessment); Outlook: Stable; Moody's (2022):; Baa3; Outlook: Stable; Fitch (2022):; BBB−; Outlook: Negative; Scope (2024):; BBB−; Outlook: Stable;
Foreign reserves	€65.117 / $68.419 billion (30 Sep 2023)
	; All values, unless otherwise stated, are in US dollars.

The economy of Romania is a high-income mixed economy. It has a highly complex economy, ranked 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power parity. The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase.

In recent years, it witnessed growth rates such as: 4.8% in 2016, 7.1% in 2017, 4.4% in 2018 and 4.1% in 2019. In 2020, its GDP per capita in purchasing power standards reached 72% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27. Romania's economy ranks 35th in the world by its total GDP (PPP), with a Int$784 billion annual output (2023 est.).

The country is a leading destination in Central and Eastern Europe for foreign direct investment: the cumulative FDI since 1989 totals more than $170 billion. Romania is the largest electronics producer in the region. In the past 20 years Romania has also grown into a major center for mobile technology, information security, and related hardware research. The country is a regional leader in fields such as IT and motor vehicle production. Bucharest, the capital city, is one of the leading financial and industrial centres in Eastern Europe.

The top 10 exports of Romania are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics. Imports of goods and services increased 9.3%, while exports grew 7.6% in 2016, as compared to 2015. Exports of goods and services were expected to grow by 5.6% in 2017, while imports were seen increasing by 8.5%, according to the latest CNP (National Prognosis Commission) projections.

The industry in Romania generated 33.6% of the local gross domestic product (GDP) in the first half of 2018.

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