Economy of Romania

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Economy of Romania
Currency	Leu (Leu or RON)
Fiscal year	Calendar year
Trade organisations	European Union, WTO
Statistics
GDP	$264.0 billion (IMF 2008 est.)[1]
GDP growth	8.6% (IMF, 2008 est.)
GDP per capita	$12,285[2] (IMF 2008 est.)
GDP by sector	agriculture (8.3%), industry (37.1%), services (55.2%) (2008 est.)
Inflation (CPI)	6.67% (November 2007[3])
Population below poverty line	6.6% (2008 est.)
Labour force	10.012 million (2008 est.)
Labour force by occupation	services (37.7%), industry (36.7%), agriculture (8.6%),(2008)
Unemployment	3.9% (May 2008)[4]
Main industries	iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, petroleum refining, computers
External
Exports	$52.2 billion[5] f.o.b. (2008)
Export goods	-
Main export partners	Italy 15.5%, Germany 14.0%, Turkey 7.9%, France 7.4%, UK 5.5%, Hungary 4.2%, U.S. 4.1%, Austria 3.1%, Netherlands 2.1%, Bulgaria 2.7%, Spain 2.4%, Greece 2.1% (2005)
Imports	$88.2 billion[6] f.o.b. (2008)
Import goods	-
Main import partners	Italy 19.8%, Germany 14.0%, Russia 8.3%, France 6.7%, Turkey 4.9%, China 4.1%, Austria 3.7%, Hungary 3.3%, Kazakhstan 3.3%, Poland 2.9%, UK 2.9%, U.S. 2.8% (2005)
Public finances
Public Debt	$61.76 billion (2008 est.)
Revenues	$77 billion (2008 est.)
Expenses	$82.1 billion (2008 est.)
Economic aid	NA
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars
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Romania is an upper-middle income European Union member economy of Central-Eastern Europe.^[7] It has been referred as a "Tiger" due to its high growth rates and rapid development.^[8] Romanian economic growth is among EU’s fastest.^[9] Romania has the 11th largest economy in European Union by total nominal GDP and the 8th largest based on purchasing power parity and is one of the fastest growing markets in recent history with consistent annual GDP growth rates above 6% (+8.4% for 2008^[10][11]). Romania is a member of the European Union (7th largest country), its most important trading partner. Its capital, Bucharest, is one of the largest financial centres in the region, with a metropolitan area of more than 2.6 million people. Romania has experienced growth in foreign investment with a cumulative FDI totaling more than $70 billion since 1989^[12].

Some economic predictions indicate that Romanian GDP will double from 2006 to 2011,^[13] and one scholar has even suggested that Romania will overtake Italy in GDP per capita by 2020.^[14] Preliminary estimates for 2008 show a real GDP growth of 7.2%, while the forecasts for 2009-10 indicate an average of 6-6.5% per year.^[15] Future prospects are tied to the country's increasingly important integration with the European Union member states. The country is expected to join the Eurozone in 2014.

Index of Economic Freedom ranking 68th reflects Romania's business, fiscal and trade freedom, though labor freedom, property rights, and freedom from corruption affect negatively.^[16] Ease of Doing Business Index ranking 48th reflects Romania's easiness in getting credit, starting a business, good investor protection, contract enforcement, low tariffs, though closing business, dealing with licenses, registering property, paying taxes and employing workers is much harder.^[17]

Romania also has a strategic port which makes it more competitive than many of its neighbors to carry out such entrepreneurship activities. The Port of Constanta is the busiest on the Black Sea. In addition, Constanta's port infrastructure and skilled workforce, which is due to the success of Romania's education policy in producing skilled workers^{[citation needed]}, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skills needed to refine imports into exports.

Due to the economic boom of 2007-2008, Romania now has 10 billionaires (in US dollars), compared to 2 in 2006.^[18] Romania is experiencing decline in mass emigration as the large difference in standards of living are decreasing. The Romanian current account deficit in 2007 increased by 66% from 2006, reaching 16.9 billion euro.

Contents 1 History 1.1 Free market transition 1.2 EU membership 2 Tiger economy 2.1 National budget 2.2 Economic growth 2.3 Diversification 2.4 Growing middle class 2.5 Environmental concerns 3 Currency 3.1 The fulfillment of the Maastricht criteria 4 Natural resources 4.1 Energy 5 Physical infrastructure 6 Sectors of the economy 6.1 Agriculture 6.1.1 Fishing 6.2 Industry 6.3 Services 7 Regional variation 8 Foreign trade 9 See also 10 References

History

After World War I, the application of a radical agricultural reform, the passing of a new constitution, one of the most democratic on the Continent, created a general-democratic framework and allowed for a fast economic growth (the industrial production doubled between 1923-1938). With an oil production of 7.2 million tons in 1937, Romania placed second in Europe and the seventh in the world.^[19]

On the negative side, the legacy of the Ceausescu's period was a bloated heavy industry using archaic production methods, consuming lots of resources, and producing low-value goods (the refining capacity is over ten times what was needed, the steel production capabilities two-and-a-half times, the aluminum production facilities five times). Most of what was produced could not be sold anywhere, and ended up sitting and deteriorating outside the factories where it was made, while light industries were ridiculously undersized (Romanians had to wait 3 years for a washing machine, 2–3 years for a color TV, 5–10 years for a car), and technologically obsolete. The communication network was, with the exception of the modernization of the trunk railway lines, left at the 1950s' level. Romania had, in 1989, only a 100 km (68 mile) stretch, of motorway, and even that in a very poor state.

Free market transition

Privatization of industry was pursued with the transfer in 1992 of 30% of the shares of some 6,000 state-owned enterprises to five private ownership funds, in which each adult citizen received certificates of ownership. The remaining 70% ownership of the enterprises was transferred to a state ownership fund, with a mandate to sell off its shares at the rate of at least 10% per year. The privatization law also called for direct sale of some 30 specially selected enterprises and the sale of "assets" (i.e., commercially viable component units) of larger enterprises.

Nowadays, the inflation rate is around 8% annually, although estimated^[20] by the BNR at coming within 6% for the year 2006 (the year-on-year CPI, published in March 2007, is 3,66%). Also, since 2001, the economy has grown steadily at around 6-8%. Therefore, the PPP per capita GDP of Romania is $12,285.

Financial and technical assistance continued to flow in from the U.S., European Union, other industrial nations, and international financial institutions facilitating Romania's reintegration into the world economy. The International Monetary Fund (IMF), World Bank (IBRD), the European Bank for Reconstruction and Development (EBRD), and the U.S. Agency for International Development (USAID) all had programs and resident representatives in Romania. Romania also attracted foreign direct investment, which in 1997 rose to $2.5 billion.

Romania was the largest U.S. trading partner in Central-Eastern Europe until Ceauşescu's 1988 renunciation of Most Favored Nation (non-discriminatory) trading status resulted in high U.S. tariffs on Romanian products. Congress approved restoration of MFN status effective 8 November 1993, as part of a new bilateral trade agreement. Tariffs on most Romanian products dropped to zero in February 1994 with the inclusion of Romania in the Generalized System of Preferences (GSP). Major Romanian exports to the U.S. included shoes and clothing, steel, and chemicals. Romania signed an Association Agreement with the EU in 1992 and a free trade agreement with the European Free Trade Association (EFTA) in 1993, codifying Romania's access to European markets and creating the basic framework for further economic integration. At its Helsinki Summit in December 1999, the European Union invited Romania to formally begin accession negotiations. In 2002, the target date of 2007 was set for Romania, along with Bulgaria, for its accession efforts. This was confirmed in 2003 at the Thessaloniki Summit and then in early 2005 Romania and Bulgaria signed the adherence treaty to EU. They formally joined the EU on January 1, 2007.

During the latter part of the Ceauşescu period, Romania earned significant credits from several Arab countries, notably Iraq, for work related to the oil industry. In August 2005, Romania agreed to forgive 43% of the US$1.7 billion debt owed by an Iraq still largely occupied by the military forces of the U.S.-led "Coalition of the Willing", making Romania the first country outside of the Paris Club of wealthy creditor nations to forgive Iraqi debts.^[21]

Nevertheless, it is expected that the Romanian economy will continue fast growing based on a bigger strength of the industry, the growth of the global economy and the biggest trade with Russia, Latin America and Asia.

Growth in 2000-07 was supported by exports to the EU, primarily to Italy and Germany, and a strong recovery of foreign and domestic investment. Domestic demand is playing an ever more important role in underpinning growth as interest rates drop and the availability of credit cards and mortgages increases. Current account deficits of around 2% of GDP are beginning to decline as demand for Romanian products in the European Union increases. Inflation is under control. Recent accession to the EU gives further impetus and direction to structural reform. In early 2004 the government passed increases in the Value Added Tax (VAT) and tightened eligibility for social benefits with the intention to bring the public finance gap down to 4% of GDP by 2006, but more difficult pension and healthcare reforms will have to wait until after the next elections. Privatization of the state-owned bank Banca Comercială Română took place in 2005. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth.

EU membership

On 1 January 2007 Romania entered the European Union. This led to some immediate international trade liberalization, but there was no shock to the economy. The government is running annual surpluses of above 2%.

This is to be contrasted with enormous current account deficits. Low interest rates guarantee availability of funds for investment and consumption. For example, a boom in the real estate market started around 2000 and has not subsided yet. At the same time annual inflation in the economy is variable and during the last five years (2003-2007) has seen a low of 2.3% and high of 6.3%.

Most importantly, this poses a threat to the country's accession to the Eurozone. The Romanian government plans for the euro to replace the leu in 2010. However, experts predict that this might happen as late as in 2012. From a political point of view, there is a trade-off between Romania's economic growth and the stability required for early accession to the monetary union. Romania's per-capita PPP GDP is still only about a 60% of the EU25 average, while the country's nominal GDP per capita is about 53% of the EU25 average.

In the winter of 2004 the political leadership of the current government introduced a flat tax of 16% that was introduced on January 1, 2005. This is done in hope for higher GDP growth and greater tax collection rates. The reform, which some called a "revolution" in taxation, was met with mild discussions and some protests by affected working classes.

The accession of Romania into the European Union has brought about new geographical dimensions as the EU has opened up to the Black Sea.

Member State sorted by GDP	GDP in billions of US $ (2008)	GDP % of EU (2007)	Annual change  % of GDP	GDP per capita in PPP US $ (2008)	Public Debt % of GDP (2006)	Deficit % of GDP (2006)	Inflation % Annual (2007)	Unemp. % (2006)
European Union [22]	15,183.4	100.0%	2.8	29 342	63.8	-2.6	2.2	7.5
Romania	264.0	2.0%	7.7	12,885	21.2	-4.0	4.5	4.5

Tiger economy

Romanian economy has sometimes been referred as the "Tiger of the East [-ern Europe]."^[8] For purchasing power parity comparisons, the US dollar is exchanged at 1.24. Romania is a country of considerable potential: rich agricultural lands; diverse energy sources (coal, oil, natural gas, hydro, and nuclear); a substantial, if aging, industrial base encompassing almost the full range of manufacturing activities; well-trained work force; and opportunities for expanded development in tourism on the Black Sea and in the mountains.

National budget

The national budget for 2008 is $71.8 billion dollars,^[23] which represents 35.9% from the GDP estimated at $200 billion in 2008 according to the Ministry of Finance. National budget is increasing rapidly about 8 billion dollars each year for the interval of time 2005-2009. The national defense budget is around 2.38%^[24] of the GDP and it is estimated at US$ 4.78 billion for 2008.

National budget of Romania:

#		2007	2008	2009	2010	2011
1.	National Budget	51 Bn$	78 Bn$	95Bn$[25]	130 Bn$ (est.)	180 Bn$ (est.)
2.	Percentage of GDP%	34%	40%	42% (est.)	44% (est.)	51% (est.)

Economic growth

GDP growth reached 8.3% in 2006 according to the statistical office of the Romania (the year-to-year growth amounted to unexpected 9.8% in the 3rd quarter of 2006 and stayed high at 9.5% year-to-year change in the 4th quarter of 2006), and 8.0% in 2007. In 2007, Romania reached the highest economic growth among the members of OECD and the second highest in the EU (just behind Estonia). Romania's GDP over 2009-2015 is expected to go up by 56 billion dollars per year.

Table showing selected PPP GDPs and growth - 2007 to 2009 estimations:

Year	GDP in billions of USD PPP	% GDP Growth
2007	264[26]	+8
2008	290.411[26]	+8
2009	320 (est.)	+7 (est.)

Romania's Gross Domestic Product at purchasing power parity (PPP) is predicted to stand at USD 13,970 in 2011, up 44 percent from the current figures, according to a recent study of the Economist Intelligence Unit (EIU) and the Columbia Program on International Investment.^[27]

Recently the European Commission Secretary General Catherine Day has praised and recognised that Romania is "clearly on the right track" in terms of Economic and Social development, Romania's high growth rates relates to comment that was made by the European Commission. On the other hand Romania's high growth rates of 8.2% just behind Slovakia at 8.7% in the first quarter of 2008.^[28]

Diversification

Recently, Romania has started to look for other sources of revenue. High-class tourism and international finance are the new sectors starting to be developed. In line with this initiative, the Bucharest International Financial Centre was announced, offering 100% foreign ownership, no withholding tax, freehold land and office space and a tailor-made financial regulatory system with laws taken from best practice in other leading financial centres like New York, London, Zürich and Singapore. A new stock market for regional companies and other initiatives were announced in BIFC. Bucharest has also developed Internet and Media free zones, offering 100% foreign ownership, no tax office space for the worlds leading ICT and media companies, with the latest communications infrastructure to service them. Many of the world's leading companies have now set up shop there. Recent liberalisation in the property market allowing non citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments, and a number of other developments, offering villas and high rise apartments and office space.

Growing middle class

Romania has a growing middle and upper class with relatively high per capita incomes. World Bank estimated that in 2002 99% of the urban and 94% of the rural population had access to electricity. In 2004, 91% of the urban and only 16% of the rural population had access to improved water supply and 94% of the urban population had access to improved sanitation.^[29] In 2007 there were about 19.5 million mobile phone users in Romania.^[30][31] and about 7 million^[32] internet users.

Romania's gross average wage for 2007 was 362 euro ($543).^[33] On the other hand, the net average wage in March 2008 was 1192 lei or 500 USD.^[34] The income from salaries in Romania had the highest growth rate in the region during the last year 2006. The level of the minimum wage depends on the country and the standard of living within that state. In Romania the minimum wage in 2008 is €150 ($200).^[35]

Environmental concerns

As with most of the fast developing countries, there is an environmental issue and a concern on Romania's model of economic growth which is based on the construction industry and manufacturing sectors. Although Romania's population decrease by less than 5% between 1990 and 2000, urban areas expanded by no less than 25% over the same period. Meanwhile, Romania's energy consumption has doubled over the last 15 years and is currently rising by 6% per annum. This is particularly worrying for a country whose dependence on imported oil (meeting roughly 40% of Romania's energy needs) is one of the greatest in the European Union. Large-scale housing and tourism development are placing strain on local land and water resources.

Currency

The leu (pronounced [lew], plural: lei ([lej]; ISO 4217 code RON; numeric code 946) is the currency of Romania. It is subdivided into 100 bani (singular: ban). On 1 July 2005, Romania underwent a currency reform, switching from the previous leu (ROL) to a new leu (RON). 1 RON is equal to 10,000 ROL. Romania joined the European Union on 1 January 2007 and it is expected to adopt the euro in 2014.^[36] The leu has been among the world's top five performing currencies for much of the past two years.^[37]

The fulfillment of the Maastricht criteria

Romania, as a member state of the European Union is liable for the adoption of the common European currency, the Euro. For this reason Romania must fulfill the Maastricht criteria.

	Convergence criteria					Obligation to adopt 4	Target date		Euro coins design
Country 1	Inflation rate²	Government finances		ERM II membership	Interest rate ³		set by the country	recommended by the Commission
		annual government deficit to GDP	gross government debt to GDP
Reference value 5	max 3.0%	max. 3%	max. 60%	min. 2 years	max 6.4%	NA	NA	NA	NA
Romania	6,7%	2.3%	23%	0 years	4%	yes	2010-2014	NA	in progress

¹ Current EU member states that have not yet adopted the Euro, candidates and official potential candidates.
² No more than 1.5% higher than the 3 best-performing EU member states.
³ No more than 2% higher than the 3 best-performing EU member states.
⁴ Formal obligation for Euro adoption in the country EU Treaty of Accession or the Framework for membership negotiations.
⁵ Values from May 2007 report.^[38] To be updated each year.

Natural resources

Romania ranks tenth in the world in terms of the diversity of minerals produced in the country. Around 60 different minerals are currently produced in Romania. The richest mineral deposits in the country are boron salts and Romania's reserves amount to 63% of the world's total.

Romania is an oil producer, but the level of production isn't enough to make the country self sufficient. As a result, it is a net oil and gas importer.

The pipeline network in Romania included 2,427 km for crude oil, 3,850 km for petroleum products, and 3,508 km for natural gas in 2006. Several major new pipelines are planned, especially the Nabucco Pipeline for Caspian oilfields, the longest one in the world. Romania could cash in four billion dollars from the Constanta-Trieste pipeline.^[39]

According to the CIA World Factbook, other natural resources include coal, iron ore, copper, chromium, uranium, antimony, mercury, gold, barite, borate, celestine (strontium), emery, feldspar, limestone, magnesite, marble, perlite, pumice, pyrites (sulfur), clay, arable land, hydropower.

The ore borax, from which boron is extracted is very abundant in Romania. Romania along with the United States, is one of the world's largest producers of boron^{[citation needed]}.

Romania's mineral production is adequate to supply its manufacturing output. Energy needs are also met by importing bituminous and anthracite coal and crude petroleum. In 2007 approximately 34 million tons of coal, approximately 4,000 tons of tungsten, 565,000 tons of iron ore, and 47,000 tons of zinc ore were mined. Lesser amounts of copper, lead, molybdenum, gold, silver, kaolin, and fluorite also were mined.

Energy

Energy producers were dominated by government enterprises, although privately operated coal mines and oil refineries also existed. Accordingly, Romania placed an increasingly heavy emphasis on developing nuclear power generation. Electric power was provided by the Romanian Electric Power Corporation (CONEL). Energy used in electric power generation consisted primarily of nuclear, coal, oil, and liquefied natural gas (LNG). Of the electricity generated in 2007, 13.1 percent came from nuclear plants then in operation, 41.69 percent from thermal plants (oil and coal), and 25.8 percent from hydroelectric sites.^[40] It was predicted in 2007 that the generation structure by the year 2010 would be 10.2 percent hydroelectric, 12.2 percent oil, 22.9 percent coal, 10.2 percent LNG, and 44.5 percent nuclear.

Physical infrastructure

The volume of traffic in Romania, especially goods transportation, is at a very high level due to its central location in Europe. In the past few decades, much of the freight traffic shifted from rail to road. Individual traffic increased resulting in a high traffic density by international comparison^{[citation needed]}. A further strong increase of traffic is expected in the future.

• Blue Air Romanian low cost company
• TAROM (the national airline)
• Carpatair (regional airline)
• CFR railway transport

Bucharest is the only city in Romania which as of 2007 has an underground railway system, comprising both the Bucharest Metro and the light rail system Regia Autonomă de Transport Bucureşti. Although construction was planned to begin in 1941, due to geo-political factors, the Bucharest Metro was only opened in 1979. Now it is one of the most accessed systems of the Bucharest public transport network with an average ridership of 600,000 ^[41] passengers during the workweek. In total, the network is 63 km long and has 45 stations.

Sectors of the economy

Agriculture

Agriculture employs about 29% of the population (one of the highest rates in Europe), and contributes about 8.1% of GDP. The Bărăgan is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region. Beef production is located in central Romania, while the production of fruits, vegetables, and wine ranges from central to southern Romania. Romania is a large producer of many agricultural products and is currently expanding its forestry and fishery industries. The implementation of the reforms and the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) have resulted in reforms in the agricultural sector of the economy.

Fishing

Fishing is an economic mainstay in parts of the East of Romania and along the Black Sea coast, with important fish markets in places such as Constanta and Galati. Fish such as herring, crab, lobster, haddock and cod are landed at ports such as Constanta. There has been a large scale decrease in employment in the fishing industry within Romania due to the EU's Common Fisheries Policy, which places restrictions on the total tonnage of catch that can be landed, caused by overfishing in the Black Sea. In tandem with the decline of sea-fishing, commercial fish farms - especially in salmon, have increased in prominence in the rivers and lochs of the east of Romania. Inland waters are rich in fresh water fish such as salmon and trout.

Industry

Romania has been successful in developing dynamic telecommunications, industrial robots, aerospace, and weapons sectors. Industry and construction accounted for 32% of gross domestic product (GDP) in 2003, a comparatively large share even without taking into account related services. The sector employed 26.4% of the workforce. Romania excels in the production of automobiles, machine tools, and chemicals. Motor vehicle production tripled in the 2000s, but still lags behind neighbouring countries such as Hungary or Ukraine. In 2004 Romania enjoyed one of the largest world market share in machine tools (5.3%)^{[citation needed]}. Romanian-based companies such as Dacia, Petrom, Rompetrol, Bitdefender, Romstal and Mobexpert have expanded operations throughout the region. However, small- to medium-sized manufacturing firms form the bulk of Romania's industrial sector.

Romania's industrial output is expected to advance 9% in 2007, while agriculture output is projected to grow 12%. Final consumption is also expected to increase by 11% overall - individual consumption by 14.4% and collective consumption by 10.4%. Domestic demand is expected to go up 12.7%.

Services

In 2003 service sector constituted 55% of gross domestic product (GDP), and the sector employed 51.3% of the workforce. The subcomponents of services are financial, renting, and business activities (20.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%). The service sector in Romania has expanded in recent years, employing some 47% of Romanians and accounting for slightly more than half of GDP. The largest employer is the retail sector, employing almost 12% of Romanians. The retail industry is mainly concentrated in a relatively small number of chain stores clustered together in shopping malls. In recent years the rise of big-box stores, such as Cora (hypermarket) (of the France) and Carrefour (a subsidiary of the French), have led to fewer workers in this sector and a migration of retail jobs to the suburbs.

Regional variation

The strength of the Romanian economy varies from region to region. GDP, and GDP per capita is highest in Bucharest. The following table shows the GDP (2005) per capita of the 4 counties and 2 areas, with data supplied by Eurostat.

Rank	Place	GDP per capita in dollars
1	Bucharest	27,344
2	Cluj	26,934
3	Timiş	25,121
4	Braşov	24,788
5	Constanţa	24,696

Foreign trade

Italy is Romania's largest trading partner; two-way trade totalled some $22.6 billion in 2007. The principal Italy exports to Romania include computers, integrated circuits, aircraft parts and other defense equipment, wheat, and automobiles. Romania's chief exports to Italy include cut diamonds, jewelry, integrated circuits, printing machinery, and telecommunications equipment. 2.8% of the country's GDP is derived from Agricultural activity. While Romania imports substantial quantities of grain, it is largely self-sufficient in other agricultural products and food stuffs, due to the fact that food must be regulated for sell in the Romania retail market, and hence imports almost no food products from other countries. Romania imported in 2006 food products of 2.4 billion euros, up almost 20% versus 2005, when the imports were worth slightly more than 2 billion euros. The EU is Romania's main partner in the trade with agri-food products. The exports to this destination represent 64%, and the imports from the EU countries represent 54%. Other important partners are the CEFTA countries, Turkey, Republic of Moldova and the USA.^[42] Romania is one of the world's major exporters of military equipment, accounting for 3-4% of the world total in 2007. EU members are represented by a single official at the World Trade Organization.

See also

• List of companies of Romania
• Economy of Europe

References

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