Romania is a democracy with a bicameral Parliament consisting of the Senate and the Chamber of Deputies. Executive power is in hands of the President. Romania joined NATO in March of 2004 and the European Union in January of 2007.
Economy in Romania
Romania is the largest, upper-middle-income economy of central-eastern Europe, the 12th largest in Europe by total nominal GDP and the 8th largest based on purchasing power parity. Romania is a member of the European Union (7th largest nation) as well as one of its most important trading partner. Romanian GDP is predicted to double by 2011 as it is perceived as one of the most stable and prosperous states of Central, Eastern and South Europe. As of 2007 the economy is growing at a steady pace of above 7% a year. Future prospects are tied to the country's increasing integration with the European Union member states. The country is expected to join the Eurozone between 2012 and 2014.
Industry
Romania has been very successful in developing dynamic telecommunications, industrial robots, aerospace and weapons sectors. In 2007, manufacturing industries accounted for approximately 35 percent of GDP and 29 percent of the work force. The growth of the industrial sector was the principal stimulus to economic development. Except for mining, most industries were located in the urban areas of the northwest and southeast. Heavy industries are generally located in the south of the country.
Foreign trade
Romania’s main trading partners are Italy and Germany, with China also a significant provider of imports and Turkey a notable location of exports. The main good types imported by Romania includes machinery and equipment, fuels and minerals, chemicals, textile and basic metals. Regarding exports, Romania’s key product groups include textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, and chemicals. Agricultural activity derives 2.8% of the country's GDP. 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 sale in the Romanian retail market, and hence it imports almost no food products from other countries.
Infrastructure and communication
In 2006 there were 19 million mobile phone users and around 6 million internet users in Romania. The Romanian transportation network is a major recipient of EU regional funds, as it is currently underdeveloped. At the beginning of 2006, the railway network had 11,385 km of track, of which only 3,888km was electrified. There are 153,359 km of roadways of which 103,671km are paved, including ca. 230 km of motorways – both the railway and road networks are underdeveloped in terms of km per 1000 km² in relation to the other countries in the region, such as the Czech Republic, Hungary and Poland. The Merchant Marine fleet consists of 142 ships.
GENERAL DATA
Area: 237,500 sq km
Population: 21.6 million
Capital city: Bucharest
Language: Romanian (official), Hungarian, German
Ethnic groups: Romanian 89.5%, Hungarian 6.6%, Roma 2.5%, Ukrainian 0.3%, German 0.3%, Russian 0.2%, Turkish 0.2%, other 0.4% (2002)
Land boundaries: Bulgaria, Hungary, Moldova, Serbia and Montenegro, Ukraine, Ukraine
MACRO DATA
GDP (real growth): 7.7%
GDP (PPP): €159,738
GDP per capita: €7189
Inflation: 6.6%
Unemployment: 7.2 %
Export: € 25.85 billion f.o.b.
Import: € 47.5 billion f.o.b.
* 2006 est. source: Eurostat
USEFUL DATA
Currency: leu (RON)
Exchange rate
(2006 avg.):
€ / ROL 3.5245
Time zone: GMT +2
Area code: +40
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