During the period 2001 through 2002, there was a slump in the economy, globally. This slow down did not have much impact on Romania as agricultural activities, construction and consumption in Romania kept the show going. Due to this, the gross domestic product or the GDP seldom went below 4%.
Recent macroeconomic benefits have given rise to the middle class sector, thereby reducing poverty in Romania to some extent. Red tapism and corruption also hinder progress in the business segment of Romania’s economy.
In 2006, economy of Romania grew by 6.4%(GDP). This is the most prominent growth in the economic history of Romania in several years. United Nations, UNESCO(United Nation Educational Scientific Cultural Organization) and WTO(World Trade Organization) are some of the organizations, Romania is affiliated with.
Romania was a member of NATO and presently it is a member of the European Union. Foreign direct investment in Romania, in the year 2005 was approximately Euro 5.2 billion. This figure indicated an increase in FDI as compared to 2002, 2003, when the FDI was not more than Euro 2 billion.
Facts about Romania:
- Romania’s export partners were Turkey, France, Hungary, United Kingdom, Italy and USA in 2005.
- Romania’s import partners in 2005 were China, France, Turkey, Germany, Russia, Italy.
- Export articles include metal, minerals, footwear, chemicals, agricultural goods, fuels and machinery .
- Articles of import are textile, metals, chemical and minerals .
- GDP( PPP) was USD$197.3 billion in 2006.
- Gross domestic product real growth rate was 6.4% in 2006.
- Main products of agriculture are seeds of sunflower, grapes, corn, barley, wheat, potatoes, eggs, sugar beets.
- Main industries in Romania are mining, timber, materials for construction, chemical, food and machinery etc.,.
|Year||GDP % Change||Inflation % Change||Year||GDP % Change||Inflation % Change|
Source: World Bank
|Last Updated on : 27th March 2015||Next Update : February 2016|