Romania: The Economy

The Economy

Romania joined the European Union in 2007, and after decades under Communist rule, and a period of oppression and poverty under the regime of Nicolae Ceausescu (until his overthrow and subsequent execution in 1989), the country has increased ties with Western Europe, and is increasingly embracing free market policies.

GDP was estimated at USD271.4 billion in 2008, up from USD253.4 billion in 2007, and
USD 238.6 billion in 2006. However, GDP growth has slowed subsequently, as in the vast majority of countries worldwide, as the Romanian economy felt the impact of the international financial crisis.

By sector, in 2008, GDP was broken down by sector as follows: agriculture: 8.1%; industry: 36%; and services: 55.9%. Unemployment in that year was estimated at 4.4%.

Per capita, GDP was estimated at USD12,200, compared with USD11,400 in 2007, and
USD10,700 in 2006.

The Romanian authorities hope to be ready to adopt the euro in 2014.

Further information on Romania:

• Geography, Climate, Population and Culture
• Government and Legal Structure
• The Economy
• Company Forms
• Tax System
• Lowtax Opportunities
• Holding Companies
• Tax Treaties
• Internet and Telecommunications
• Banking System