Romania - Economy
How is the economy of Romania? Based on the information we have, Romania has a high-income EU member economy; joined Schengen area as of March 2024; euro membership delayed over convergence criteria; persistent inflation but recovery driven by consumption and EU-funded investments; skilled labor shortage; regional economic disparities; fiscal reforms to address rising deficits. Key agricultural products in this country include: wheat, maize, milk, sunflower seeds, barley, potatoes, rapeseed, grapes, plums, apples (2022).
More about the economy of Romania
| Labor force | 8.282 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.15% (2023 est.) |
| Industries | electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials |
| Population below poverty line | 21.2% (2021 est.) |
| Taxes and other revenues | 16.02% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | lei (RON) per US dollar - |
| Exchange rates 2023 | 4.574 (2023 est.) |
| Exchange rates 2022 | 4.688 (2022 est.) |
| Exchange rates 2021 | 4.16 (2021 est.) |
| Exchange rates 2020 | 4.244 (2020 est.) |
| Exchange rates 2019 | 4.238 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $117.829 billion (2019 est.) |
| Debt - external 2018 | $115.803 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $73 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $55.81 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $51.886 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$24.487 billion (2023 est.) |
| Current account balance 2022 | -$27.326 billion (2022 est.) |
| Current account balance 2021 | -$20.627 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 50.45% of GDP (2022 est.) |
| Budget | |
| Revenues | $72.193 billion (2019 est.) |
| Expenditures | $83.59 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.76% of GDP (2023 est.) |
| Remittances 2022 | 2.94% of GDP (2022 est.) |
| Remittances 2021 | 3.19% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.9% (2021 est.) |
| Highest 10% | 24% (2021 est.) |
| Average household expenditures | |
| On food | 25.2% of household expenditures (2021 est.) |
| On alcohol and tobacco | 5.5% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $154.106 billion (2023 est.) |
| Imports 2022 | $149.209 billion (2022 est.) |
| Imports 2021 | $132.056 billion (2021 est.) |
| Imports (partners) | Germany 17%, Italy 8%, Hungary 6%, Turkey 6%, Poland 6% (2022) |
| Comodities Imports force | crude petroleum, vehicle parts/accessories, refined petroleum, packaged medicine, cars (2022) |
| Exports | |
| Imports 2023 | $154.106 billion (2023 est.) |
| Imports 2022 | $149.209 billion (2022 est.) |
| Imports 2021 | $132.056 billion (2021 est.) |
| Exports (partners) | Germany 19%, Italy 10%, Hungary 7%, France 6%, Bulgaria 4% (2022) |
| Comodities Exports force | vehicle parts/accessories, cars, insulated wire, refined petroleum, wheat (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $772.107 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $755.867 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $726.048 billion (2021 est.) |
| GDP (official exchange rate) | $351.003 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $40,500 (2023 est.) |
| Real GDP per capita 2022 | $39,700 (2022 est.) |
| Real GDP per capita 2021 | $38,000 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 4.2% (2017 est.) |
| Industry | 33.2% (2017 est.) |
| Services | 62.6% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 70% (2017 est.) |
| Government consumption | 7.7% (2017 est.) |
| Investment in fixed capital | 22.6% (2017 est.) |
| Investment in inventories | 1.9% (2017 est.) |
| Exports of goods and services | 41.4% (2017 est.) |
| Imports of goods and services | -43.6% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.6% (2023 est.) |
| Unemployment rate 2022 | 5.61% (2022 est.) |
| Unemployment rate 2021 | 5.59% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 21.3% (2023 est.) |
| Male | 21.2% (2023 est.) |
| Female | 21.4% (2023 est.) |
All Important Facts about Romania
Want to know more about Romania? Check all different factbooks for Romania below.
