Romania - Economy
How is the economy of Romania? Based on the information we have, Romania has a
high-income, EU-member economy; euro membership delayed over macroeconomic indicators; persistent inflation, but consumption and EU-funded investments driving recovery; skilled labor shortage; high public debt and budget deficit; challenges include fiscal sustainability and political instability
. Key agricultural products in this country include: wheat, maize, milk, sunflower seeds, barley, rapeseed, potatoes, grapes, plums, apples (2023).More about the economy of Romania
| Labor force | 8.215 million (2024 est.) |
|---|---|
| Industrial production growth rate | 1.31% (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 | 16.2% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | lei (RON) per US dollar - |
| Exchange rates 2024 | 4.598 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $64.699 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $73 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $55.81 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | -$24.461 billion (2023 est.) |
| Current account balance 2022 | -$27.326 billion (2022 est.) |
| Current account balance 2021 | -$20.566 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 50.9% of GDP (2022 est.) |
| Budget | |
| Revenues | $93.681 billion (2022 est.) |
| Expenditures | $110.163 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.84% of GDP (2023 est.) |
| Remittances 2022 | 2.96% of GDP (2022 est.) |
| Remittances 2021 | 3.18% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.9% (2021 est.) |
| Highest 10% | 24% (2021 est.) |
| Average household expenditures | |
| On food | 25.1% of household expenditures (2023 est.) |
| On alcohol and tobacco | 6.1% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $153.427 billion (2023 est.) |
| Imports 2022 | $149.209 billion (2022 est.) |
| Imports 2021 | $132.042 billion (2021 est.) |
| Imports (partners) | Germany 19%, Italy 8%, Hungary 6%, Poland 6%, China 6% (2023) |
| Comodities Imports force | vehicle parts/accessories, packaged medicine, cars, crude petroleum, plastic products (2023) |
| Exports | |
| Imports 2023 | $153.427 billion (2023 est.) |
| Imports 2022 | $149.209 billion (2022 est.) |
| Imports 2021 | $132.042 billion (2021 est.) |
| Exports (partners) | Germany 19%, Italy 10%, France 6%, UK 5%, Hungary 4% (2023) |
| Comodities Exports force | cars, vehicle parts/accessories, insulated wire, garments, wheat (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $775.064 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $756.867 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $727.999 billion (2021 est.) |
| GDP (official exchange rate) | $350.776 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $40,700 (2023 est.) |
| Real GDP per capita 2022 | $39,700 (2022 est.) |
| Real GDP per capita 2021 | $38,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3.9% (2023 est.) |
| Industry | 26.7% (2023 est.) |
| Services | 60.7% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 61.9% (2023 est.) |
| Government consumption | 17.1% (2023 est.) |
| Investment in fixed capital | 27% (2023 est.) |
| Investment in inventories | -1.2% (2023 est.) |
| Exports of goods and services | 39.2% (2023 est.) |
| Imports of goods and services | -43.9% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.4% (2024 est.) |
| Unemployment rate 2023 | 5.6% (2023 est.) |
| Unemployment rate 2022 | 5.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 21.3% (2024 est.) |
| Male | 21.1% (2024 est.) |
| Female | 21.8% (2024 est.) |
All Important Facts about Romania
Want to know more about Romania? Check all different factbooks for Romania below.
