Economy
In summary, Romanian economy is an economy of two halves:
- Pre-2000, when it was marred by ineffectual policies and a steep decline, culminating in recession and inflation reaching 155% in 1999.
- In contrast, real GDP continues to increase by over 4% after 2001, unemployment has fallen to single digits, depreciation of the currency has slowed and even reversed and the government’s deficit is under 3% of GDP.
Romania is also one of Europe’s leading agricultural producers. Romanian landscape is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region. Beef production is located in central Romania, while the production of fruits, vegetables and wine ranges from central to southern Romania. Romania is a large producer of many agricultural products and is currently expanding its forestry and fishery industries.
Please see below a summary of the most important economic parameters (outdated information):
- GDP growth: 5.5 %
- Inflation rate: 95 %
- Current account deficit: -4.5 % of the GDP
- Coansolidated State budget deficit: 3 % of the GDP
- Growth of population consumption: 3.7 %
- Foreign Direct Investments: 3 billion EURO
- Unemployment rate: 7.8 %
- Minimum salary: Grew from ROL 2.5 million to ROL 2.8 million in 2004
- Industry growth rate: 5.5 %
- Rate of collecting public debts: To grow up to 99 %
- Fixed gross capital formation: 13 %
- Exports growth: 8.5 %
Imports growth: 8.8 % - ROL/USD exchange rate: 36,700 (average)
ROL/EUR exchange rate: 40,100(average) - Average employees: Number will grow by 0.9 %, reaching 4.4 million
- Gross average salary: ROL 7.5 million (February 2004)
- Minimum monthly salary (170 hours of work per month) in November 2002: 1,750,000 lei (approx. 52.23 USD)
- Minimum monthly salary (170 hours of work per month) in November 2002: 1,750,000 lei (approx. 52.23 USD)
- Average net monthly salary: 11/2002: 3,919,380 lei (approx. 116.99 USD)