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Romania
| Economy Overview |
| Romania began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept growth above 4%. An IMF standby agreement, signed in 2001, has been accompanied by slow but palpable gains in privatization, deficit reduction, and the curbing of inflation. The IMF Board approved Romania's completion of the standby agreement in October 2003, the first time Romania has successfully concluded an IMF agreement since the 1989 revolution. In July 2004, the executive board of the IMF approved a 24-month standby agreement for $367 million. The Romanian authorities do not intend to draw on this agreement, however, viewing it simply as a precaution. Meanwhile, recent macroeconomic gains have done little to address Romania's widespread poverty, while corruption and red tape continue to handicap the business environment. |
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| Economy Statistics |
| Exports: |
$23.54 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
Italy 21.4%, Germany 15%, France 8.5%, Turkey 7%, UK 6.6% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$28.43 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and equipment, fuels and minerals, chemicals, textile and products, basic metals, agricultural products [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Italy 17.2%, Germany 14.9%, France 7.1%, Russia 6.8%, Turkey 4.2% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Chamber of Commerce and Industry of Romania |
| Address: |
Bd. Octavian Goga nr. 2, Sector 3, Bucuresti, Cod 030982 |
| Phone: |
(021) 319 01 14-18 |
| Fax: |
(021) 319 01 20 |
| Website: |
http://www.ccir.ro/ |
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