Romania Overview of Economy

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Romania Overview of Economy

A brief guide to Romania economy, Romania economy overview, Inflation rates GDP and other economic indicators in Romania.

Romania is a member of a number of different organizations such as the UN, UNESCO and the WTO.
From 2004, Romania has been a member of NATO and from January 1, 2007 Romania is a member of the European Union, a membership with a latent obligation for significant economic growth.

Foreign investments in Romania (FDI) were estimated at some Euro 5.2 billion in 2005, tremendous growth compared to 2002 and 2003 in which the FDI was less than Euro 2 billion.

The service sector contributes approximately 56% to the economy in Romania, industry approximately 31% and the balance has its source in agriculture and forestry at about 13%.

The main exports from Romania comprise machinery and equipment, electrical and metal products.

The main imports to Romania are machinery and equipment, fuel and consumer goods.

Romania's main trading partners are Germany and Italy.

In 2005, the main exports, approximately 19% were to Italy, some 14% to Germany and approximately 8% to Turkey.

The main imports into Romania in 2005 were from Italy, approximately 16%, from Germany, approximately 14% and approximately 8% from Turkey.

From the aspect of natural resources, oil, timber, natural gas and salt are to be found in Romania.

An analysis of the main indices shows that growth in the GDP in Romania over the years in 2001 – 2004 was positive with a peak of 8.4% in 2004 that dropped to 4.1% in 2005.
Inflation rates in those years fell from 17.9% in 2002 to 8.6% in 2005.

In 2005, unemployment in Romania was 5.9%, a steady drop compared to previous years.

According to the CIA FACTBOOK, in 2006, the per capita GDP forecast for Romania (PPP) is 8,800 dollars, compared to a world average of $10,000.

The GDP forecast for 2006 in Romania is estimated at approximately 7% and the GDP anticipated for 2007 is approximately 6%

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