Romania’s Economy

Diaconu Laura-Miruna
Business Administration
First year
• For many centuries Romania's economy was based
on agriculture. In the 1930s Romania was one of the
main European producers of wheat, corn and meats
and it used to be called "the bread basket of
Europe." In the 1950s the communist leader of
Romania, Gheorghe Gheorghiu Dej, began
developing heavy industry.
•
There has been a shift towards heavy industries
since the 1970s but the agriculture is still
economically important and employs about one-
third of the workforce.
• The economy of Romania is the 17th largest in
the European Union by total nominal GDP and
the 13th largest based on purchasing power
parity.
• Until 2009, Romanian economic growth was
among the fastest in Europe (officially 8.4% in
2008 and more than three times the EU
average).
• The country is a regional leader in multiple
fields, such as IT and motor vehicle production.
Labour force ~ 9 million people
Labour force by occupation:
-agriculture: 27.9%
-industry: 28.2%
-services: 43.9%
Unemployment : 6.8%
Average gross salary : 2,232 RON / 685 $
• Exports: $62.13 billion (the 50th exporter in the
world)
• The most recent exports are led by Cars which
represent 8.06% of the total exports of Romania,
followed by vehicle parts, which account for
6.26%. Romania also exports metals and metal
products, textiles and footwear, chemicals,
agricultural products, minerals and fuels.
• Imports:$69.27
billion (the 45th
largest importer in
the world)
• The most recent
imports are led
by crude petroleum
which represent
5.38% of the total
imports of
Romania, followed
by Packaged
Medicaments,
which account for
3.87%.
Gross Domestic Product
Natural resources
• Romania is an oil producer, but the current level of
production is not enough to make the country self-
sufficient. Although at one time it was Europe's
largest producer of oil, most of its reserves were
used and squandered during the Nicolae Ceauşescu
period.As a result, it is today a net oil and gas
importer. Romania has considerable natural
resources for a country of its size, including coal,
iron ore,chromium, uranium, antimony, mercury,
gold, barite, celestine(strontium), emery, limestone,
magnesite, marble,pyrites ,clay,arable
land and hydropower.
Agriculture

• Agriculture employs about 29% of the

population (one of the highest rates in Europe),
and contributes about 8.1% of GDP.
The Bărăgan 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.
• 39.2% of Romania's territory is arable land, 28%
forests, 21% pastures, hayfields and orchards
and 2.5% vineyards. Corn, wheat, vegetable oil
seeds, vegetables, apples and grapes for wine are
the main crops and sheep and pigs the main
livestock. Forestry and fisheries are being
developed under long-term programs. Since
1990, successive governments have concentrated
on turning Romania into a market economy.
Industry

• This sector employed 26.4% of the workforce. In

2004 Romania enjoyed one of the largest world
market share in machine tools (5.3%).
Romanian-based companies such
as Dacia, Petrom, Rompetrol,Bitdefender,Romst
al and Mobexpert have expanded operations
throughout the region. However, small- to
medium-sized manufacturing firms form the
bulk of Romania's industrial sector.
Services

• In 2003 service sector constituted 55% of gross

domestic product (GDP), and the sector
employed 51.3% of the workforce. The
subcomponents of services are financial, renting,
and business activities (20.5%); trade, hotels
and restaurants, and transport (18%); and other
service activities (21.7%). The service sector in
Romania has expanded in recent years,
employing some 47% of Romanians and
accounting for slightly more than half of GDP.
Tourism
• The tourism in Romania is focused on the
country's natural landscapes and its history, and
forms an important component of the economy
of Romania. The total number of foreign tourist
arrivals in the year 2014 was 1,911,800, an
increase of 6.6% from the 2013 .
• The most visited cities
are Bucharest, Brasov, Sibiu,
Cluj-Napoca, Timișoara, Iași,
and Constanța.
Other touristic attractions

Castles
Medieval Towns
Carpathian Mountains
Thank you for
your attention!
Bibliography
• http://www.heritage.org/index/country/romania
• http://covinnus.com/top-10-tourist-attractions-
romania/
• http://atlas.media.mit.edu/en/profile/country/rou/
• https://en.wikipedia.org/wiki/Economy_of_Roman
ia
• http://data.worldbank.org/country/romania
• http://www.romania-insider.com
• http://www.tradingeconomics.com/romania/gdp