bucharest
local economy
Bucharest is the most economically-developed and industrialised city in Romania,
producing around 21% of the country's GDP and about one-quarter of its industrial
production, while only accounting for 9% of the country's population. Almost one
third of national taxes is paid by Bucharest's citizens and companies.
Based on local purchasing power, Bucharest has a per-capita GDP of 64,5% that
of the European Union average (2004), and more than twice the Romanian average.
Based on the fact that Bucharest produces around 21% of Romanian GDP for a population
of around 2 million, the GDP (PPP) per capita of the city would be US$20,057.
The city's strong economic growth has revitalised infrastructure and led to the
development of many shopping malls and modern residential towers and high-rise
office buildings. In September 2005, Bucharest had an unemployment rate of 2.6%,
significantly lower than the national unemployment rate of 5.7%.
Bucharest's economy is mainly centred on industry and services, with services
particularly growing in importance in the last ten years. The city serves as the
headquarters of 186,000 firms, including nearly all large Romanian companies.
An important source for growth since 2000 has been the city's property and construction
boom, which has resulted in a significant growth in the construction sector. Bucharest
is also Romania's largest centre for information technology and communications
and is home to several software companies, including Softwin, which operates internationally.
Bucharest contains Romania's largest stock exchange, the Bucharest Stock Exchange,
which was merged in December 2005 with the Bucharest-based electronic stock exchange,
Rasdaq.
The city has a number of international supermarket chains such as Carrefour, Cora
and METRO. At the moment, the city is undergoing a retail boom, with a large number
of supermarkets, and hypermarkets, constructed every year. The biggest modern
shopping centres in Bucharest are Bucharest Mall, Plaza Romania, City Mall, Jolie
Ville Galleria and Unirea Shopping Center. However, there are also a large number
of traditional markets; the one at Obor covers about a dozen city blocks, and
numerous large stores that are not officially part of the market effectively add
up to a market district almost twice that size.
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