economic overview
Romania is a large, upper-middle-income economy of central eastern Europe,
the 19th largest in Europe by total nominal GDP and the 15th largest based
on purchasing power parity. Romania has been a member of the European Union since
January 1st 2007, and the E.U. is its most important trading partner. Romania's capital,
Bucharest, is one of the largest financial centres in the central european region.
Romania's main industries are clothing and shoe manufacturing, metal, extracting
and processing of primary goods (timber, marble, rock), food processing, oil refining
and chemical derivates, and to a lesser extent pharmaceuticals, heavy machinery, household
electronics, etc. In recent years vehicle manufacturing has become an important industry.
The information technology related industry is also growing.
Romania has significant oil and gas reserves, substantial coal deposits and it has substantial
hydroelectric power installed. However, Romania imports oil and gas from Russia and other countries.
To ease this dependency Romania seeks to use nuclear power as an alternative to electricity generation.
Romania struggled in transition to turn around its obsolete industrial base. Having now taken
large strides in this area, manufacturing is set to become one of its key strengths once it successfully
converges with the rest of the EU. The country’s considerable potential rests on its broad industrial base,
rich agricultural land, diverse energy sources and well-trained workforce. Over the next two years, real economic
growth will remain robust at 5.8% (2007) and 5.6% (2008) and domestic demand will remain buoyant.
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