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Economy of Romania

Romania has a developing, upper-middle income market economy, the 17th largest in the European Union by total nominal GDP and the 13th largest based on purchasing power parity. The collapse of the Communist regime in 1989, reforms in the late 1990s and early 2000s and its 2007 accession to the European Union have led to an improved economic outlook.

Romania has experienced growth in foreign investment with a cumulative FDI totalling more than $170 billion since 1989.

Up until the late 2000s financial crisis, the Romanian economy had been referred to as a "Tiger" due to its high growth rates and rapid development.

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. Bucharest, the capital city, is one of the largest financial and industrial centres in Eastern Europe.

The planned national budget for 2015 is 225 billion lei ($63 billion), with an estimated budget deficit to GDP of 1.8.

Sectors

Agriculture

Agriculture employs about 29% of the population (one of the highest rates in Europe), and contributes about 8.1% of GDP. The Baragan is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region.

Fishing

Fishing is an economic mainstay in parts of the East of Romania and along the Black Sea coast, with important fish markets in places such as Constanta, Galati and Tulcea. Fish such as european anchovy, sprat, pontic shad, mullet, goby, whiting, garfish, Black-Sea Turbot or horse mackerel are landed at ports such as Constanta.

Industry

Romania has been successful in developing its industrial sector in recent years. Industry and construction accounted for 32% of gross domestic product (GDP) in 2003, a comparatively large share even without taking into account related services. The sector employed 26.4% of the workforce. Romania excels in the production of automobiles, machine tools, and chemicals. In 2013, some 410,997 automobiles were produced in Romania, up from 78,165 in 2000.

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.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Romania"

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