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The principalities of Wallachia and Moldavia - for centuries under the suzerainty of the Turkish Ottoman Empire - secured their autonomy in 1856; they were de facto linked in 1859 and formally united in 1862 under the new name of Romania. The country gained recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories - most notably Transylvania - following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the formation of a Communist "people's republic" in 1947 and the abdication of the king. The decades-long rule of dictator Nicolae CEAUSESCU, who took power in 1965, and his Securitate police state became increasingly oppressive and draconian through the 1980s. CEAUSESCU was overthrown and executed in late 1989. Former Communists dominated the government until 1996 when they were swept from power. Romania joined NATO in 2004 and the EU in 2007.


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Economy

Economy - overview
Romania, which joined the European Union on 1 January 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment fueled strong GDP growth, but led to large current account imbalances. Romania''s macroeconomic gains have only recently started to spur creation of a middle class and to address Romania''s widespread poverty. Corruption and red tape continue to permeate its business environment. Inflation rose in 2007-08, driven by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought, and a relaxation of fiscal discipline. As a result of the global financial crisis, Romania''s GDP fell more than 7% in 2009, prompting Bucharest to seek a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Drastic austerity measures, as part of Romania''s IMF-led agreement, led to a 1.3% GDP contraction in 2010. The economy returned to positive growth in 2011 due to a strong export performance, but in a deflationary environment caused by bountiful crops and weak domestic demand. In March 2011, Romania and the IMF/EC/World Bank signed a 24-month precautionary stand-by agreement, worth $4.9 billion, to promote compliance with fiscal targets, progress on structural reforms, and financial sector stability. The Romanian authorities have announced that they do not intend to draw funds from the facility.

Gdp (purchasing power parity) World Ranking: 47
$270.6 billion (2011 est.)
$264.1 billion (2010 est.)
$268.5 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$189.8 billion (2011 est.)

Gdp - real growth rate World Ranking: 137
2.5% (2011 est.)
-1.6% (2010 est.)
-6.6% (2009 est.)

Gdp - per capita (ppp) World Ranking: 97
$12,600 (2011 est.)
$12,300 (2010 est.)
$12,500 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 7.9%
Industry 32.9%
Services 59.2% (2011 est.)

Labor force World Ranking: 52
9.252 million (2011 est.)

Labor force - by occupation
Agriculture 30%
Industry 20.2%
Services 49.8% (2010)

Unemployment rate World Ranking: 51
5.1% (2011 est.)
7% (2010 est.)

Population below poverty line
21.1% (2010)

Household income or consumption by percentage share
Lowest 10% 3.4%
Highest 10% 23.5% (2009 est.)

Distribution of family income - gini index World Ranking: 97
33.3 (2010)
28.8 (2003)

Investment (gross fixed) World Ranking: 47
24.6% of GDP (2011 est.)

Budget
Revenues $59.56 billion
Expenditures $67.38 billion (2011 est.)

Taxes and other revenues World Ranking: 84
31.4% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 135
-4.1% of GDP (2011 est.)

Public debt World Ranking: 84
38.6% of GDP (2011 est.)
37.8% of GDP (2010 est.)
Note
Official data; data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions.

Inflation rate (consumer prices) World Ranking: 145
5.8% (2011 est.)
6.1% (2010 est.)

Central bank discount rate
5.75% (31 December 2011)

Commercial bank prime lending rate World Ranking: 66
12.13% (31 December 2011 est.)
12.65% (31 December 2010 est.)

Stock of narrow money World Ranking: 62
$25.7 billion (31 December 2011 est.)
$25.47 billion (31 December 2010 est.)

Stock of broad money World Ranking: 65
$64.64 billion (31 December 2011 est.)
$84.31 billion (31 December 2009 est.)

Stock of domestic credit World Ranking: 54
$88.52 billion (31 December 2011 est.)
$84.58 billion (31 December 2010 est.)

Market value of publicly traded shares World Ranking: 58
$21.2 billion (31 December 2011)
$32.38 billion (31 December 2010)
$30.32 billion (31 December 2009)

Agriculture - products
Wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries
Electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

Industrial production growth rate World Ranking: 58
5.6% (2011 est.)

Electricity - production World Ranking: 41
60.98 billion kWh (2010 est.)

Electricity - consumption World Ranking: 46
51.46 billion kWh (2010 est.)

Electricity - exports
3.85 billion kWh (2010 est.)

Electricity - imports
767 million kWh (2010 est.)

Oil - production World Ranking: 50
107,100 bbl/day (2010 est.)

Oil - consumption World Ranking: 56
196,000 bbl/day (2010 est.)

Oil - exports World Ranking: 70
74,080 bbl/day (2010 est.)

Oil - imports World Ranking: 56
163,000 bbl/day (2010 est.)

Oil - proved reserves World Ranking: 46
600 million bbl (1 January 2011 est.)

Natural gas - production World Ranking: 42
10.59 billion cu m (2010 est.)

Natural gas - consumption World Ranking: 40
12.88 billion cu m (2010 est.)

Natural gas - exports World Ranking: 164
0 cu m (2010 est.)

Natural gas - imports World Ranking: 45
2.29 billion cu m (2010 est.)

Natural gas - proved reserves World Ranking: 63
63 billion cu m (1 January 2011 est.)

Current account balance World Ranking: 172
-$8.107 billion (2011 est.)
-$7.284 billion (2010 est.)

Exports World Ranking: 54
$62.68 billion (2011 est.)
$49.51 billion (2010 est.)

Exports - commodities
Machinery and equipment, metals and metal products, textiles and footwear, chemicals, agricultural products, minerals and fuels

Exports - partners
Germany 18.9%, Italy 13.1%, France 7.6%, Turkey 6.2%, Hungary 5.7% (2011)

Imports World Ranking: 42
$73.12 billion (2011 est.)
$59.56 billion (2010 est.)

Imports - commodities
Machinery and equipment, chemicals, fuels and minerals, metals, textile and products, agricultural products

Imports - partners
Germany 17.2%, Italy 11.4%, Hungary 8.8%, France 5.8%, China 4.6%, Kazakhstan 4.2%, Austria 4% (2011)

Reserves of foreign exchange and gold World Ranking: 40
$48.06 billion (31 December 2011 est.)
$48.08 billion (31 December 2010 est.)

Debt - external World Ranking: 36
$136.1 billion (31 December 2011 est.)
$121.5 billion (31 December 2010 est.)

Stock of direct foreign investment - at home World Ranking: 48
$71.71 billion (31 December 2011 est.)
$70.31 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad World Ranking: 70
$1.587 billion (31 December 2011 est.)
$1.512 billion (31 December 2010 est.)

Exchange rates
Lei (RON) per US dollar -
3.0486 (2011 est.)
3.1779 (2010 est.)
3.0493 (2009)
2.5 (2008)
2.43 (2007)

Fiscal year
Calendar year


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  Romania (Bucharest):


  GPS points from Romania (Bucharest)

Comuna Botosesti-paia Judetul Mehedinti

Valea Mosului Judetul Arges

Pribojesti Judetul Mehedinti

Varful Tarcul Romania (general)

Brad Judetul Arad

Corund Romania (general)

Vulturesti Judetul Vaslui

Besenova Noua Judetul Timis




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