THE ECONOMY IN ROMANIA

Romania, as part of the European Union single market, is a fast developing, high income mixed economy with a very high Human Development Index and a skilled labour force, the 10th largest in the European Union and the 8th largest based on purchasing power parity.

The economy is characterized by a highly productive work. Romania’s main imports are raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment and oil products.

The Romanian economy is the 41st-largest economy in the world (out of 188 countries measured by IMF) and ranks 41st in the world in terms of GDP per capita measured by purchasing power parity. Romanian economy is expected to grow by +3.8% in 2019. Based on current economic growth it is expected to hit 1 trillion of USA PPP before 2035.

Romania is the largest electronics producer in Central and Eastern Europe.

In the past 20 years Romania has also grown into a major center for mobile technology, information security and related hardware research Dacia automobiles. 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. Romania is rich in iron ore, oil, salt, uranium, nickel, copper and natural gas.

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. According to Eurostat Romania posted the biggest economic growth in EU in 2016 by more than 6% increase of GDP. According to the IMF, Romania had one of the highest growth rates in the EU in 2017 with further growth expected to reach 5 percent in 2018.

TOURISM

Romania is the most popular tourist destination from Central and Eastern Europe with more than 15.7 million foreign tourists in 2018. Romania is home to cities of much cultural interest (Bucharest being the foremost), beaches and seaside resorts, ski resorts and rural regions that many enjoy for their beauty and tranquillity. Romania also attracts many religious pilgrims, which hosts several thousands visitors per year.