ARCHIVE // RO // TIME-SERIES
Economic overview
Romania — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Industry, which accounts for one-third of the labor force and generates over half the GNP, suffers from an aging capital plant and persistent shortages of energy. In recent years the agricultural sector has had to contend with drought, mismanagement, and shortages of inputs. Favorable weather in 1989 helped produce a good harvest, although far below government claims. The new government is slowly loosening the tight central controls of Ceausescu's command economy. It has instituted moderate land |
| 1991 | Industry, which accounts for one-third of the labor force and generates over half the GNP, suffers from an aging capital plant and persistent shortages of energy. The year 1990 witnessed about a 20% drop in industrial production because of energy and input shortages and labor unrest. In recent years the agricultural sector has had to contend with drought, mismanagement, and shortages of inputs. A drought in 1990 contributed to a lackluster harvest, a problem compounded by corruption and a poor d |
| 1992 | Industry, which accounts for about one-third of the labor force and generates over half the GDP, suffers from an aging capital plant and persistent shortages of energy. The year 1991 witnessed about a 17% drop in industrial production because of energy and input shortages and labor unrest. In recent years the agricultural sector has had to contend with flooding, mismanagement, shortages of inputs, and disarray caused by the dismantling of cooperatives. A shortage of fuel and equipment in 1991 co |
| 1993 | Industry, which accounts for about one-third of the labor force and generates over half the GDP, suffers from an aging capital plant and persistent shortages of energy. The year 1991 witnessed a 17% drop in industrial production because of energy and input shortages and labor unrest. In recent years the agricultural sector has had to contend with flooding, mismanagement, shortages of inputs, and disarray caused by the dismantling of cooperatives. A shortage of inputs and a severe drought in 1991 |
| 1994 | Despite the continuing difficulties in moving away from the former command system, the Romanian economy seems to have bottomed out in 1993. Market oriented reforms have been introduced fitfully since the downfall of CEAUSESCU in December 1989, with the result a growing private sector, especially in services. The slow pace of structural reform, however, has exacerbated Romania's high inflation rate and eroded real wages. Agricultural production rebounded in 1993 from the previous year's drought-r |
| 1995 | Despite the continuing difficulties in moving away from the former command system, the Romanian economy seems to have bottomed out in 1993-94. Market oriented reforms have been introduced fitfully since the downfall of CEAUSESCU in December 1989, with the result a growing private sector, especially in services. The slow pace of structural reform, however, has exacerbated Romania's high inflation rate and eroded real wages. Agricultural production rebounded in 1993 from the drought-reduced harves |
| 1996 | Romania, one of the poorer East European countries moving away from the command economy, posted its third straight year of growth in 1995. Bucharest also was successful in reducing its inflation rate to 25% - less than half the 1994 rate - because of tight monetary and fiscal policies, while unemployment fell to 9% as the private sector hired more workers. Despite these successes on the economic front, Romania has lagged much of Central and Eastern Europe in the restructuring process. The privat |
| 1997 | Romania, one of the poorer countries in Central and Eastern Europe, began the transition from Communism with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Over the past seven years, economic restructuring has lagged behind most other countries in the region. Consequently, economic performance is declining, with slowing GDP growth, ballooning budget deficits, accelerating inflation, a plunging exchange rate, and anemic foreign investment. Unemployment |
| 1998 | Romania, one of the poorer countries in the region, is continuing its difficult transition to a market-based economy. After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. For the next few years the country lagged behind most of its neighbors in the pace of restructuring. Then in February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform progr |
| 1999 | After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. In February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program, but reform subsequently has been a stop-and-go process. Restructuring programs include liquidating large energy-intensive industries and major agricultural and financial sector reforms. Today, Romania is continuing its d |
| 2000 | After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. In February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program, but reform subsequently has been a frustrating stop-and-go process. Restructuring programs include liquidating large energy-intensive industries and major agricultural and financial sector reforms. In 1999 Romania's econ |
| 2001 | Romania, one of the poorest countries in Central and Eastern Europe, began the transition from communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down over 40%. Corruption too has worsened. The EU ranks Romania last among enlargement candidates, and the European Bank |
| 2002 | Romania, one of the poorest countries of Central and Eastern Europe, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down perhaps 40%. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export |
| 2003 | Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept growth above 4%. An IMF Standby Agreement, signed in 2001, has been accompanied by slow but palpable gains in privatiz |
| 2004 | Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept growth above 4%. An IMF standby agreement, signed in 2001, was accompanied by slow but palpable gains in privatization |
| 2005 | Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept growth above 4%. An IMF standby agreement, signed in 2001, has been accompanied by slow but palpable gains in privatiz |
| 2006 | Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept GDP growth above 4%. An IMF standby agreement, signed in 2001, has been accompanied by slow but palpable gains in priv |
| 2007 | Romania 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. Despite the global slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have kept GDP growth above 4%. However, macroeconomic gains have only recently started to spur creation of a middle class and ad |
| 2008 | 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 have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently start |
| 2009 | 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 have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently start |
| 2010 | 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 have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently start |
| 2011 | 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 have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently start |
| 2012 | 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 m |
| 2013 | 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 m |
| 2014 | Romania, which joined the EU 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 due 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 |
| 2015 | Romania, which joined the EU 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. 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 the business environment. In the aftermath of the global financial crisis, Romania signed on to a $26 billion emergency assistanc |
| 2016 | Romania, which joined the EU 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. 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 the business environment. | In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pa |
| 2017 | Romania, which joined the EU 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. 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 the business environment. | In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pa |
| 2018 | Romania, which joined the EU 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. 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 the business environment. In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pack |
| 2019 | Romania, which joined the EU 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. 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 the business environment. In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pack |
| 2020 | Romania, which joined the EU 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. 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 the business environment. In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pack |
| 2021 | Romania, which joined the EU 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. 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 the business environment. In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pack |
| 2022 | Romania, which joined the EU 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. 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 the business environment. In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance pack |
| 2023 | high-income, service- and industrial-based European economy; EU member but non-euro user until convergence criteria met; sustained growth prior to COVID-19; major FDI recipient; flat taxation structure; digital hub of Eastern Europe |
| 2024 | high-income EU member economy; joined Schengen area as of March 2024; euro membership delayed over convergence criteria; persistent inflation but recovery driven by consumption and EU-funded investments; skilled labor shortage; regional economic disparities; fiscal reforms to address rising deficits |
| 2025 | high-income, EU-member economy; euro membership delayed over macroeconomic indicators; persistent inflation, but consumption and EU-funded investments driving recovery; skilled labor shortage; high public debt and budget deficit; challenges include fiscal sustainability and political instability |