Includes historical data for Romania’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Economy Benefits From Well-Educated, Low-Cost Workforce
Formerly a Soviet bloc country, Romania began its transition from communism to a market-based economy in 1989. Positioned strategically at the crossroads of European and Central Asian consumption centers, this nation of close to 20 million people boasts a large domestic market, significant agricultural and energy resources, and a well-educated and relatively low-cost workforce. Its membership in the European Union, alongside the government’s provision of national treatment for foreign investors, further enhances its business appeal.
However, progress on structural reforms has been inconsistent. Despite some progress, corruption, cronyism and bureaucratic red tape are ongoing challenges. Additionally, Romania grapples with an aging population, the emigration of skilled labor, and high inequality rates.
Macroeconomy & Sovereign Data
| Type of Government | Semi-presidential republic |
|---|---|
| Capital | Bucharest |
| Sovereign Ratings |
S&P: BBB– Moody’s: Baa3 Fitch: BBB– |
| Total Population | 18.9 million |
| Median Age | 41.8 |
| Adult Per Capita Income (PPP) | 42,922.78 |
| Total GDP (2023) | 370 billion |
Romania GDP & Economic Overview
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Data
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Banking & Finance
Trade & Investment
| Total Exports | USD 133.6 billion (2023) |
|---|---|
| Leading Exports |
Cars And Vehicle Parts Insulated Wiring Refined Petroleum Electrical Control Boards Seats |
| Total Imports | USD 100.0 billion (2022) |
| Leading Imports |
Cars And Vehicle Parts Crude Petroleum Packaged Medicines Insulated Wiring Broadcasting Equipment |
| Source: | World Integrated Trade Solution |
Romania Leading Companies
| Banca Transilvania | Financials |
|---|---|
| Banca Comerciala Romana | Financials |
| Automobile Dacia | Automobiles & Components |
| UI Path | Information Technology, Software & Services |
| Digi Communications | Telecommunication Services |
| Țiriac Holdings | Conglomerate, Industrials, Financials, Real Estate |
| Blue Air | Airlines |
Major Trade Partners — Import
| Germany | 20% |
|---|---|
| Italy | 9% |
| Hungary | 7% |
| Poland | 6% |
| China | 6% |
Source: World Integrated Trade Solution
Major Trade Partners — Export
| Germany | 21% |
|---|---|
| Italy | 10% |
| France | 6% |
| Hungary | 6% |
| Poland | 4% |
Source: World Integrated Trade Solution
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000