Economy

Economy - overview: 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 for Reconstruction and
Development (EBRD) rates Romania's transition progress the region's
worst. The country emerged in 2000 from a punishing three-year
recession thanks to strong demand in EU export markets. A new
government elected in November 2000 promises to promote economic
reform. Bucharest hopes to receive financial and technical
assistance from international financial institutions and Western
governments; negotiations over a new IMF standby agreement are to
begin early in 2001. If reform stalls, Romania's ability to borrow
from both public and private sources could quickly dry up, leading
to another financial crisis.

GDP: purchasing power parity - $132.5 billion (2000 est.)

GDP - real growth rate: 2.2% (2000 est.)

GDP - per capita: purchasing power parity - $5,900 (2000 est.)

GDP - composition by sector: agriculture: 13.9%

industry: 32.6%

services: 53.5% (2000)

Population below poverty line: 44.5% (2000)

Household income or consumption by percentage share: lowest 10%:
3.8%

highest 10%: 20.2% (1992)

Inflation rate (consumer prices): 45.7% (2000 est.)

Labor force: 9.9 million (1999 est.)

Labor force - by occupation: agriculture 40%, industry 25%, services
35% (1998)

Unemployment rate: 11.5% (1999)

Budget: revenues: $11.7 billion

expenditures: $12.4 billion, including capital expenditures of $NA
(1999 est.)

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

Industrial production growth rate: 8% (2000)

Electricity - production: 49.036 billion kWh (1999)

Electricity - production by source: fossil fuel: 53.99%

hydro: 36.18%

nuclear: 9.81%

other: 0.02% (1999)

Electricity - consumption: 44.768 billion kWh (1999)

Electricity - exports: 1.935 billion kWh (1999)

Electricity - imports: 1.1 billion kWh (1999)

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