Romania buildings

Romania Economy

Romania's economy in numbers:

Nominal GDP of USD 301 billion in 2022.

GDP per capita of USD 15,785 compared to the global average of USD 10,589.

Average real GDP growth of 3.4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 68% of overall GDP, manufacturing 17%, other industrial activity 11%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 62% of GDP in 2021, government consumption 17%, fixed investment 26%, and net exports -5%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 79% of total merchandise exports, mineral fuels 4%, food 13%, ores and metals 3% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 78% of total merchandise imports, mineral fuels 8%, food 10%, ores and metals 3% and agricultural raw materials 2%, with other goods accounting for -1% of the total. Total exports were worth USD 90 billion in 2022, while total imports were USD 124 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.4% in the decade to 2022. To read more about GDP growth in Romania, go to our dedicated page.

Fiscal policy:

Romania's fiscal deficit averaged 3.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 6.9% in the decade to 2022. For more information on Romania's unemployment click here.

Inflation:

Inflation averaged 3.4% in the decade to 2022. Go to our Romania inflation page for extra insight.

Monetary Policy:

Romania's monetary policy rate ended 2022 at 6.75%, up from 5.25% a decade earlier. See our Romania monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the leu weakened by 26.1% vs the U.S. dollar. For more info on the leu, click here.
Seasonally adjusted annual GDP growth sped up marginally in Q3 2023. In Q4, our panel expects growth to have slowed. Industrial production continued to contract notably year on year in October-November. That said, other data is more encouraging. In October-November, retail sales growth gained steam in year-on-year terms compared to Q3, while wages expanded more sharply. Moreover, economic sentiment strengthened in Q4. Moving to the current quarter, sentiment remained optimistic in January, pointing to still-solid dynamics. Meanwhile, in late January, the government decided to extend price caps on basic food goods for an additional 60 days, as well as to maintain the energy price-capping system until at least March 2025 in order to sustain households’ purchasing power. Also in January, the EU disbursed EUR 288 million in grants as pre-financing related to REPowerEU funds.
Projections out to 2033.

52 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 38 expert analysts.

Want to get insight on the economic outlook for Romania in the coming years? FocusEconomics collects projections out to 2033 on 52 economic indicators for Romania from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Romania economy. To download a sample report on the Romania's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Romania Economic Data

2018 2019 2020 2021 2022
Population (million) 19.5 19.4 19.3 19.2 19.0
GDP (USD bn) 243 251 251 286 299
GDP per capita (USD) 12,448 12,924 13,007 14,873 15,691
GDP (EUR bn) 206 224 221 242 284
GDP per capita (EUR) 10,550 11,547 11,410 12,582 14,928
GDP (RON bn) 959 1,064 1,067 1,189 1,401
Economic Growth (Nominal GDP, ann. var. %) 12.6 10.9 0.3 11.5 17.9
Economic Growth (GDP, ann. var. %) 6.0 3.9 -3.7 5.7 4.1
Private Consumption (ann. var. %) 9.4 3.3 -3.9 7.5 5.8
Government Consumption (ann. var. %) 3.5 7.2 1.1 1.8 -3.3
Fixed Investment (ann. var. %) 0.0 12.6 1.1 2.9 5.9
Exports (G&S, ann. var. %) 5.3 5.4 -9.5 12.6 9.7
Imports (G&S, ann. var. %) 8.6 8.6 -5.2 14.8 9.5
Industrial Production (ann. var. %) 5.0 -3.6 -9.5 7.4 -2.0
Retail Sales (ann. var. %) 5.5 7.2 2.2 10.2 4.5
Wages (ann. var. %) 35.4 13.0 6.4 7.1 11.3
Unemployment (% of active population, eop) 5.0 5.0 6.3 5.8 5.6
Unemployment (% of active population, aop) 5.3 4.9 6.1 5.6 5.6
Fiscal Balance (% of GDP) -2.8 -4.3 -9.3 -7.2 -6.3
Public Debt (% of GDP) 34.5 35.1 46.8 48.5 47.2
Money (ann. var. of M2 %) 8.9 10.9 15.3 15.8 6.8
Inflation (CPI, ann. var. %, eop) 3.3 4.0 2.1 8.2 16.4
Inflation (CPI, ann. var. %, aop) 4.6 3.8 2.6 5.0 13.7
Inflation (HICP, ann. var. %, aop) 4.1 3.9 2.3 4.1 12.0
Inflation (Core, ann. var. %, eop) 2.7 4.1 3.8 4.8 13.8
Inflation (PPI, ann. var. %, aop) 5.0 3.9 0.0 14.9 43.6
NBR Reference Rate (%, eop) 2.50 2.50 1.50 1.75 6.75
10-Year Bond Yield (%, eop) 4.91 4.51 3.08 5.26 8.31
Stock Market (ann. var. of BET %) -4.8 35.1 -1.7 33.2 -10.7
Exchange Rate (RON per USD, eop) 4.07 4.26 3.97 4.37 4.63
Exchange Rate (RON per USD, aop) 3.94 4.24 4.24 4.16 4.69
Exchange Rate (RON per EUR, eop) 4.66 4.79 4.87 4.95 4.95
Exchange Rate (RON per EUR, aop) 4.65 4.75 4.84 4.92 4.93
Current Account Balance (EUR bn) -9.5 -10.9 -10.9 -17.5 -26.0
Current Account Balance (% of GDP) -4.6 -4.9 -4.9 -7.2 -9.2
Merchandise Trade Balance (EUR bn) -15.3 -17.9 -18.9 -23.1 -32.1
Merchandise Exports (EUR bn) 61.8 63.1 57.6 70.2 86.0
Merchandise Imports (EUR bn) 77.2 80.9 76.5 93.3 118.1
Merchandise Exports (ann. var. %) 8.1 2.0 -8.7 21.9 22.5
Merchandise Imports (ann. var. %) 10.2 4.9 -5.4 22.0 26.5
Foreign Direct Investment (EUR bn) 5.4 5.2 2.8 9.3 10.6
International Reserves (EUR bn) 36.8 37.5 42.5 45.8 52.3
International Reserves (months of imports) 5.7 5.6 6.7 5.9 5.3
External Debt (EUR bn) 99.8 109.8 126.7 136.6 143.9
External Debt (% of GDP) 48.4 49.0 57.5 56.5 50.6

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