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ECONOMY OF ROMANIA
With a GDP per capita (PPP) of $10,661 estimated for 2007,
Romania is considered an upper-middle income economy and has
been part of the European Union since 1 January 2007. After the
Communist regime was overthrown in late 1989, the country
experienced a decade of economic instability and decline, led in part
by an obsolete industrial base and a lack of structural reform. From
2000 onwards, however, the Romanian economy was transformed
into one of relative macroeconomic stability, characterised by high
growth, low unemployment and declining inflation. In 2006, according
to the Romanian Statistics Office, GDP growth was recorded at
7.7%, one of the highest rates in Europe. Unemployment in Romania
was at 4.5% in April 2007 which is very low compared to other
middle-sized or large European countries such as Poland, France,
Germany and Spain. Foreign debt is also comparatively low, at
20.3% of GDP. Exports have increased substantially in the past few
years, with a 25% year-on-year rise in exports in the first quarter of
2006. Romania's main exports are clothing and textiles, industrial
machinery, electrical and electronic equipment, metallurgic products,
raw materials, cars, military equipment, software, pharmaceuticals,
fine chemicals, and agricultural products (fruits, vegetables, and
flowers). Trade is mostly centred on the member states of the
European Union, with Germany and Italy being the country's single
largest trading partners. The country, however, maintains a large
trade deficit, importing 37% more goods than it exports.
Capital
(and largest city)
Bucharest
(Bucureşti)
44°25′N, 26°06′E
Official languages
Romanian1
Demonym
Romanian
Government


President
Prime Minister
Unitary semi-
presidential republic
Traian Băsescu
Călin Popescu-
Tăriceanu
Independence
Declared


Recognized

9 May 1877 (O.S.)2

13 July 18783
EU accession
January 1, 2007
Area
Total


Water (%)

238,392 km² (82nd)
92,043 sq mi
3
Population
-  July  
2007 estimate

2002 census

Density

22,276,056 (50th)


21,680,974

93/km² (104th)
236/sq mi
GDP (PPP)
Total


Per capita
2007 estimate
$256.9 billion (43rd)

$11,989[1] (64th)
GDP (nominal)
Total

Per capita
2007 estimate
$210,6 billions (41th)
$7,311 (65th)
HDI (2004)
0.813 (high) (60th)
Gini? (2002)
31 (medium)
Currency
Leu (RON)
Time zone
Summer (DST)
EET (UTC+2)
EEST (UTC+3)
Internet TLD
.ro, .eu4
Calling code
+40
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