Economy of Romania
The Bucharest Chamber of Commerce
Currency	Leu (Leu or RON)
Fiscal year	Calendar year
Trade organisations	European Union, WTO
Statistics
GDP (PPP)	$229.89 billion (IMF 2007 est.)[1] (48th [7])
GDP growth	7.7% (National Institute of Statistics, 2006 est.[2])
GDP per capita	$10,661[3] (IMF 2007 est.)
GDP by sector	agriculture (10.1%), industry (34.7%), services (55.2%) (2006 est.)
Inflation (CPI)	3.66% (March 2007[4])
Population below poverty line	12.6% (2006 est.)
Labour force	9.33 million (2006 est.)
Labour force by occupation	agriculture (31.6%), industry (30.7%), services (37.7%) (2004)
Unemployment	3.6% (August 2007[5])
Main industries	iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, petroleum refining, computers
Trade
Exports	$52 billion f.o.b. (2007)
Export goods	-
Main export partners	Italy 15.5%, Germany 14.0%, Turkey 7.9%, France 7.4%, UK 5.5%, Hungary 4.2%, U.S. 4.1%, Austria 3.1%, Netherlands 2.1%, Bulgaria 2.7%, Spain 2.4%, Greece 2.1% (2005)
Imports	$74 billion f.o.b. (2007)
Import goods	-
Main import partners	Italy 19.8%, Germany 14.0%, Russia 8.3%, France 6.7%, Turkey 4.9%, China 4.1%, Austria 3.7%, Hungary 3.3 %, Kazakhstan 3.3%, Poland 2.9%, UK 2.9%, U.S. 2.8% (2005)
Public finances
Public debt	$42.76 billion (2005 est.)
Revenues	$36.89 billion (2006 est.)
Expenses	$39.1 billion (2006 est.)
Economic aid	NA
Main source All values, unless otherwise stated, are in US dollars

Romania is the largest, upper-middle-income^[6] economy of central-eastern Europe, the 12th largest in European Union by total nominal GDP and the 8th largest based on purchasing power parity. Romania is a member of the European Union (7th largest country), its most important trading partner. Its capital, Bucharest (with 2.5 million people - metropolitan area), is the largest financial centres in the region. Romania is the regional economic power, well ahead in terms of GDP as its neighbouring countries. Romania stands to benefit from the size of its market (about 22 million people). According to a recent World Bank Study, Bucharest is set to double its population in the next ten years exceeding 4 million inhabitants. ^{[7] [8]} Image File history File linksMetadata Size of this preview: 800 × 600 pixel Image in higher resolution (1600 × 1200 pixel, file size: 351 KB, MIME type: image/jpeg) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Economy of Romania... For the Moldovan currency, see Moldovan leu. ... RON may refer to any of the following: A diminutive for the given name Ronald In elections, it stands for Re-Open Nominations The name of King Arthurs spear with which he kills Mordred at the Battle of Camlann RON, an initialism for Rzeczpospolita Obojga Narodów aka Polish... For other uses of the initials WTO, see WTO (disambiguation). ... PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... The National Institute of Statistics (Romanian: ) is a Romanian government agency which is responsible for collecting national statistics, in fields such as geography, the economy, demographics and society. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a worker wants, but is unable, to work. ... For other uses, see Iron (disambiguation). ... For other uses, see Steel (disambiguation). ... One method of classifying metals is by their content, and one common division is into ferrous metals and non-ferrous metals. ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... This article is about the type of fabric. ... Clothing protects the vulnerable nude human body from the extremes of weather, other features of our environment, and for safety reasons. ... This article is about the engineering discipline. ... For other uses, see Construction (disambiguation). ... For the UK band, see Furniture (band). ... Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ... Pitstone Windmill, believed to be the oldest windmill in the British Isles A windmill is an engine powered by the energy of wind. ... Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... This article is about the type of fabric. ... High-heeled shoe Footwear consists of garments worn on the feet. ... This article is about mineral extractions. ... Georg Agricola, author of De re metallica, an important early book on metal extraction Metallurgy is a domain of materials science that studies the physical and chemical behavior of metallic elements, their intermetallic compounds, and their compounds, which are called alloys. ... Petro redirects here. ... The tower of a personal computer. ... For other uses, see United States (disambiguation) and US (disambiguation). ... For other uses, see United States (disambiguation) and US (disambiguation). ... USD redirects here. ... For other uses, see Europe (disambiguation). ... This is a list of European Union member states by population. ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ...

Romanian GDP will double by 2011.^{[9] [10] [11] [12] [13]} Romania is one of the most stable and prosperous states of Central, Eastern and South Europe. As of 2007 the economy is growing at a steady pace of above 7% a year. Future prospects are tied to the country's increasingly important integration with the European Union member states. The country is expected to join the Eurozone between 2010 and 2012. Look up Central in Wiktionary, the free dictionary. ... The term Eastern can have multiple meanings depending on its context. ... Southern Europe is a region of Europe. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

Romania also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Constanta is the busiest on the Black Sea, surpassing others. In addition, Constanta's port infrastructure and skilled workforce, which is due to the success of Romania's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports. For other uses, see Port (disambiguation). ... For other uses, see Black Sea (disambiguation). ... Look up competence, incompetence in Wiktionary, the free dictionary. ... According to the Law on Education adopted in 1995, the Romanian Educational System is regulated by the Ministry of Education and Research (Ministerul Educaţiei şi Cercetării - MEC)]. Each level has its own form of organization and is subject to different legislations. ... Refining is the process of purification of a substance, usually used of a natural resource that is almost in a usable form, but which is more useful in its pure form. ...

History

Main article: History of economy of Romania

Before World War II

Main article: History of economy of Romania before World War II

Please help improve this article by expanding this section. See talk page for details. Please remove this message once the section has been expanded.

Before WW2 Romania was supposed to have had the third-largest economy on the continent, after Germany and France; a prosperous peasant society, exporting huge amounts of wheat and oil. ^[14] Image File history File links This is a lossless scalable vector image. ...

Communist economy

1944 - 1989

Main article: Communist economy of Romania

Please help improve this article by expanding this section. See talk page for details. Please remove this message once the section has been expanded.

On the negative side, the legacy of the Ceausescu's period was a bloated heavy industry using archaic production methods, consuming lots of resources, and producing low-value goods (the refining capacity is over ten times what was needed, the steel production capabilities two-and-a-half times, the aluminium production facilities five times). Most of what was produced could not be sold anywhere, and ended up sitting and deteriorating outside the factories where it was made, while light industries were ridiculously undersized (Romanians had to wait 3 years for a washing machine, 2–3 years for a color TV, 5–10 years for a car), and technologically obsolete (Romania, in 1989, produced 1960s cars and 1970s TVs and washing machines). The communication network was, with the exception of the modernisation of the trunk railway lines, left at the 1950s' level. Romania had, in 1989, only a 100 km (68 mile) stretch, of motorway, and even that in a very poor state. Image File history File links This is a lossless scalable vector image. ... Aluminum redirects here. ...

Transition towards a market economy

(1990-2006)

Privatization of industry was pursued with the transfer in 1992 of 30% of the shares of some 6,000 state-owned enterprises to five private ownership funds, in which each adult citizen received certificates of ownership. The remaining 70% ownership of the enterprises was transferred to a state ownership fund, with a mandate to sell off its shares at the rate of at least 10% per year. The privatization law also called for direct sale of some 30 specially selected enterprises and the sale of "assets" (i.e., commercially viable component units) of larger enterprises. CIA figures for world unemployment rates, 2006 Unemployment is the state in which a worker wants, but is unable, to work. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... For other uses, see Euro (disambiguation). ... GBP redirects here. ... ISO 4217 Code JPY User(s) Japan Inflation -0. ... This article does not adequately cite its references or sources. ...

Nowadays, the inflation rate is around 8% annually, although estimated^[15] by the BNR at coming within 6% for the year 2006 (the year-on-year CPI, published in March 2007, is 3,66%). Also, since 2001, the economy has grown steadily at around 6-8%. Therefore, the PPP GDP of Romania is $10.661 ^[16]. BNR may refer to one of the following. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ...

Financial and technical assistance continued to flow in from the U.S., European Union, other industrial nations, and international financial institutions facilitating Romania's reintegration into the world economy. The International Monetary Fund (IMF), World Bank (IBRD), the European Bank for Reconstruction and Development (EBRD), and the U.S. Agency for International Development (USAID) all had programs and resident representatives in Romania. Romania also attracted foreign direct investment, which in 1997 rose to $2.5 billion. IMF redirects here. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... Founded in 1991, the European Bank for Reconstruction and Development (EBRD) uses the tools of investment to help build market economies and democracies in 27 countries from central Europe to central Asia. ... The United States Agency for International Development (or USAID) is the US government organization responsible for most non-military foreign aid. ...

Romania was the largest U.S. trading partner in Eastern Europe until Ceauşescu's 1988 renunciation of Most Favored Nation (non-discriminatory) trading status resulted in high U.S. tariffs on Romanian products. Congress approved restoration of MFN status effective 8 November 1993, as part of a new bilateral trade agreement. Tariffs on most Romanian products dropped to zero in February 1994 with the inclusion of Romania in the Generalized System of Preferences (GSP). Major Romanian exports to the U.S. included shoes and clothing, steel, and chemicals. Romania signed an Association Agreement with the EU in 1992 and a free trade agreement with the European Free Trade Association (EFTA) in 1993, codifying Romania's access to European markets and creating the basic framework for further economic integration. At its Helsinki Summit in December 1999, the European Union invited Romania to formally begin accession negotiations. In 2002, the target date of 2007 was set for Romania, along with Bulgaria, for its accession efforts. This was confirmed in 2003 at the Thessaloniki Summit and then in early 2005 Romania and Bulgaria signed the adherence treaty to EU. They formally joined the EU on January 1, 2007. Most favoured nation (or most favored nation, MFN) is a term used in international trade. ... is the 312th day of the year (313th in leap years) in the Gregorian calendar. ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... A European Union Association Agreement (Association Agreement) is a treaty between the European Union (EU) and a non-EU country that creates a framework for co-operation between them. ... The European Free Trade Association (EFTA) was established on May 3, 1960 as an alternative for European states that were not allowed or did not wish to join the European Community (now the European Union). ... Also see: 2002 (number). ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 1st day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

During the latter part of the Ceauşescu period, Romania earned significant credits from several Arab countries, notably Iraq, for work related to the oil industry. In August 2005, Romania agreed to forgive 43% of the US$1.7 billion debt owed by an Iraq still largely occupied by the military forces of the U.S.-led "Coalition of the Willing", making Romania the first country outside of the Paris Club of wealthy creditor nations to forgive Iraqi debts.[8] For other uses, see Arab (disambiguation). ... It has been suggested that this article or section be merged with multinational force in Iraq. ... The Paris Club is an informal group of financial officials from 19 of the worlds richest countries, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. ...

Fundamental problems of the Romanian economy by early 2007 are, according to Financial Times, its trade deficit, the "loss of competitiveness against its main trading partners" and also, as a part of the latter, an inflation rate which is traditionally higher than the one of its European partners, lately affected by house price increases of 550% from 1998 and a growing family indebtedness (515%) mostly based on this same real estate boom. Nevertheless, it is expected that the Romanian economy will continue growing based on a bigger strength of the industry, the growth of the global economy and the biggest trade with Russia, Latin America and Asia. The Financial Times (FT) is a British international business newspaper. ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... Competitiveness is a comparative concept of the ability and performance of a firm, sub-sector or country to sell and supply goods and/or services in a given market. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ... For other uses, see Asia (disambiguation). ...

(2000-2007)

Growth in 2000-07 was supported by exports to the EU, primarily to Italy and Germany, and a strong recovery of foreign and domestic investment. Domestic demand is playing an ever more important role in underpinning growth as interest rates drop and the availability of credit cards and mortgages increases. Current account deficits of around 2% of GDP are beginning to decline as demand for Romanian products in the European Union increases. Inflation is under control. Recent accession to the EU gives further impetus and direction to structural reform. In early 2004 the government passed increases in the Value Added Tax (VAT) and tightened eligibility for social benefits with the intention to bring the public finance gap down to 4% of GDP by 2006, but more difficult pension and healthcare reforms will have to wait until after the next elections. Privatization of the state-owned bank BCR took place in 2005. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth. BCR may stand for one of the following: British Columbia Railway BCR gene Belarusian Central Rada, a puppet government of Belarus under German occupation during World War II Base Curve Radius, a parameter of a contact lens This is a disambiguation page — a navigational aid which lists other pages... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...

Highly developed market economy withing the EU

(after January 1, 2007)

     Eurozone countries      EU states aiming to join Eurozone on 1 January 2008      EU states aiming to join Eurozone on 1 January 2009      EU states bound by the Maastricht Treaty to ultimately join the Eurozone      EU states with a derogation on Eurozone participation
States/territories outside the EU using the euro are shown with blue hatching.

On 1 January 2007 Romania entered the European Union. This led to some immediate international trade liberalization, but there was no shock to the economy. The government is running annual surpluses of above 2%. This fact, together with annual GDP growth of above 7%, has brought the government indebtedness to 22.8% of GDP in 2006 .^[17]. Image File history File links Download high resolution version (1244x1244, 108 KB) Licensing I, the creator of this work, hereby release it into the public domain. ... Image File history File links Download high resolution version (1244x1244, 108 KB) Licensing I, the creator of this work, hereby release it into the public domain. ... is the 1st day of the year in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 1st day of the year in the Gregorian calendar. ... 2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ... The Maastricht Treaty (formally, the Treaty of European Union, TEU) was signed on February 7, 1992 in Maastricht, Netherlands after final negotiations in December 1991 between the members of the European Community and entered into force on November 1, 1993 during the Delors Commission. ... Derogation is the partial revocation of a law, as opposed to abrogation or the total abolition of a law. ... is the 1st day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

This is to be contrasted with enormous current account deficits. Low interest rates guarantee availability of funds for investment and consumption. For example, a boom in the real estate market started around 2000 and has not subsided yet. At the same time annual inflation in the economy is variable and during the last five years (2003-2007) has seen a low of 2.3% and high of 6.3%. Blue = countries in surplus; Red = countries in deficit This is a list of countries and territories by current account balance, in millions of U.S. dollars, equivalence based on The World Factbook ([1]). Most data are 2006 estimates. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ...

Most importantly, this poses a threat to the country's accession to the Eurozone. The Romanian government plans for the Euro to replace the Leu in 2010. However, experts predict that this might happen as late as in 2012. From a political point of view, there is a trade-off between Romania's economic growth and the stability required for early accession to the monetary union. Romania's per-capita PPP GDP is still only about a 50% of the EU25 average , while the country's nominal GDP per capita is about 33% of the EU25 average. The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... For other uses, see Euro (disambiguation). ... Leu (plural: lei) is the name shared by the currencies of Romania and Moldova. ... 2010 (MMX) will be a common year starting on Friday of the Gregorian calendar. ... 2012 (MMXII) will be a leap year starting on Sunday of the Gregorian calendar. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar. ... PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... A regions gross domestic product, or GDP, is one of several measures of the size of its economy. ...

In the winter of 2004 the political leadership of the current government introduced a flat tax of 16% that was introduced on January 1st 2005. This is done in hope for higher GDP growth and greater tax collection rates. The reform, which some called a "revolution" in taxation, was met with mild discussions and some protests by affected working classes. A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion on income), as opposed to a graduated, or progressive, scheme. ...

The accession of Romania into the European Union has brought about new geographical dimensions as the EU has opened up to the Black Sea.

Macroeconomic trend and transition to a modern economy

Main article: Romania and transition to a modern economy

This is a chart of trend of gross domestic product of Romania at market prices by the International Monetary Fund with figures in millions of USD. IMF redirects here. ...

Macroeconomic indicators
Romanian coins
GDP (PPP)	249 billion USD (2007)
GDP (Nominal)	210 billion USD (2007)
GNP	249.7 billion USD (2007)
GDP growth	7.7% (2006)
GDP per capita	11,800 USD (2007)
GNI per capita	10,460 USD (2007)
Inflation (CPI)	3.1% (2006)
Gini index	52.2
Unemployment	3.6% (2007)
HDI	0.805
Labour force	10.86 million

For purchasing power parity comparisons, the US Dollar is exchanged at 1.24. Image File history File links Download high-resolution version (882x309, 41 KB) Romanian coin The image above depicts a unit of currency issued by Romania. ... PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... The United States dollar is the official currency of the United States. ... A nominal is a word or a group of words that functions as a noun, i. ... The United States dollar is the official currency of the United States. ... Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. ... The United States dollar is the official currency of the United States. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... The Gini coefficient is a measure of inequality developed by the Italian statistician Corrado Gini and published in his 1912 paper Variabilità e mutabilità. It is usually used to measure income inequality, but can be used to measure any form of uneven distribution. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a worker wants, but is unable, to work. ... World map indicating Human Development Index (2006). ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ...

Romania is a country of considerable potential: rich agricultural lands; diverse energy sources (coal, oil, natural gas, hydro, and nuclear); a substantial, if aging, industrial base encompassing almost the full range of manufacturing activities; well-trained work force; and opportunities for expanded development in tourism on the Black Sea and in the mountains. Coal Example chemical structure of coal Coal (pronounced ) is a fossil fuel formed in swamp ecosystems where plant remains were saved by water and mud from oxidization and biodegradation. ... Synthetic motor oil For other uses, see Oil (disambiguation). ... For other uses, see Natural gas (disambiguation). ... Look up hydro, hydro-, hydr- in Wiktionary, the free dictionary. ... This article is about applications of nuclear fission reactors as power sources. ... For other uses, see Black Sea (disambiguation). ...

Romania's economic strength

Major industries in Romania are precision machinery, motor vehicles, chemicals, pharmaceuticals, electric goods (especially home appliances), food, fashion and clothing. Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ... Home appliances are electrical/mechanical appliances which accomplish some household functions, such as cooking or cleaning. ... For other uses, see Fashion (disambiguation). ... Clothing protects the vulnerable nude human body from the extremes of weather, other features of our environment, and for safety reasons. ...

The National Bank of Romania (BNR)

Romania's economic strength is in the processing and the manufacturing of goods, primarily in small and medium-sized family-owned firms. The country has been less successful in terms of developing world class multinational corporations. In addition, the small and medium-sized firms typically manufacture products that are technologically moderately advanced and therefore increasingly face crushing international competition. Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (768 × 1024 pixel, file size: 426 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (768 × 1024 pixel, file size: 426 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ...

Romania's main industries are clothing and shoe manufacturing, metal, extracting and processing of primary goods (timber, marble, rock), food processing, oil refining and chemical derivates, and to a lesser extent pharmaceuticals, heavy machinery, household electronics, etc. In recent years vehicle manufacturing (see Dacia Logan) has become an important industry. The information-technology-related industry is also growing. A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ...

Romania has a number of fashion houses, such as Agnes Toma, Steil, Steilmann. Dacia Logan (by Renault), Ford, ARO and Daewoo Romania are some car models manufactured in Romania. The Dacia Logan led sales in Romania in the first six months, ahead of the Skoda Fabia, Skoda Octavia (up 20% on a new model introduction), Opel Astra and Renault Mégane. Logan was also the top selling car in the region in Q2 2005, ahead of Skoda Fabia and Octavia (up 14.4%), Renault Mégane and Suzuki Ignis (up 5.1%). Fashion House was an American telenovela airing at 9 p. ... Steilmann is a firm which produces clothes especially in eastern Europe. ... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ... For the author, see Mary Renault. ... Ford may mean a number of things: A ford is a river crossing. ... ARO SA (short for Auto Romania) is an off-road vehicle manufacturer located near the town of Campulung Muscel, Romania. ... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ... Škoda Fabia. ... The Å koda Octavia is a car, built on the Audi A3 chassis. ... See also Vauxhall Astra, Holden Astra, and Saturn Astra for the usage of the nameplate by other General Motors subsidiaries. ... Renault Mégane pre-1999 Renault Mégane Convertible (with 1999-2002 front grille) 2nd generation Megane Renault Mégane CC Megane racing car The Renault Mégane is a small family car produced by the French automaker Renault since 1995. ...

Several positive growth factors for Romania:

• GDP: $229.89 billion (IMF 2007 est.)^[18] and increasing
• 75% of economic output from private sector
• 70% of companies experienced profit growth in last 3 years
• Profit margins in Romania are higher than in Poland, Bulgaria and Hungary ^[19]
• Growth factors include: private consumption, consumer credit, corporate investment and exports
• Second largest consumer market in Central and Eastern Europe
• 90% of companies expect sales and profits to grow over next 3 years
• GDP growth has been fastest in the CEE region in 2003-2007, and is expected to grow over next 3 years
• Growth factors include: private consumption, consumer credit, corporate investment and exports

Romania is in such a momentum that it will certainly surpass Hungary in respect of the standard of living - GDP per capita - the rate of economic growth and the size of capital influx already in this decade, Demján said. ^[20], ^[21]

National budget

Main article: National budget in Romania

The national budget is $58.5 billion dollars, which represents 35.2% from GDP estimated by $248.8 billion according to the Prime-Minister Tariceanu. National budget is increasing rapidly about 8 billion dollars each year for the interval of time 2005-2009. About 5 billion dollars per year are spent on national defense. A government budget is a legal document that is often passed by the legislature, and approved by the chief executive. ... Călin Constantin Anton Popescu-Tăriceanu () (born January 14, 1952) is a Romanian politician, the current Prime Minister of Romania — since December 28, 2004. ...

National budget of Romania:

Economic growth

Main article: Economic growth of Romania

GDP growth reached 8.3% in 2006 according to the statistical office of the Romania (the year-to-year growth amounted to unexpected 9.8% in the 3th quarter of 2006 and stayed high at 9.5% year-to-year change in the 4th quarter of 2006), and 8.0% in 2007. In 2007, Romania reached the highest economic growth among the members of OECD and the second highest in the EU (just behind Estonia). Romania's GDP over 2008-2013 is expected to go up by 36 billion dollars per year. The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ...

Table showing selected PPP GDPs and growth - 2007 to 2008 est.: PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ...

Romania's Gross Domestic Product at purchasing power parity (PPP) is predicted to stand at USD 13,970 in 2011, up 44 percent from the current figures, according to a recent study of the Economist Intelligence Unit (EIU) and the Columbia Program on International Investment. ^[25]

Diversification

Recently, Romania has started to look for other sources of revenue. High-class tourism and international finance are the new sectors starting to be developed. In line with this initiative, the Bucharest International Financial Centre was announced, offering 100% foreign ownership, no withholding tax, freehold land and office space and a tailor-made financial regulatory system with laws taken from best practice in other leading financial centres like New York, London, Zürich and Singapore. A new stock market for regional companies and other initiatives were announced in BIFC. Bucharest has also developed Internet and Media free zones, offering 100% foreign ownership, no tax office space for the worlds leading ICT and media companies, with the latest communications infrastructure to service them. Many of the world's leading companies have now set up shop there. Recent liberalisation in the property market allowing non citizens to buy freehold land has resulted in a major boom in the construction and real estate sectors, with several signature developments, and a number of other developments, offering villas and high rise apartments and office space. The principle of a withholding tax is that it is withheld (retained) by the payer and given directly to the taxation authorities. ... This article is about the state. ... This article is about the capital of England and the United Kingdom. ... For other uses of Zurich, see Zurich (disambiguation). ...

Currency system

Main article: Romanian currency system

Romanian Leu

Main articles: Romanian leu and Euro

The leu (/leŭ/, plural: lei /lej/; ISO 4217 code RON; numeric code 946) is the currency of Romania.It is subdivided into 100 bani (singular: ban). On 1 July 2005, Romania underwent a currency reform, switching from the previous leu (ROL) to a new leu (RON). 1 RON is equal to 10,000 ROL. Romania joined the European Union on the 1st of January 2007 and it is expected to adopt the euro in 2014^[26] For the Moldovan currency, see Moldovan leu. ... For other uses, see Euro (disambiguation). ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... For other uses, see Euro (disambiguation). ...

One New Leu bank-note

Reserves of foreign exchange & gold: $27.5 billion (December 2006)^[27] Image File history File links 1_RON.jpg‎ Sumar www. ... Image File history File links 1_RON.jpg‎ Sumar www. ...

Echange rates

Exchange rates:

• new lei (RON) per US dollar - 2.6420 (2007)^[28]

Natural resources

Main article: Mining industry in Romania

Romania ranks tenth in the world in terms of the diversity of minerals produced in the country. Around 60 different minerals are currently produced in Romania. The richest mineral deposits in the country are boron salts and Romania’s reserves amount to 63% of the world’s total. Romania ranks tenth in the world in terms of the diversity of minerals produced in the country. ...

Romania is an oil producer, but the level of production isn't enough to make the country self sufficient. As a result, it is a net oil and gas importer.

The pipeline network in Romania included 1,738 km for crude oil, 2,321 km for petroleum products, and 708 km for natural gas in 1999. Several major new pipelines are planned, especially the Nabbuco pipeline for Caspian oilfields, the longest one in the world, which recently opened in 2007. The Caspian Sea is the largest enclosed body of water on Earth by area, variously classed as the worlds largest lake or a full-fledged sea. ...

According to the CIA World Factbook, other natural resources include coal, iron ore, copper, chromium, uranium, antimony, mercury, gold, barite, borate, celestine (strontium), emery, feldspar, limestone, magnesite, marble, perlite, pumice, pyrites (sulfur), clay, arable land, hydropower. The CIA Seal The Central Intelligence Agency (CIA) is an American intelligence agency, responsible for obtaining and analyzing information about foreign governments, corporations, and individuals, and reporting such information to the various branches of the U.S. Government. ... For other uses, see Carbon (disambiguation). ... For other uses, see Iron (disambiguation). ... For other uses, see Copper (disambiguation). ... REDIRECT [[ Insert text]]EWWWWWWWWWWWWW YO General Name, symbol, number chromium, Cr, 24 Chemical series transition metals Group, period, block 6, 4, d Appearance silvery metallic Standard atomic weight 51. ... This article is about the chemical element. ... This article is about the element. ... General Name, Symbol, Number mercury, Hg, 80 Chemical series transition metals Group, Period, Block 12, 6, d Appearance silvery Standard atomic weight 200. ... GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ... Baryte with Cerussite from Morocco Baryte with Galena and Hematite from Poland Barite (BaSO4) is a mineral consisting of barium sulfate. ... Borates in chemistry are chemical compounds containing boron bonded to three oxygen atoms written as B(OR)3. ... Celestine or celestite[1] (SrSO4) is a mineral consisting of strontium sulfate. ... General Name, Symbol, Number strontium, Sr, 38 Chemical series alkaline earth metals Group, Period, Block 2, 5, s Appearance silvery white metallic Standard atomic weight 87. ... Emery is a very hard rock type used to make abrasive powder. ... This article does not cite any references or sources. ... For other uses, see Limestone (disambiguation). ... Magnesite is magnesium carbonate, MgCO3. ... For other uses, see Marble (disambiguation). ... Expanded Perlite Perlite is an amorphous volcanic glass that has a relatively high water content. ... Specimen of highly porous pumice from Teide volcano on Tenerife, Canary Islands. ... The mineral pyrite, or iron pyrite, is iron disulfide, FeS2. ... This article is about the chemical element. ... For other uses, see Clay (disambiguation). ... Undershot water wheels on the Orontes River in Hama, Syria Saint Anthony Falls Hydropower is the capture of the energy of moving water for some useful purpose. ...

The ore borax, from which boron is extracted is very abundant in Romania. Romania along with the United States, is one of the world's largest producers of boron. Borax from Persian burah. ... General Name, Symbol, Number boron, B, 5 Chemical series metalloids Group, Period, Block 13, 2, p Appearance black/brown Standard atomic weight 10. ...

Romania's mineral production is adequate to supply its manufacturing output. Energy needs are also met by importing bituminous and anthracite coal and crude petroleum. In 2007 approximately 13.4 million tons of anthracite coal, approximately 4,000 tons of tungsten, 565,000 tons of iron ore, and 47,000 tons of zinc ore were mined. Lesser amounts of copper, lead, molybdenum, gold, silver, kaolin, and fluorite also were mined.

Energy

Main article: Energy industry in Romania

To cover the increasing energy needs of its population and ensure the continued raising of its living standard, Romania plans several nuclear power plants. Nuclear power proposals were presented as early as in the 1990s, but plans were repeatedly canceled even after bids were made by interested manufacturers because of high costs and safety concerns. Romania has always chosen Candu nuclear reactors because they use natural unenriched uranium which is cheap and available locally and because they can be refueled online. This has caused uneasy feelings to Romania's neighbors because they are ideal for producing weapons grade plutonium. To cover the increasing energy needs of its population and ensure the continued raising of its living standard, Romania plans several nuclear power plants. ... Core of a small nuclear reactor used for research. ... A power station (also power plant) is a facility for the generation of electric power. ... This article is about applications of nuclear fission reactors as power sources. ... The CANDU reactor is a pressurized-heavy water, natural-uranium power reactor designed in the 1960s by a partnership between Atomic Energy of Canada Limited and the Hydro-Electric Power Commission of Ontario as well as several private industry participants. ... These pie-graphs showing the relative proportions of uranium-238 (blue) and uranium-235 (red) at different levels of enrichment. ... This article is about the radioactive element. ...

From CIA Factbook:

Electricity:

• production: 63.91 TWh (2006)
• consumption: 57.21 TWh (2006)
• exports: 5.224 TWh (2005)
• imports: 2.321 TWh (2005)

Oil: The terawatt hour (TW·h) is a unit for measuring energy. ...

• production: 119,000 barrel/day (2005 est.)
• consumption: 212,800 barrel/day (2004 est.)
• exports: NA
• imports: 181,100 barrel/day (2004 est.)
• proved reserves: 955.6 million barrel (1 January 2005)

Natural gas: is the 1st day of the year in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...

• production: 11.22 billion m³ (2005 est.)
• consumption: 17.46 billion m³ (2005 est.)
• exports: 0 m³ (2005 est.)
• imports: 6.2 billion m³ (2005 est.)
• proved reserves: 96.4 billion m³ (1 January 2006)

Energy producers were dominated by government enterprises, although privately operated coal mines and oil refineries also existed. Accordingly, Romania placed an increasingly heavy emphasis on developing nuclear power generation. is the 1st day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...

Electric power in Romania was provided by the Romanian Electric Power Corporation (CONEL). Energy used in electric power generation consisted primarily of nuclear, coal, oil, and liquefied natural gas (LNG). Of the 54,885 million kwhr of electricity generated in 2005, 22 percent came from nuclear plants then in operation, 54 percent from thermal plants (oil and coal), and 14 percent from hydroelectric sites. It was predicted in 2007 that the generation structure by the year 2010 would be 10.2 percent hydroelectric, 12.2 percent oil, 22.9 percent coal, 10.2 percent LNG, and 44.5 percent nuclear.

Romania has significant oil and gas reserves, substantial coal deposits and it has substantial hydroelectric power installed. However, Romania imports oil and gas from Russia and other countries. To ease this dependency Romania seeks to use nuclear power as an alternative to electricity generation. So far, the country's only nuclear reactor, located at Cernavodă, accounts for about 9-10% of the country's electricity production, while a second one is scheduled to go online in 2007 and two more to start construction the same year. Nuclear waste is stored on site at reprocessing facilities. Possessing substantial oil refining capacities, Romania is particularly interested in the Central Asia-Europe pipelines and seeks to strengthen its relations with some Persian Gulf states. This article is about applications of nuclear fission reactors as power sources. ... Core of a small nuclear reactor used for research. ... Location of Cernavodă Coordinates: , Country County Status Town Government  - Mayor Hansa Gheorghe (National Liberal Party) Area  - Town 46. ... Electricity (from New Latin Ä“lectricus, amberlike) is a general term for a variety of phenomena resulting from the presence and flow of electric charge. ... Political Punk band from Victorville, Ca WWW.MYSPACE.COM/NUCLEARWASTEX ... It has been suggested that this article or section be merged into Cooperation Council for the Arab States of the Gulf. ...

In the decade between 1989 and 1999, Romania saw decrease of its greenhouse gas emissions by 55%. This can be accounted for by a 45% decrease in energy use due to languishing economy, and a 15% decrease in its carbon intensity of energy use. In this period of time the carbon intensity of Romania's economy decreased by 40%, while Romania's GDP declined 15%. Romania's GDP has recovered significantly since then. [9]

Electricity - production by source:

• fossil fuel: 62.5%
• hydro: 27.6%
• other: 0% (2001)
• nuclear: 9.9%

Electricity (Gwh)

Strip mining lignite at Garzweiler, Germany Lignite, often referred to as brown coal, is the lowest rank of coal and used almost exclusively as fuel for steam-electric power generation. ... Anthracite coal Anthracite is a hard, compact variety of mineral coal that has a high luster. ... Gas phase particles (atoms, molecules, or ions) move around freely Gas is one of the four major states of matter, consisting of freely moving atoms or molecules without a definite shape and without a definite volume. ... An oil tanker taking on bunker fuel. ... Look up hydro, hydro-, hydr- in Wiktionary, the free dictionary. ... Look up nuclear in Wiktionary, the free dictionary. ...

Romania placed a heavy emphasis on nuclear power generation. The country's first nuclear power plant, the Cernavoda Number One located near Cernavoda, opened in 1993. Two reactors were operational in 2007 when atomic power generation was an estimated 21,158 million kilowatts, or 23.1 percent of total electric power. The nuclear power plant. ...

"Bucureşti" (Boeing 737-300) at Bucharest Henri Coandă Airport

Image File history File linksMetadata Download high-resolution version (2592x1936, 1524 KB) Cristibur 16:34, 4 October 2006 (UTC) I, the creator of this work, hereby release it into the public domain. ... Image File history File linksMetadata Download high-resolution version (2592x1936, 1524 KB) Cristibur 16:34, 4 October 2006 (UTC) I, the creator of this work, hereby release it into the public domain. ... Henri Coandă International Airport (Romanian: Aeroportul InternaÅ£ional Henri Coandă) (IATA: OTP, ICAO: LROP) is the busiest airport in Romania, as well as one of the two airports serving Bucharest. ...

Physical infrastructure

Main article: Transport in Romania

This article is about transport in Romania, a member of the European Union. The volume of traffic in Romania, especially goods transportation, is at a very high level due to its central location in Europe. In the past few decades, much of the freight traffic shifted from rail to road. Individual traffic increased resulting in a traffic density very high by international comparison. A further strong increase of traffic is expected in the future. // The national railway operator is Căile Ferate Române. ...

• Blue Air Romanian low cost company
• TAROM (the national airline)
• Carpatair (regional airline)
• CFR railway transport

Romanian Siemens trains, class 96 (Desiro) DMU

Bucharest is the only city in Romania wich as of 2007 has an underground railway system, comprising both the Bucharest Metro and the light rail system Regia Autonomă de Transport Bucureşti. Although construction was planned to begin in 1941, due to geo-political factors, the Bucharest Metro was only opened in 1979. Now is one of the most accessed systems of the Bucharest public transport network with an average ridership of 600,000 [10] passengers during the workweek. In total, the network is 63 km long and has 45 stations. Blue Air is a low-cost airline based in Bucharest, Romania that started operation in 2004. ... TAROM is the flag carrier airline of Romania. ... One of Carpatairs two Fokker 100s, YR - FKA Carpatair is the largest regional airline in Eastern Europe, based in TimiÅŸoara, Romania. ... CFR can refer to: Code of Federal Regulations of the United States. ... Image File history File links Download high resolution version (1143x719, 62 KB) 96-2501-3 in Bucuresti Nord station. ... Image File history File links Download high resolution version (1143x719, 62 KB) 96-2501-3 in Bucuresti Nord station. ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... A rapid transit, underground, subway, tube, elevated, or metro(politan) system is a railway — usually in an urban area — with a high capacity and frequency of service, and grade separation from other traffic. ... A Bucharest Metro train at Pipera station The Bucharest Metro (Metroul BucureÅŸti in Romanian) is an underground urban railway network that serves the capital of Romania, Bucharest. ... This article is about light rail systems in general. ... Regia Autonomă de Transport BucureÅŸti is a public transport operator in Bucharest, Romania. ... A Bucharest Metro train at Pipera station The Bucharest Metro (Metroul BucureÅŸti in Romanian) is an underground urban railway network that serves the capital of Romania, Bucharest. ... A Bucharest Metro trainset Bucharest boasts the largest transport network in Romania, and one of the largest in Europe. ... The legal workweek varies from nation to nation, and its definition is usually heavily influenced by the predominant religion of the country, or by colonial history. ...

A2 freeway

Image File history File linksMetadata Download high-resolution version (2048x1536, 576 KB) A2 highway, Romania File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): A2 (Romania) Metadata This file contains additional information, probably added from the digital camera or... Image File history File linksMetadata Download high-resolution version (2048x1536, 576 KB) A2 highway, Romania File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): A2 (Romania) Metadata This file contains additional information, probably added from the digital camera or...

Primary sectors of the economy

Agriculture

Main article: Agriculture in Romania

Romania is one of the European major agricultural producers. The Bărăgan is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region. Beef production is located in central Romania, while the production of fruits, vegetables, and wine ranges from central to southern Romania. Romania is a large producer of many agricultural products and is currently expanding its forestry and fishery industries. The implementation of the reforms and the Uruguay Round of the GATT Agreement have resulted in reforms in the agricultural sector of the economy. Romania is the largest, upper-middle-income[6] economy of central-eastern Europe, the 12th largest in Europe by total nominal GDP and the 8th largest based on purchasing power parity. ... The Baragan Plain is a plain in south-central Romania. ... Species T. aestivum T. boeoticum T. dicoccoides T. dicoccon T. durum T. monococcum T. spelta T. sphaerococcum T. timopheevii References:   ITIS 42236 2002-09-22 Wheat Wheat For the indie rock group, see Wheat (band). ... The Uruguay Round was a trade negotiation lasting from September 1986 to April 1994 which transformed the General Agreement on Tariffs and Trade into the World Trade Organization. ... General Agreement on Tariffs and Trade (usually abbreviated GATT) functions as the foundation of the WTO trading system, and remains in force, although the 1995 Agreement contains an updated version of it to replace the original 1947 one. ...

Romania is the world's eleventh-largest agricultural producer and the sixth-largest agricultural exporter. However, the destination of 75% of its exports are other EU member states. Wheat, beef, pork, poultry, and dairy products are the principal exports. U.S. agricultural exports to Romania, totalling some $200 million annually, consist primarily of soybeans and products, feeds and fodders, seafood, and consumer oriented products, especially snack foods and nuts. Romania exports to the United States are mainly cheese, processed products and wine. They amount to more than $150 million annually.

The Romanian agricultural sector is heavily dependent upon subsidies from the European Union, which account for $1bn. Specific government policies, such as the infamous reclassification of French wine as a 'health food' to avoid VAT, also goes a long way to create a thriving domestic sector.

Romania is also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains. Romania is a major exporter of agricultural products, to the United States but also to Europe and East Asia. As with all other developed nations the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century.

Unlike the agricultural industries of many developed nations, Romanian farmers have to compete internationally without large subsidies. The Romanian Government does subsidize farmers with aid in times of disaster, but does not usually give farmers "base" support. Dairy and poultry farmers are distributed across the country, but most of the production in the agricultural industry are found in central Romania. Farmers earn their living from market sales only, and they focus mainly on the Romanian market; because they lack government subsidies, farmers rely on tariffs to limit the amount of agricultural imports.

The northern part of Romania produces primarily grains, rice, corn, sugarbeets, soybeans, meat, fruits and dairy products, while the south specializes in producing fruits, vegetables, olive oil and durum wheat. Romania is the second producer of wine in the Europe and one of the leading in fruits (apples, pears, apricots, peaches, cherries), flowers and horticulture vegetables. The word grain has several meanings, most being descriptive of a small piece or particle. ... For other uses, see Rice (disambiguation). ... This article is about the maize plant. ... Two sugar beets - the one on the left has been cultivated to be smoother than the traditional beet, so that it traps less soil. ... Binomial name (L.) Merr. ... This article is about the food. ... For other uses, see Fruit (disambiguation). ... Dairy products are generally defined as foodstuffs produced from milk. ... For other uses, see Fruit (disambiguation). ... For other uses, see Vegetable (disambiguation). ... For the Popeye character, see Olive Oyl. ... Durum wheat (T. turgidum durum) is the only tetraploid species of wheat widely cultivated today. ... For other uses, see Wine (disambiguation). ... For other uses, see Fruit (disambiguation). ...

Industry

Main article: Industry in Romania

Industrial production
Dacia Logan
Main industries	Automobile industry, petrochemicals, cement and construction, aircraft, textiles, food and beverages, mining, consumer durables, tourism
Industrial growth rate	10.1% (2007)
Labor force	15% of total labor force
GDP of sector	39.6% of total GDP

Romania has been very successful in developing dynamic telecommunications, industrial robots, aerospace, and weapons sectors. Industry and construction accounted for 32% of gross domestic product (GDP) in 2003, a comparatively large share even without taking into account related services. The sector employed 26.4% of the workforce. Romania excels in the production of automobiles, machine tools, and chemicals. With the manufacture of 0.5 million vehicles in 2003, Romania was the Europe’s third largest producer of automobiles. In 2004 Romania enjoyed one of the largest world market share in machine tools (5.3%). Romanian-based multinationals such as Dacia Logan, Igero bus, Petrom, Rompetrol, Bitdefender are brand names throughout the world. What is less well known is the vital role of small- to medium-sized manufacturing firms, which specialize in niche products and often are owned by management. These firms employ two-thirds of the Romanian workforce. Romania has been very successful in developing dynamic telecommunications, industrial robots, aerospace, and weapons sectors. ... Image File history File linksMetadata Download high-resolution version (1600x1200, 584 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Dacia (car) Dacia Logan Metadata This file contains additional information, probably added from the digital camera or scanner... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ... Car redirects here. ... A machine tool is a powered mechanical device, typically used to fabricate metal components of machines by the selective removal of metal. ... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ... Petrom is a Romanian oil company, the largest corporation in Romania and the largest gas and oil producer in Eastern Europe. ... The Rompetrol Group N.V. is a Romanian oil company, that operates in many countries throughout Europe: Romania - 2nd largest oil company, 40% market share France - 7th largest oil company, 5% market share Spain - 10th largest oil company, 5% market share Turkey - 7th largest oil company, 5% market share Russia... BitDefender is the name of a popular antivirus engine, made by SOFTWIN. BitDefender is among the most widely used antivirus programs, with over 50 million users from 100 countries. ...

Romania's industrial output is expected to advance 9% in 2007, while agriculture output is projected to grow 12%. Final consumption is also expected to increase by 11% overall - individual consumption by 14.4% and collective consumption by 10.4%. Domestic demand is expected to go up 12.7%.

The growth of the industrial sector was the principal stimulus to economic development. In 2007 manufacturing industries accounted for approximately 35 percent of the gross domestic product and 29 percent of the work force. Benefiting from strong domestic encouragement and foreign aid, Bucharest's industrialists introduced modern technologies into outmoded or newly built facilities at a rapid pace, increased the production of commodities--especially those for sale in foreign markets--and plowed the proceeds back into further industrial expansion. As a result, industry altered the country's landscape, drawing millions of laborers to urban manufacturing centers. Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ...

Factory automation systems were introduced to reduce dependence on labor, to boost productivity with a much smaller work force, and to improve competitiveness. It was estimated that over two-thirds of Romania's manufacturers spent over half of the funds available for facility investments on automation. This article does not cite any references or sources. ...

In 2007 Romanian manufacturers planned a significant shift in future production plans toward high-technology industries. In June 2005, panels of government officials, scholars, and business leaders held planning sessions on the production of such goods as new materials, mechatronics-- including industrial robotics-- bioengineering, microelectronics, fine chemistry, and aerospace. This shift in emphasis, however, did not mean an immediate decline in heavy industries such as automobile and ship production, which had dominated the economy in the 1990s.

Except for mining, most industries were located in the urban areas of the northwest and southeast. Heavy industries generally were located in the south of the country. Factories in Bucharest contributed over 25 percent of all manufacturing value-added in 1998; taken together with factories in surrounding Ilfov, factories in the Bucharest area produced 26 percent of all manufacturing that year. Factories in Bucharest employed 12 percent of the nation's 2.1 million factory workers.

Construction

Main article: Construction industry in Romania

Construction activity (about 10% of GDP) has increased due to recent tax incentives. Romania is becoming an increasingly popular choice for British property investors, according to recent research from Currencies Direct. ^[29] The latest Global Emerging Markets Index from the foreign exchange company shows that Romania has made the top ten for the first time, reaching number nine. The monthly index is based on the number of foreign exchange transfers undertaken by the firm to emerging market regions for property purchases. According to Currencies Direct, Romania has seen significant increases in house prices in recent years and its interest rate has dropped from a level of 154 per cent in 1997 to 8.9 per cent in 2005. Construction activity (about 10% of GDP) has increased due to recent tax incentives. ...

New towers rising in Bucharest

The construction industry in Romania contributed an estimated 5.95% in 2006 to the country's gross domestic product (GDP). Business Monitor International released Romania Infrastructure Report Q2 2007 in which they forecast an average industry growth rate of 6.84% over the 2007-2011 period.^[30] Image File history File links Metadata Size of this preview: 800 × 450 pixelsFull resolution‎ (1,280 × 720 pixels, file size: 122 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Metadata Size of this preview: 800 × 450 pixelsFull resolution‎ (1,280 × 720 pixels, file size: 122 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ...

The construction industry has been receiving funds from foreign institutions including European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB). Furthermore, the Romanian Ministry of Environment and Water Management is making efforts to align the Romanian environment standards with the European standards. One of the ongoing projects in the country is the construction work on the various sections of the Bucharest-Brasov motorway. An increasing number of foreign companies are showing interest in electrical production capacities in the country. Companies include Germany's Siemens, U.S-based AES Corporation and Geneva-based Societe Bancaire Private. Siemens has the following uses: Siemens is a German family name carried by generations of the telecommunications industrialists, including Werner von Siemens, Sir William Siemens, Wilhelm von Siemens and Peter von Siemens Siemens AG is a German electrical and telecommunications company, founded as a telegraph equipment manufacturer by Werner von... AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. ...

However, the construction industry is subject to a number of risks, which can affect its growth. The rising budgetary deficit, for example, has had an increasingly adverse impact on the availability of funds for the infrastructure sector.

Despite the drawbacks, BMI ranked Romania 12th out of the 13 states included from the Emerging Europe for the infrastructure business environment. The construction industry is forecast to reach a value of RON36.2bn (US$13.41bn) by 2011, from an estimated RON20.88bn (US$7.43bn) in 2006.^[31]

Manufacturing

Main article: Manufacture in Romania

The general pattern of development for wealthy nations was a transition from a primary industry based economy to a manufacturing based one, and then to a service based economy. Romania did not follow this pattern, manufacturing has always been secondary, though certainly not unimportant. In part because of this, Romania did not suffer as greatly from the pains of deindustrialization in the 1970s and 1980s. Manufacturers have been attracted to Romania due to the highly educated population with lower labour costs than the EU. Romania's government-run healthcare system is also an important attraction, as it exempts companies from the high health insurance costs they must pay in the EU. Deindustrialization is the process by which the manufacturing-based economy of a country or region declines. ...

Car manufacturing

Main article: Car manufacturing in Romania

Much of the Romanian manufacturing industry consists of branch plants of EU firms, though there are some important domestic manufacturers, such as Dacia Logan, Daewoo, Roman Braşov, Igero bus ^[32]. This has raised several concerns for Romanians. Branch plants provide mainly blue collar jobs, with research and executive positions confined to the EU. About half a million cars are produced each year in Romania. Further information: Automobile Dacia and Daewoo Romania Much of the Romanian manufacturing industry consists of branch plants of EU firms, though there are some important domestic manufacturers, such as Dacia Logan, Daewoo, Roman BraÅŸov, Igero bus [1]. This has raised several concerns for Romanians. ... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ... This article is about the chaebol Daewoo Group. ... A blue-collar worker is a member of the working class who performs manual labor and earns an hourly wage. ...

Dacia Logan MCV

Ford bought Daewoo Romania company for $ 57 millions to produce Ford automobiles to a car production estimated to be over 300,000 by 2010. ^{[33] [34] [35]} Ford will invest €675 million (US$923 million) in the former Daewoo car factory. Ford also said it would buy supplies from the Romanian market worth €1 billion (US$1.39 billion). ^[36] Image File history File links Metadata Size of this preview: 717 × 600 pixelsFull resolution (1836 × 1536 pixel, file size: 453 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Metadata Size of this preview: 717 × 600 pixelsFull resolution (1836 × 1536 pixel, file size: 453 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ... Ford may mean a number of things: A ford is a river crossing. ... Ford may mean a number of things: A ford is a river crossing. ... Car redirects here. ...

The Dacia Logan was the top-selling new car in Central and Eastern Europe in the first half of 2007 with 52,750 units sold, ahead of Skoda Fabia (41,227 units), Skoda Octavia (33,483 units),Opel Astra (16,442 units) and Ford Focus (14,909 units), shows a market survey of JATO Dynamics, the leading supplier of automotive market intelligence. ^[37] Romania lead the regional auto market growth in the first half of 2007, both up 25 percent as against the similar period last year, said the local weekly Capital in its latest issue Wednesday.

High technology

Main article: High technology in Romania

Romania planners realized that the country needed to advance quickly in such areas as high technology if the economy were to grow while matching foreign competition. In 1997 the Romania Development Institute issued a report, Romania Year 2000, that profiled Romania economic development in 2000. The Romania Development Institute noted that the industrial structure would be highly developed and would resemble that of advanced countries inasmuch as high value-added industries, high-technology industries, and soft industries grew relatively rapidly. Further, changes in industrial structure were expected rapidly to reduce the demand for unskilled workers while simultaneously increasing the demand for professional and technical manpower, resulting in further change of the employment structure.

The Romania Development Institute also noted that the Ministry of Science and Technology had prepared a long-range plan of science and technology for the twenty-first century that took into account limited available resources. Accordingly, Romania selected its comparative advantage areas, including informatics-- particularly information storage and retrieval and electronic data processing, fine chemicals, and precision machinery in the short term; biotechnology and new materials in the mid-term; public benefit areas, such as the environment, health, and welfare, as another group; and oceanography and aeronautics for the medium and long term. Informatics includes the science of information, the practice of information processing, and the engineering of information systems. ... In drug manufacture, fine chemicals are pure, single chemical substances that are produced by chemical reactions. ... The structure of insulin Biotechnology is technology based on biology, especially when used in agriculture, food science, and medicine. ... Thermohaline circulation Oceanography (from Ocean + Greek γράφειν = write), also called oceanology or marine science, is the branch of Earth Sciences that studies the Earths oceans and seas. ... Six F-16 Fighting Falcons with the U.S. Air Force Thunderbirds aerial demonstration team fly in delta formation in front of the Empire State Building. ...

In 2000 Romania announced an ambitious plan to promote science and technology so that high-technology activities would dominate the economy by the year 2007. The Ministry of Science and Technology intended to coordinate technology-related projects between government and industry in a variety of fields including semiconductors, computers, chemistry, and new materials.

Finish mobile phone maker Nokia is planning to start the production at it`s two new plants in Jucu and Cluj-Napoca in Romania. This project was called the Nokia Village concept. In 2009 the Jucu plant is estimated to operate at full capacity. The production in Cluj will also begin sometime during 2008.^{[38] [39] [40]} This article is about the telecommunications corporation. ...

Arms industry

Main article: Arms industry in Romania

Romania is the 11th largest arms supplier in the world. The Romanian arms industry's main customer, for whom they mainly build warships, guns, nuclear weapons and equipment, is the Romanian Government. Furthermore, record high defense expenditure (currently at 5 billion €), which was considerably increased under the government of Prime Minister Calin Popescu Tariceanu, have contributed to the success of the Romanian arms industries. In addition, external demand plays a big part in the growth of this sector: for example, Romanian exports great quantities of weaponry to the Middle East. Romania is the 11th largest arms supplier in the world. ... Călin Popescu-Tăriceanu The title given to this article lacks diacritics because of certain technical limitations. ...

In recent years, the Romanian Government has called, unsuccessfully, for the lifting of the EU weapons trade embargo on China.

Services

Main article: Services in Romania

In 2003 service sector constituted 55% of gross domestic product (GDP), and the sector employed 51.3% of the workforce. The subcomponents of services are financial, renting, and business activities (20.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%). In 2003 services constituted 55% of gross domestic product (GDP), and the sector employed 51. ... The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). ...

The service sector in Romania is vast and multifaceted, employing some three quarters of Romanians and accounting for two thirds of GDP. The largest employer is the retail sector, employing almost 12% of Romanians. The retail industry is mainly concentrated in a relatively small number of chain stores clustered together in shopping malls. In recent years the rise of big-box stores, such as Cora (hypermarket) (of the France) and Carrefour (a subsidiary of the french), have led to fewer workers in this sector and a migration of retail jobs to the suburbs. Drawing of a self-service store. ... For the traditional meaning of the word mall, see pedestrian street or promenade. ... This article does not cite its references or sources. ... Cora is a retail group based in France which owns several supermarket and hypermarket chains internationally. ... This article or section does not cite its references or sources. ...

The second largest portion of the service sector is the business services, employing only a slightly smaller percentage of the population. This includes the financial services, real estate, and communications industries. This portion of the economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Bucharest (see Banking in Romania). In economics, a business is a legally-recognized organizational entity existing within an economically free country designed to sell goods and/or services to consumers, usually in an effort to generate profit. ... Financial services is a term used to refer to the services provided by the finance industry. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... Commercial Banks: ABN AMRO Bank Romania A wholly owned subsidiary of ABN AMRO Bank N.V., established in November 1995. ...

The education and health sectors are two of Romania's largest, but both are largely under the purview of the government. The health care industry has been rapidly growing, and is the third largest in Romania. Its rapid growth has led to problems for governments who must find money to fund it.

Romania has an important high tech industry, and also an entertainment industry creating content both for local and international consumption. Tourism is of ever increasing importance, with the vast majority of international visitors coming from the EU, though the recent strength of the Romanian leu has damaged this sector. High tech refers to high technology, technology that is at the cutting-edge and the most advanced currently available. ... For the Moldovan currency, see Moldovan leu. ...

Tourism

Main article: Tourism in Romania

CEC Palace in Bucharest, the oldest Romanian bank

Sibiu, the 2007 European Capital of Culture

Tourism is a significant contributor to the Romania Economy. In the 1990s the government heavily promoted the development of skiing in the Romanian Carpathians. Domestic and international tourism generates about 4% of gross domestic product (GDP) and 0.8 million jobs. Following commerce, tourism is the second largest component of the services sector. In 2006 Romania registered 20 million overnight stays by international tourists, 4% higher than in the previous year and an all-time record. Two-thirds of all major trade fairs from Central Europe are held in Romania, and each year they attract 2 to 3 million business travelers, about 20% of whom are foreigners. The four most important trade fairs take place in Bucharest, Cluj-Napoca, Iaşi, Timişoara. The official logo of Romania, used to promote the tourist attractions in the country Tourism in Romania focuses on the countrys natural landscapes and its rich history. ... Image File history File links Metadata Size of this preview: 800 × 533 pixelsFull resolution‎ (3,456 × 2,304 pixels, file size: 988 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Metadata Size of this preview: 800 × 533 pixelsFull resolution‎ (3,456 × 2,304 pixels, file size: 988 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... Image File history File links Sibiuphoto. ... Image File history File links Sibiuphoto. ... County Status County capital Mayor Klaus Johannis, from the Democratic Forum of Germans of Romania, since 2000 Area 121. ... The European Capital of Culture is a city designated by the European Union for a period of one year during which it is given a chance to showcase its cultural life and cultural development. ... Cross-country skiing (skating style) in Einsiedeln, Switzerland. ... Satellite image of the Carpathians. ... Tourist redirects here. ... Central Europe The Alpine Countries and the Visegrád Group (Political map, 2004) Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... Map of Romania showing Cluj_Napoca Cluj_Napoca (Hungarian: Kolozsvár, German: Klausenburg, Latin: Claudiopolis), the seat of Cluj county, is one of the most important academic, cultural and industrial centers in Romania. ... County Status Municipality Mayor Gheorghe Nichita, Social Democratic Party, since 2003 Area 93. ... County Status County Capital Mayor Gheorghe Ciuhandu, Christian-Democratic Peoples Party, since 1996 Area 129. ...

Tourism is one of the most dynamic and fastest developing sectors in Romania. According to travel agencies TUI AG and Thomas Cook, 17 of the 100 best hotels of the world are located in Romania. TUI AG (Touristik Union International) (ISIN: DE000TUAG000) is a German based company. ... For other uses, see Thomas Cook (disambiguation). ...

In the year 2006, 14,122,798 tourists vacationed in Romania. The total revenue was $4.2 billion and with an average expenditure of $679 per tourist. Over the years, Romania has emerged as a popular tourist destination for many Europeans, often competing with Greece, Italy and Spain. Romania destinations such as Constanta and Mamaia (sometimes called the Romanian Riviera) have become very popular among European tourists. A tourist boat travels the River Seine in Paris, France Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ... Constanţa (old names: Kustendji, Kustendja, Köstence, Constantza) is a seaport on the Black Sea and the capital of Constanţa county, Romania. ... Mamaia is the biggest resort on the Romanian Black Sea shore. ...

Romania has a highly developed tourism infrastructure, making it a good market for tourism-related equipment and services.

In 2006 it is reported that the hotel and restaurant industry added gross value of $8,074 million to the Romanian economy in 2005.

Banking and finance

Main articles: Banks in Romania and Bucharest Stock Exchange

The Bucharest Stock Exchange building

Commercial Banks: ABN AMRO Bank Romania A wholly owned subsidiary of ABN AMRO Bank N.V., established in November 1995. ... The Bucharest Stock Exchange (Bursa de Valori Bucureşti in Romanian) is a stock exchange in Bucharest, capital of Romania. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution‎ (768 × 1,024 pixels, file size: 569 KB, MIME type: image/jpeg) The content of this image was reviewed by Ronline and afterwards uploaded by FlickrLickr. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution‎ (768 × 1,024 pixels, file size: 569 KB, MIME type: image/jpeg) The content of this image was reviewed by Ronline and afterwards uploaded by FlickrLickr. ... The Bucharest Stock Exchange (Bursa de Valori Bucureşti in Romanian) is a stock exchange in Bucharest, capital of Romania. ...

Stocks

In the first four years of the twenty-first century, Romania's BET Index was the best-performing stock market index in the world as declared by the international magazine “Business Week”. A comparison of three major stock indices: the NASDAQ Composite, Dow Jones Industrial Average, and S&P 500. ...

The stock market capitalisation of listed companies in Romania was valued at $285,937 million in 2006 by the World Bank. As a result, the corporate sector of Romania has grown dramatically in significance in recent times. Market capitalization, often abbreviated to market cap, mkt. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... Motto (each main institution has its own motto) Anthem DeÅŸteaptă-te, române! Romania() – on the European continent() – in the European Union() [] Capital (and largest city) Bucharest (BucureÅŸti) Official languages Romanian1 Demonym Romanian Government Semi-presidential Unitary Democratic Republic  -  President Traian Băsescu  -  Prime Minister Călin Popescu...

Investment

The stock market capitalisation of listed companies in Romania was valued at $225,568 million in 2007 by the World Bank. Market capitalization, often abbreviated to market cap, mkt. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...

Stock exchanges

• Bucharest Stock Exchange
• Rasdaq
• Sibiu Stock Exchange

Stock indices Bucharest Stock Exchange has four indices: The Bucharest Stock Exchange (Bursa de Valori Bucureşti in Romanian) is a stock exchange in Bucharest, capital of Romania. ... Rasdaq was the name of the company that operated RASDAQ Market, one of the two Romanian exchanges at the time. ... The Sibiu Monetary Financial and Commodities Exchange (Bursa Monetar Financiarã şi de Mãrfuri Sibiu or BMFMS in Romanian) is a stock exchange in Sibiu, Romania. ... In economics and finance an index (for example a price index, a stockmarket index) is a benchmark of activity, performance or any evolution in general. ...

• BET(Bucharest Exchange Trading index (BET)) which was created first, reflects the evolution of the most liquid 10 stocks (except Investment Funds); it is the most followed index of the exchange
• BET-C (BET Composite) reflects the evolution of all listed stocks (except Investment Funds)
• BET-FI reflects the evolution of the five large Investment Funds created in the Mass Privatisation Program
• ROTX (Romanian Traded Index) reflects the evolution of the most liquid blue chips

The Bucharest Exchange Trading index (BET or BET-10) is an index of 10 stocks that trade on the Bucharest Stock Exchange. ... The Bucharest Exchange Trading index (BET or BET-10) is an index of 10 stocks that trade on the Bucharest Stock Exchange. ... A blue chip stock is the stock of a well-established company having stable earnings and no extensive liabilities. ...

Socio-economic characteristics

The culture of Romania is rich and varied. ... Politics of Romania takes place in a framework of a parliamentary representative democratic republic, whereby the Prime Minister of Romania is the head of government, and of a pluriform multi-party system. ... Human rights in Romania are generally respected by the government. ...

Labour force

Main article: Labour force in Romania

The distribution of Romania’s workforce by sector is very similar to the relative output of each sector. In 2006 the workforce was distributed as follows: agriculture, 5.2%; industry, 32.4%; and services, 56.3%. Participants in the workforce totaled almost 10 million.

Wages

Main article: Wages in Romania

Romania's gross average wage for July 2007 was 428.74 Euro ($583.08). ^[41] The income from salaries in Romania had the highest growth rate in the region during the last year 2006. The level of the minimum wage depends on the country and the standard of living within that state. In Romania its above €200. ^[42] A higher minimum wage can reduce poverty by increasing the income of people on the minimum wage in poor households by more than the average rate. The majority of people on the minimum wage, however, live in medium or higher-income households. Most poor people are not affected by any increase in the minimum wage since they are unemployed.

Monthly agerage earnings according to BBC News in 2006 were: child servant 240 euros, teacher 270 euros, labourer/unskilled worker 180 euros.^[43] BBC News is the department within the BBC responsible for the corporations news-gathering and production of news programmes on BBC television, radio and online. ...

Regional variation

The strength of the Romanian economy varies from region to region. GDP, and GDP per capita is highest in Bucharest. The following table shows the GDP (2005) per capita of the 4 counties and 2 areas, with data supplied by Eurostat. Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Originally, a county was the land under the jurisdiction of a count (in Great Britain, an earl, though the original earldoms covered larger areas) by reason of that office. ... The Statistical Office of the European Communities (Eurostat) is the statistical arm of the European Commission, producing data for the European Union and promoting harmonisation of statistical methods across the member states. ...

Inner Bucharest has a GDP per capita about $31,400. Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... Facts Development region: Nord-Vest Historic region: Transylvania Capital city: Cluj-Napoca Population:  â€¢ As of 2002:  â€¢ Population density: 702,755 105/km² Area: 6,674 km² Codes:  â€¢ Car numbers  â€¢ ISO 3166-2:RO CJ RO-CJ Telephone code: (+40) x64 (1) Web:   County Council Prefecture 1. ... For other uses of TimiÅŸ, see TimiÅŸ (disambiguation). ... Facts Development region: Centru Historic region: Transylvania Capital city: BraÅŸov Population:  â€¢ As of 2002:  â€¢ Population density: 589,028 110/km² Area: 5,363 km² Codes:  â€¢ Car numbers  â€¢ ISO 3166-2:RO BV RO-BV Telephone code: (+40) x68 (1) Web:   County Council Prefecture 1. ... Facts Development region: Sud-Est Historic region: Dobruja Capital city: ConstanÅ£a Population:  â€¢ As of 2002:  â€¢ Population density: 715,151 101/km² Area: 7,071 km² Codes:  â€¢ Car numbers  â€¢ ISO 3166-2:RO CT RO-CT Telephone code: (+40) x41 (1) Web:   County Council Prefecture 1. ...

Economy of Bucharest

Main article: Economy of Bucharest

Charles de Gaulle Plaza, Bucharest

BRD Tower in Victoriei square

Bucharest is the most economically-developed and industrialised city in Romania, producing around 21% of the country's GDP and about one-quarter of its industrial production, while only accounting for 9% of the country's population.^[44] Almost one third of national taxes is paid by Bucharest's citizens and companies. Based on local purchasing power, Bucharest has a per-capita GDP of 64.5% that of the European Union average (2004), and more than twice the Romanian average.^[45] Based on the fact that Bucharest produces around 21% of Romanian GDP for a population of around 2 million, the GDP (PPP) per capita of the city would be US$30,057. The city's strong economic growth has revitalised infrastructure and led to the development of many shopping malls and modern residential towers and high-rise office buildings. In September 2005, Bucharest had an unemployment rate of 2.6%, significantly lower than the national unemployment rate of 3.6%.^[46] Charles de Gaulle Plaza seen from the Herăstrău Park BRD Tower in Victoriei square Bucharest is the most economically-developed and industrialised city in Romania, producing around 21% of the countrys GDP and about one-quarter of its industrial production, while only accounting for 9% of the... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (768 × 1024 pixel, file size: 477 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (768 × 1024 pixel, file size: 477 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... For other uses, see Charles de Gaulle (disambiguation). ... Nickname: Motto: Patria si Dreptul Meu (My Country and My Right) Location of Bucharest within Romania (in red) Coordinates: , Country County Founded 1459 (first official record) Government  - Mayor Adriean Videanu Area  - City 228 km²  (88 sq mi)  - Metro 238 km² (91. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (900 × 1200 pixel, file size: 532 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (900 × 1200 pixel, file size: 532 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... BRD - Groupe Société Générale is a Romanian bank owned by the french Société Générale financial group. ... Industrialisation (or industrialization) or an industrial revolution (in general, with lowercase letters) is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state . ... PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ...

Bucharest's economy is mainly centred on industry and services, with services particularly growing in importance in the last ten years. The city serves as the headquarters of 186,000 firms, including nearly all large Romanian companies.^[47] An important source for growth since 2000 has been the city's property and construction boom, which has resulted in a significant growth in the construction sector. Bucharest is also Romania's largest centre for information technology and communications and is home to several software companies, including Softwin, which operates internationally. Bucharest contains Romania's largest stock exchange, the Bucharest Stock Exchange, which was merged in December 2005 with the Bucharest-based electronic stock exchange, Rasdaq. Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Information and communication technology spending in 2005 Information technology (IT), as defined by the Information Technology Association of America (ITAA), is the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware. ... SOFTWIN, founded in 1990, is a software company based in Bucharest, Romania with offices in Tettnang (Germany), Barcelona (Spain) and Fort Lauderdale (USA). ... The Bucharest Stock Exchange (Bursa de Valori BucureÅŸti in Romanian) is a stock exchange in Bucharest, capital of Romania. ... Rasdaq was the name of the company that operated RASDAQ Market, one of the two Romanian exchanges at the time. ...

The city has a number of international supermarket chains such as Carrefour, Cora and METRO. At the moment, the city is undergoing a retail boom, with a large number of supermarkets, and hypermarkets, constructed every year. For more information, see supermarkets in Romania. The biggest modern shopping centres in Bucharest are Bucharest Mall, Plaza Romania, City Mall, Jolie Ville Galleria and Unirea Shopping Center. However, there are also a large number of traditional markets; the one at Obor covers about a dozen city blocks, and numerous large stores that are not officially part of the market effectively add up to a market district almost twice that size. Packaged food aisles in a Fred Meyer store in Portland, Oregon A supermarket is a departmentalized self-service store offering a wide variety of food and household merchandise. ... This article or section does not cite its references or sources. ... The term cora could refer to: Individuals: The American cellist Tom Cora An Iron Chef on Food Networks Iron Chef America, Cat Cora The Greek goddess Persephone (Roman Proserpina), also known as Cora Other uses: A French rocket, Cora (rocket) A French-owned hypermarket company operating internationally, Cora (hypermarket... METRO AG Logo METRO AG is a diversified retail and wholesale/cash and carry group based in Germany. ... The Romanian supermarket industry is a highly successful market in the retail area. ... The Bucharest Mall is a modern shopping mall located in Bucharest, Romania. ... The Plaza Romania is Romanias largest shopping centre. ... Jolie Ville Galleria is a luxury shopping centre in Bucharest, Romania. ... Categories: Possible copyright violations ... Obor is the name of a market and the surrounding district of Bucharest, the capital of Romania. ...

Growing middle class

Measured by purchasing power, Romania has a 17.5 million strong middle class. It is estimated that Romania possesses a "a middle class of 17.6 million people that Standard Chartered estimates now earn an average of about $22-25,000 a year. In addition, Romania has a growing upper class with relatively high per capita incomes.

World Bank estimated that in 2002 99% of the urban and 94% of the rural population had access to electricity. In 2004, 91% of the urban and only 16% of the rural population had access to improved water supply and 94% of the urban population had access to improved sanitation.^[48] The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...

In 2007 there were about 19.5 million mobile phone users in Romania. ^[49], ^[50] and about 14.8 internet users.

Information Technology

Romania is one of the fastest-growing information technology (IT) markets in Central and Eastern Europe. The country has made significant progress in all of the information and communications technology (ICT) subsectors, including basic telephony, mobile telephony, the Internet and IT. The country’s telecoms sector has been deregulated, expanded and modernised over the past 15 years. ^[51] Look up It in Wiktionary, the free dictionary. ... For other uses, see Europe (disambiguation). ... The term communications is used in a number of disciplines: Communications, also known as communication studies is the academic discipline which studies communication, generally seen as a mixture between media studies and linguistics. ... ICT may refer to: Institute of Chemical Technology, a premier institute located in the city of Mumbai, India International Campaign for Tibet, a political interest group In information technology: Information and Communications Technology, a broad subject concerned with technology and other aspects of managing and processing information Intelligent Collaboration Transparency... Look up Mobile in Wiktionary, the free dictionary. ...

Romania is the leader in Europe, and sixth in the world, in terms of the number of certified IT specialists, with density rates per 1,000 inhabitants greater than in the US or Russia. There are about 64,000 specialists in the IT sector. Approximately 5,000 of the 30,000 engineers graduating every year in Romania are trained in ICT. ^[52] Microsoft acquired Romanian Antivirus Technology in 2003. According to Microsoft, Romania has a clear potential in information technology, an area in which Romanian students, researchers and entrepreneurs excel. ^[53] Its western-oriented culture and the high educational degree of its youth bring Romania forward as a huge potential market (the second largest software producer in Eastern Europe). In terms of IT outsourcing services Romania is ranked in the third place worldwide successfully challenging India. ^[54] United States may refer to: Places: United States of America SS United States, the fastest ocean liner ever built. ...

External trade and investment

Global trade relations

Italy is Romania's largest trading partner; two-way trade totalled some $22.6 billion in 2007. The principal Italy exports to Romania include computers, integrated circuits, aircraft parts and other defense equipment, wheat, and automobiles. Romania's chief exports to the Itlay include cut diamonds, jewelry, integrated circuits, printing machinery, and telecommunications equipment. This article is about the machine. ... Integrated circuit of Atmel Diopsis 740 System on Chip showing memory blocks, logic and input/output pads around the periphery Microchips with a transparent window, showing the integrated circuit inside. ...

2.8% of the country's GDP is derived from Agricultural activity. While Romania imports substantial quantities of grain, it is largely self-sufficient in other agricultural products and food stuffs, due to the fact that food must be regulated for sell in the Romania retail market, and hence imports almost no food products from other countries. Romania imported in 2006 food products of 2.4 billion euros, up almost 20% versus 2005, when the imports were worth slightly more than 2 billion euros. The EU is Romania’s main partner in the trade with agri-food products. The exports to this destination represent 64, and the imports from the EU countries represent 54%. Other important partners are the CEFTA countries, Turkey, Republic of Moldova and the USA.^[55]

Romania is one of the world's major exporters of military equipment, accounting for 3-4% of the world total in 2007. EU members are represented by a single official at the WTO. “WTO” redirects here. ...

Balance of payments

Current account balance: $-14.000 billion (2007 est.)

Foreign direct investment

Main article: Foreign direct investment in Romania

Bucharest Financial Plaza

(FDI) in Romania has increased dramatically. In 2006 net foreign direct investment was inbound US$12 billion (EUR 9.1 billion). Cheap and skilled labor force, low taxes, a 16% flat tax for corporations and individuals, no dividend taxes, liberal labor code and a favorable geographical location are Romania’s main advantages for foreign investors. FDI has grown by 600% since 2000 to around $13.6 billion or $2,540 per capita by the end of 2004. In October 2005 new investment stimuli introduced – more favorable conditions to IT and research centers, especially to be located in the east part of the country (where is more unemployment), to bring more added value and not to be logistically demanding. (FDI) in Romania has increased dramatically. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (768 × 1024 pixel, file size: 371 KB, MIME type: image/jpeg) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (768 × 1024 pixel, file size: 371 KB, MIME type: image/jpeg) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Foreign direct investment (FDI) is the movement of capital across national frontiers in a manner that grants the investor control over the acquired asset. ... This article is about economics. ...

Origin of direct foreign investment 1996-2005 – the Netherlands 24.3%; Germany 19.4%, Austria 14.1%; Italy 7.5%, United States (8th largest investor) 4.0%. Top investors from countries, by companies: Erste Bank (Austria), OMV (Austria), Gaz de France (France), Orange (France), Vodafone (U.K.), Ford (U.S.A.), MOL (Hungary), ENEL (Italy), E.ON (Germany), Nokia (Finland) ... General Motors considers Romania for plant ^[56]. General Motors could shortly begin investments in order to develop a production centre in Romania, with Cluj-Napoca as a potential location for the future plant, close to the Nokia Village. Nokia invested $100 mn in a plant near Cluj-Napoca. ^[57] SABMiller is set to invest EUR50m (US$69m) in expanding production at one of its breweries in Romania (Ursus (beer)). ^[58] Czech-based investor and developer CTP Invest plans to allocate EUR 60 mln next year in industrial property development in Romania.^[59] Snowmobile and motorcycle maker Polaris Industries Inc. will invest 50 million euros ($69.41 million) in a snowmobile plant in Romania. ^[60] Erste Bank is a retail bank in Central Europe based in Austria, Vienna, and operating in Austria, Croatia, the Czech Republic, Hungary, Romania, Serbia, and Slovakia. ... For other uses, see OMV (disambiguation). ... Gaz de France is a French company which specializes in the transportatino and distribution of natural gas. ... For the etymology of the word, see orange (word). ... Vodafone Group Plc is a mobile network operator headquartered in Newbury, Berkshire, England, UK. It is the largest mobile telecommunications network company in the world by turnover and has a market value of about £84. ... The United Kingdom of Great Britain and Northern Ireland is a country in western Europe, and a member of the European Union. ... Ford may mean a number of things: A ford is a river crossing. ... For other uses, see United States (disambiguation) and US (disambiguation). ... Mol may refer to: Mol, Belgium, a municipality in Belgium Mol, Serbia, a town in Serbia The symbol mol (always lowercase) for a mole, the SI unit used in science for an amount of substance *.mol is the file extension of the MDL Molfile chemical file format MOL may stand... Enel is a common romanization of the name Eneru, a fictional villain from the manga and anime series known as One Piece. ... E.ON AG (ISIN: DE0007614406, NYSE: EON, LSE: EON) , based in Düsseldorf, Germany, is an energy corporation, one of the 30 members of the DAX stock index of major German companies. ... This article is about the telecommunications corporation. ... General Motors Corporation, also known as GM, an American multinational corporation, is the worlds largest auto company by production volume for the first 9 months of 2007, and by sales volume for 76 consecutive years. ... Map of Romania showing Cluj_Napoca Cluj_Napoca (Hungarian: Kolozsvár, German: Klausenburg, Latin: Claudiopolis), the seat of Cluj county, is one of the most important academic, cultural and industrial centers in Romania. ... Ursus is the best-selling beer in Romania, due to its respected flavour and reasonable price compared to imported beers. ... A snowmobile tour at Yellowstone National Park. ... For other uses, see Motorcycle (disambiguation). ... For other uses, see Polaris (disambiguation). ...

Sectors of direct foreign investment - industry 38.4%; banking and insurance 22.2%; wholesale and retail trade 13.1%; production of electricity, gas and water 10.5%; transportation and telecommunications 9.2%.

Romanian investments abroad

Romanian furniture chain opens hypermarket in Bulgaria's capital. Romanian furniture company Mobexpert opened its first hypermarket in Bulgaria in Sofia's residential district of Lyulin. Ten million euro was invested, of which 80 per cent were provided as a bank credit from Alpha Bank. ^[61] Annual profit of Mobexpert's hypermarkets was 200 million euro. The company has 4500 employees. The Romanian electronics producer Altex, which is considered the largest one in the country, plans to enter the Bulgarian market in 2008. ^[62] Altex has 90 stores in Romania's largest cities. In Bucharest alone there are ten stores. The company previously announced its plans to enter the Serbian market as well. This article is about the capital of Bulgaria. ... Lyulin (Люлин in Bulgarian Cyrillic) may refer to: Lyulin Mountain in western Bulgaria, after which most others are named Lyulin, a municipality of Sofia Lyulin motorway, a motorway linking Sofia and Pernik Lyulin, a village in Yambol Province Lyulin, a village in Pernik Province Lyulin Peak, a peak on Livingston Island... Alpha Bank is the second largest bank in Greece with 450 branches throughout the country. ... Altex is the biggest retailer of electronics, electrical home appliances, multimedia and IT&C in Romania with over 120 stores across the country. ...

Taxation and borrowing

Main article: Taxation in Romania

Taxation in the Romania may involve payments to at least two different levels of government: local government and central government (HM Revenue & Customs). Local government is financed by grants from central government funds, business rates, council tax and increasingly from fees and charges such as those from on-street parking. Central government revenues are mainly income tax, national insurance contributions, value added tax, corporation tax and fuel duty. Local governments are administrative offices that are smaller than a state or province. ... Central government or the national government (or, in federal states, the federal government) is the government at the level of the nation-state. ... Her Majestys Revenue and Customs (HMRC) is a new department of the British Government created by the merger of the Inland Revenue and Her Majestys Customs and Excise which came into formal effect on 18 April 2005. ... Business rates are a United Kingdom tax charged to businesses and other occupiers of non-domestic property. ... The Council Tax is the main form of local taxation in England, Scotland and Wales. ... Vehicle clamping Vehicle removal Decriminalised Parking Enforcement (DPE) is the name given in the United Kingdom to the civil enforcement of car parking regulations. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        UK Income Tax and National Insurance (2005–2006) UK Income Tax and National Insurance as a % of Salary (2005–2006) National Insurance (NI) is a system of taxes and related social security benefits in the... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Value added tax (VAT), or goods and services tax (GST), is... Hydrocarbon oil duty is the name given to the excise duty levied on oils (mainly road vehicle fuels) in the United Kingdom. ...

These data show the tax burden (personal and corporate) and national debt as a percentage of GDP. Samples are taken at 10 year intervals (snapshots, but the rolling averages are very close).

Environmental concerns

As with most of the fast developing countries, there is an environmental issue and a concern that Romania's model of economic growth (based on the construction industry, manufacturing sectors, and mass tourism). Although Romania's population decrease by less than 5% between 1990 and 2000, urban areas expanded by no less than 25% over the same period. Meanwhile, Romania's energy consumption has doubled over the last 15 years and is currently rising by 6% per annum. This is particularly worrying for a country whose dependence on imported oil (meeting roughly 40% of Romania's energy needs) is one of the greatest in the European Union. Large-scale housing and tourism development are placing strain on local land and water resources.

Post-industrial economic developments

Several issues have dominated the debate on Romania's economy since the 1970s:

• Cost of living - Romania is among the most expensive countries in the Europe, as reflected in the Big Mac Index and other indexes. Historically, transportation costs and barriers to free trade had caused the disparity, but in recent years, Romanian policy with respect to labor relations, taxation, etc., have contributed significantly.
• Competitiveness of "mainland" industries - the high cost of labor and other structural features of the Romanian environment have caused concern about Romania's ability to maintain its cost of living in a post-petroleum era. There is a clear trend toward ending the practice of "protecting" certain industries and making more of them "exposed to competition". In addition to interest in information technology, a number of small- to medium-sized companies have been formed to develop and market highly specialized technology solutions.
• The role of the public sector - the ideological divide between socialist and non-socialist views on public ownership has decreased over time. The Romanian government has sought to reduce its ownership over companies that require access to private capital markets, and there is an increasing emphasis on government facilitating entrepreneurship rather than controlling (or restricting) capital formation. A residual distrust of the "profit motive" persists, and Romanian companies are heavily regulated, especially with respect to labor relations.
• The future of the welfare state - since World War II, successive Romanian governments have sought to broaden and extend public benefits to its citizens, in the form of sickness and disability benefits, minimum guaranteed pensions, heavily subsidized or free universal health care, unemployment insurance, etc. Public policy still favors the provision of such benefits, but there is increasing debate on making them more equitable and needs-based.
• Urbanization - for several decades, agricultural policy in Romanian was based on the premise of minimal self-sufficiency. In later years, this has given way to a greater emphasis on maintaining population patterns outside of major urban areas. The term "district policy" has come to mean the demand that old and largely rural population centers should be allowed to persist, ideally by providing them with a sustainable economic basis.
• Taxation - the primary purpose of the Romanian tax system has been to raise revenue for public expenditures; but it is also viewed as a means to achieve social objectives, such as redistribution of income, reduction in alcohol and tobacco consumption, and as a disincentive against certain behaviors. Three elements of the tax system seem to attract the most debate:
  • Value-added tax. The largest source of government revenue. The current standard rate is 19%, food and drink is 19%, and movie theater tickets and public transportation 19%.
  • Special surcharges and taxes. The government has established a number of taxes related to specific purchases, including cars, alcohol, tobacco, and various kinds of benefits.
• Environmental concerns. A number of political issues have had their origins in economic concerns.

A cost-of-living index measures the cost of goods and services, typically over time. ... McDonalds Big Mac purchased in Australia The Big Mac Index is an informal way of measuring the purchasing power parity (PPP) between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Value added tax (VAT) is a sales tax levied on the sale of goods and services. ...

See also

• List of Romanian companies
• Trade unions in Romania
• Taxation in Romania
• Common Agricultural Policy
• Economy of Europe
• European Union
• Romania
• Dacia Logan
• Ministery of finance
• Official site of National Bank of Romania
• GDP of Romania

This is a list of companies from Romania. ... The Common Agricultural Policy (CAP) is a system of European Union agricultural subsidies and programmes. ... The economy of Europe comprises more than 710 million people in 48 different states. ... A dealers lot full of Dacia Logans The Logan is a no-frills car produced jointly by the French manufacturer Renault and its affiliate Dacia of Romania. ...

Wikitravel

• Romania at Wikitravel - guide to traveling to, from, and in Romania

References

International membership

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Austria Poland Belgium Bulgaria Cyprus Czech   Rep. ... Image File history File links This is a lossless scalable vector image. ... Anthem Ode to Joy (orchestral)  ten founding members joined subsequently observer at the Parliamentary Assembly observer at the Committee of Ministers  official candidate Seat Strasbourg, France Membership 47 European states 5 observers (Council) 3 observers (Assembly) Leaders  -  Secretary General Terry Davis  -  President of the Parliamentary Assembly Rene van der Linden... For an explanation of terms related to Macedonia, see Macedonia (terminology). ... This article is about the country in Europe. ... Not to be confused with Republika Srpska. ... Image File history File links No higher resolution available. ... Image File history File links Flag_of_NATO.svg The flag of the North Atlantic Treaty Organisation (NATO). ... This article is about the military alliance. ... Image File history File links Flag_of_NATO.svg The flag of the North Atlantic Treaty Organisation (NATO). ... The Armed Forces of the Republic of Macedonia (Macedonian: Армија на Република Македонија) were formed in 1992 after withdrawal of the Yugoslav Peoples Army which left behind only a small number of infantry weapons and four broken World War 2-era T-34 tanks to equip the new army. ... The Organisation for Economic Co-operation and Development (OECD), (in French: Organisation de coopération et de développement économiques; OCDE) is an international organisation of those developed countries that accept the principles of representative democracy and a free market economy. ... Of the emerging democracies in central and eastern Europe, Czechia has one of the most developed industrialized economies. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD Statistics [1] GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $897. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ... The United States economy has the worlds largest gross domestic product (GDP), $13. ... v • d • e Members of the World Trade Organization (WTO) Albania · Angola · Antigua and Barbuda · Argentina · Armenia · Australia · Bahrain · Bangladesh · Barbados · Belize · Benin · Bolivia · Botswana · Brazil · Brunei (Brunei Darussalam) · Burkina Faso · Burundi · Cambodia · Cameroon · Canada · Central African Republic · Chad · Chile · China (PRC) · Colombia · Democratic Republic of the Congo · Republic of the Congo · Costa Rica · Côte d'Ivoire · Croatia · Cuba · Djibouti · Dominica · Dominican Republic · Ecuador · Egypt · El Salvador · European Union¹ · Former Yugoslav Republic of Macedonia (FYROM) · Fiji · Gabon · The Gambia · Georgia · Ghana · Grenada · Guatemala · Guinea · Guinea-Bissau · Guyana · Haiti · Honduras · Hong Kong² · Iceland · India · Indonesia · Israel · Jamaica · Japan · Jordan · Kenya · South Korea · Kuwait · Kyrgyzstan · Lesotho · Liechtenstein · Macau² · Madagascar · Malawi · Malaysia · Maldives · Mali · Mauritania · Mauritius · Mexico · Moldova · Mongolia · Morocco · Mozambique · Myanmar · Namibia · Nepal · New Zealand · Nicaragua · Niger · Nigeria · Norway · Oman · Pakistan · Panama · Papua New Guinea · Paraguay · Peru · Philippines · Qatar · Rwanda · St. Kitts and Nevis · St. Lucia · St. Vincent and the Grenadines · Saudi Arabia · Senegal · Sierra Leone · Singapore · Solomon Islands · South Africa · Sri Lanka · Suriname · Swaziland · Switzerland · Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu|Chinese Taipei³ · Tanzania · Thailand · Togo · Tonga · Trinidad and Tobago · Tunisia · Turkey · Uganda · United Arab Emirates · United States · Uruguay · Venezuela · Vietnam · Zambia · Zimbabwe “WTO” redirects here. ... Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Economy - overview: Antigua and Barbudas economy is service-based, with tourism and government services representing the key sources of employment and income. ... The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Bruneis economy. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... The economies of the special administrative regions of Hong Kong and Macau are separate from the rest of the Peoples Republic of China. ... Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth, yet the economy of the DROC has declined drastically since the mid-1980s. ... This article or section does not cite its references or sources. ... The economy of Costa Rica heavily depends on tourism, agriculture, and electronics exports. ... The Ivorian economy is largely market based and depends heavily on the agricultural sector. ... The Dominican Republic is a middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism. ... This article does not cite its references or sources. ... If it is considered as a single state, the economy of the European Unions twenty-seven member states is the worlds largest economy. ... Economy - overview: The breakup of Yugoslavia in 1991 deprived F.Y.R.O.M. (Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. ... The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD Statistics [1] GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $897. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. ... The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. ... Saint Lucias economy depends primarily on revenue from banana production and tourism with some input from small-scale manufacturing. ... The St. ... Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... A per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. ... South Africa has a two-tiered economy; one rivaling other developed countries and the other with only the most basic infrastructure. ... With an economy of $27. ... Republic of China (ROC) has a dynamiccapitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... Trinidad and Tobago experienced a real growth rate of 3. ... // The United Arab Emirates has a highly industrialized economy that makes the country one the most developed in the world, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI. At $168 billion in 2006, the GDP of the UAE ranks second in... The United States economy has the worlds largest gross domestic product (GDP), $13. ... All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom. Special Administrative Region of the People's Republic of China. Designated name for the Republic of China. v • d • e Member states and observers of La Francophonie Members Albania · Andorra · Belgium (French Community) · Benin · Bulgaria · Burkina Faso · Burundi · Cambodia · Cameroon · Canada (New Brunswick · Quebec) · Cape Verde · Central African Republic · Chad · Cyprus1 · Comoros · Democratic Republic of the Congo · Republic of the Congo · Côte d'Ivoire · Djibouti · Dominica · Egypt · Equatorial Guinea · Former Yugoslav Republic of Macedonia · France (including French Guiana · Guadeloupe · Martinique · Saint Pierre and Miquelon) · Gabon · Ghana1 · Greece · Guinea · Guinea-Bissau · Haiti · Laos · Luxembourg · Lebanon · Madagascar · Mali · Mauritania · Mauritius · Moldova · Monaco · Morocco · Niger · Romania · Rwanda · St. Lucia · São Tomé and Príncipe · Senegal · Seychelles · Switzerland · Togo · Tunisia · Vanuatu · Vietnam Observers Armenia · Austria · Croatia · Czech Republic · Georgia · Hungary · Lithuania · Mozambique · Poland · Serbia · Slovakia · Slovenia · Ukraine Of the emerging democracies in central and eastern Europe, Czechia has one of the most developed industrialized economies. ... Tourism, petroleum transhipment, and offshore finance are the mainstays of the Netherlands Antillean economy, which is closely tied to the outside world. ... The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ... A Special Administrative Region (SAR) of the Peoples Republic of China is an administrative division of the Peoples Republic of China (PRC). ... For the Chinese civilization, see China. ... Motto Égalité, Complémentarité, Solidarité Members and participants of La Francophonie. ... The French Community area of Belgium The French Community of Belgium (French: , Dutch: , German: ) is one of the three official communities in Belgium along with the Flemish Community and the German speaking Community. ... This article is about the Canadian province. ... This article is about the Canadian province. ... Image File history File links Flag_of_La_Francophonie. ... Not to be confused with Republika Srpska. ... 1 Associate member.     v • d • e Economy of Europe Sovereign states Albania · Andorra · Armenia1 · Austria · Azerbaijan2 · Belarus · Belgium · Bosnia and Herzegovina · Bulgaria · Croatia · Cyprus1 · Czech Republic · Denmark · Estonia · Finland · France · Georgia2 · Germany · Greece · Hungary · Iceland · Ireland · Italy · Kazakhstan2 · Latvia · Liechtenstein · Lithuania · Luxembourg · Republic of Macedonia · Malta · Moldova · Monaco · Montenegro · Netherlands · Norway · Poland · Portugal · Romania · Russia3 · San Marino · Serbia · Slovakia · Slovenia · Spain · Sweden · Switzerland · Turkey3 · Ukraine · United Kingdom (England · Scotland · Northern Ireland · Wales) · Vatican City Dependencies, autonomies, and other territories Abkhazia2 · Adjara1 · Akrotiri and Dhekelia · Åland · Azores · Crimea · Faroe Islands · Gagauzia · Gibraltar · Guernsey · Jan Mayen · Jersey · Kosovo · Man, Isle of · Madeira4 · Nagorno-Karabakh1 · Nakhchivan1 · South Ossetia2 · Svalbard · Transnistria · Turkish Republic of Northern Cyprus1, 5 1 Entirely in Southwest Asia; included here because of cultural, political and historical association with Europe. 2 Partially or entirely in Asia, depending on the definition of the border between Europe and Asia. 3 Mostly in Asia. 4 Entirely in the African Plate, included here because of cultural, political and historical association with Europe. 5 Only recognised by Turkey. The economy of Europe comprises more than 710 million people in 48 different states. ... This is an alphabetical list of the sovereign states of the world, including both de jure and de facto independent states. ... Economy - overview: The breakup of Yugoslavia in 1991 deprived F.Y.R.O.M. (Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... GDP (purchasing power parity): $ 3. ... This article deals with the economy of the Serbian part of the European state of Serbia and Montenegro. ... The Economy of England is the largest of the four economies of the United Kingdom. ... The headquarters of the Bank of Scotland, located on the Mound in Edinburgh. ... The economy of Northern Ireland is the smallest of the four Home Nations economies of the United Kingdom. ... The Economy of Wales ranks as the smallest of the four economies of the United Kingdom in terms of GDP(2002). ... A dependent territory, dependent area or dependency is a territory that does not possess full political independence or sovereignty as a State. ... This article or section does not cite any references or sources. ... Types of administrative and/or political territories include: A legally administered territory, which is a non-sovereign geographic area that has come under the authority of another government. ... Anthem Aiaaira Capital Sukhumi Official languages Abkhaz, Russian1 Government  -  President Sergei Bagapsh  -  Prime Minister Alexander Ankvab De facto independence from Georgia  -  Declared 23 July 1992   -  Recognition none  Currency Russian ruble (RUB) Russian has co-official status and widespread use by government and other institutions. ... The economy of Kosovo is one of the poorest in Europe, with Kosovo having a per capita income estimated at 1,565 Euro (2004). ... Motto Das ilhas, as mais belas e livres(Portuguese) Of all islands, the most beautiful and free Anthem A Portuguesa(national) Hino da Região Autónoma da Madeira(local) Capital (and largest city) Funchal Official languages Portuguese Government Autonomous region  -  President Alberto João Jardim Establishment  -  Settled 1420   -  Autonomy... The economy of the Turkish Republic of Northern Cyprus is dominated by the services sector including the public sector, trade, tourism and education, with smaller agriculture and light manufacturing sectors. ...  Southwest Asia in most contexts. ...  The African plate, shown in pinkish-orange The African Plate is a tectonic plate covering the continent of Africa and extending westward to the Mid-Atlantic Ridge. ...