Macroeconomic Data 2008
Population 21.67 million
GDP growth +7.9%
Unemployment 4.4%
Inflation 7.85%
Romania: Economic Development
Since 1st of January 2007 Romania is a full member of the European Union. It offers access to a consumer market of over 20 millions inhabitants and is the 2nd largest country in Central-Eastern Europe after Poland and the 7th in the EU according to population.
Romania has a favourable geographical location, being situated at the crossroads of the important traditional trade routes. The country has access to river and sea traffic; Constanta is the biggest harbour and the Danube Channel offers exit to the Black Sea.
The capital, Bucharest, is located in the south-eastern part of Romania and has a population of over 2 millions inhabitants.
Since 2000, the government has implemented macroeconomic policies which are supportive of growth. A disciplined fiscal policy, which complemented a tight monetary policy and was augmented by strong advances in structural reforms, led to improved financial discipline in the enterprise sector and has placed public finances and the financial system on much firmer footing.
The last years displayed a good track record in consolidating the macroeconomic stability while lowering inflation. At an average rate of about 5% per year, GDP growth is among the highest in the region with a peak of 8.3% reached in 2004.
