Romania - statistics & facts
Romania is located in southeastern Europe with coastline on the Black Sea to the east. Moldova borders the country to the northeast, Ukraine to the north, Hungary to the west, Serbia to the southwest and Bulgaria to the south. Romania joined the European Union in 2007.
The capital and largest city within the country is Bucharest. As of 2018, the population of Romania is estimated to amount to almost 20 million, but is projected to decrease over the next few years. Still, Romania is currently the seventh most-populous county in the European Union. For the last 10 years, population growth in the country has been negative, and it is not predicted to let up anytime soon. This decrease does not seem to be due to lower birth rates; Romania’s fertility rate seems to be higher now than it was a decade ago. Additionally, average life expectancy seems to be stable. However, the population is aging and in 2015, the average age of Romania’s population was 42 years old. The decrease in population figures thus is most likely caused by emigration of younger Romanians.
At present the economy of Romania is rebounding and increasing industrial exports are fueling economic growth. In 2017, gross domestic product was estimated to hover around the 200 billion-mark, and it is expected to increase further in the future. The services sector traditionally contributes the largest share to GDP at around 50 to 60 percent, followed by industry with a share of about a third in GDP, followed by agriculture with miniscule a 5-percent share. Since joining the European Union, trade with other European nations has increased: As of 2016, Romania’s most important import partners are Germany, Italy, and Hungary. The most important export partners are Germany, Italy, and France. Romania's exports have increased substantially as well, however, the trade balance still shows a significant deficit, which means the country imports more goods than it exports. While Romania also continues to report a negative budget balance, the country has been working hard to improve it. At present, the inflation rate is also much lower than it has been in the past, even risking deflation.
Unemployment in the country has been pretty stable since 2010 and is expected to remain at around 6 percent, which is one of the lowest rates in the EU. However, gross domestic product per capita was only around 10,000 U.S. dollars in 2017, which, while increasing, is still much lower than GDP per capita in the EU overall. With a strengthening economy, per capita GDP should also increase.
The capital and largest city within the country is Bucharest. As of 2018, the population of Romania is estimated to amount to almost 20 million, but is projected to decrease over the next few years. Still, Romania is currently the seventh most-populous county in the European Union. For the last 10 years, population growth in the country has been negative, and it is not predicted to let up anytime soon. This decrease does not seem to be due to lower birth rates; Romania’s fertility rate seems to be higher now than it was a decade ago. Additionally, average life expectancy seems to be stable. However, the population is aging and in 2015, the average age of Romania’s population was 42 years old. The decrease in population figures thus is most likely caused by emigration of younger Romanians.
At present the economy of Romania is rebounding and increasing industrial exports are fueling economic growth. In 2017, gross domestic product was estimated to hover around the 200 billion-mark, and it is expected to increase further in the future. The services sector traditionally contributes the largest share to GDP at around 50 to 60 percent, followed by industry with a share of about a third in GDP, followed by agriculture with miniscule a 5-percent share. Since joining the European Union, trade with other European nations has increased: As of 2016, Romania’s most important import partners are Germany, Italy, and Hungary. The most important export partners are Germany, Italy, and France. Romania's exports have increased substantially as well, however, the trade balance still shows a significant deficit, which means the country imports more goods than it exports. While Romania also continues to report a negative budget balance, the country has been working hard to improve it. At present, the inflation rate is also much lower than it has been in the past, even risking deflation.
Unemployment in the country has been pretty stable since 2010 and is expected to remain at around 6 percent, which is one of the lowest rates in the EU. However, gross domestic product per capita was only around 10,000 U.S. dollars in 2017, which, while increasing, is still much lower than GDP per capita in the EU overall. With a strengthening economy, per capita GDP should also increase.
