Economy of Romania

Romania is a country of considerable economic potential: over 10 million

hectares of agricultural land, diverse energy sources (coal, oil, natural
gas, hydro, nuclear, and wind), a substantial, if aging, manufacturing base and
opportunities for expanded development in tourism on the Black Sea and in the
mountains.
The top 10 exports of Romania are vehicles, machinery, chemical goods,
electronic products, electrical equipment, pharmaceuticals, transport equipment,
basic metals, food products, and rubber and plastics. Imports of goods and
services increased 9.3%, while exports grew 7.6% in 2016, as compared to
2015. Exports of goods and services were expected to grow by 5.6% in 2017, while
imports were seen increasing by 8.5%, according to the latest CNP (National
Prognosis Commission) projections.

Currency
The leu (pronounced numeric code 946), "leo" (lion) in English 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 1
January 2007

Natural resources
Romania is an oil and gas producer. The pipeline network in Romania included
2,427 km for crude oil, 3,850 km for petroleum products, and 3,508 km for natural
gas in 2006. Several major new pipelines are planned, especially the Nabucco
Pipeline for Caspian oilfields, the longest one in the world. Romania could cash in
four billion dollars from the Constanta-Trieste pipeline.[99]
Romania has considerable natural resources for a country of its size,
including coal, iron and copper, chromium, uranium, antimony, mercury,
gold, barite, borate, celestine, emery, feldspar, limestone, magnesite, marble, perlit
e, pumice, pyrites , clay, arable land and hydropower.]
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 34 million tons of 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
The energy sector is dominated by state-owned companies such
as Termoelectrica, Hidroelectrica and Nuclearelectrica. Fossil fuels are the
country's primary source of energy, followed by hydroelectric power.

Sectors of the economy

Gas and natural resources

Romania has become a natural gas exporter. Romanian Scientist, Lazar Edeleanu,
had managed, for the first time in the world, to refine oil based products with
sulphur dioxide, in other words separation from the oil of some hydrocarbon
groups, without their chemical alteration.

Agriculture

Agriculture employs about 26% of the population (one of the highest rates in
Europe) and contributes about 4.3% of GDP. 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 General Agreement on Tariffs and Trade (GATT) have resulted in reforms in
the agricultural sector of the economy.
Fishing
Fishing is an economic mainstay in parts of eastern Romania and along the Black
Sea coast, with important fish markets in places such
as Constanta, Galați and Tulcea. Fish such as european anchovy, sprat, pontic
shad, mullet, goby, whiting, garfish, Black-Sea Turbot or horse mackerel are
landed at ports such as Constanta.
There has been a large scale decrease in employment in the fishing industry within
Romania due to the EU's Common Fisheries Policy, which places restrictions on
the total tonnage of catch that can be landed, caused by overfishing in the Black
Sea. Along with the decline of sea-fishing, commercial fish farms – especially
in salmon, have increased in prominence in the rivers and lochs of the east of
Romania. Inland waters are rich in fresh water fish such as salmon, trout, and in
particular, carp which traditionally has been the most popular fish, including its
eggs , fresh or canned.
Industry

IT and other Industry

Romania has been successful in developing its industrial sector in recent years.
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. In 2013, some
410,997 automobiles were produced in Romania, up from 78,165 in 2000. As of
2018, the turnover generated by Romania's automobile industry was estimated at
28 billion Euros, with 230,000 Romanians employed in the sector
In 2004 Romania enjoyed one of the largest world market share in machine tools
(5.3%).Romanian-based companies such
as Dacia, Petrom, Rompetrol, Bitdefender, Romstal and Mobexpert have expanded
operations throughout the region. However, small- to medium-sized manufacturing
firms form the bulk of Romania's industrial sector.
Industrial output growth was 6.9% year-on-year in December 2009, making it the
highest in the EU-27 zone which averaged −1.9%
Romania has the third-highest percentage of women working in information and
communications technologies (ICT) in Europe. 29% of their workforce is made up
of women
Services

In 2003 the service sector constituted 55% of gross domestic product (GDP), and

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%). The service sector in
Romania has expanded in recent years, employing some 47% of Romanians and
accounting for slightly more than half 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 France) and Carrefour (a French
subsidiary), have led to fewer workers in this sector and a migration of retail jobs to
the suburbs.