Coat of Arms
President Klaus Iohannis
»238,391 km2 (83rd)
» Per capita -$20,355 (61st)
»$205.302 billion (51st)
» Per capita -$10,859 (72nd)
»Romanian leu (RON)
Romania is a unitary semi-presidential republic located in Southeastern-Central Europe, north of the Balkan Peninsula and on the western shore of the Black Sea.
It borders Hungary, Serbia, Ukraine, Moldova, and Bulgaria. It covers 238,391 square kilometres (92,043 sq mi) and has a temperate-continental climate. With its 20.1 million inhabitants, it is the seventh most populous member of the European Union.
Modern Romania emerged within the territories of the ancient Roman province of Dacia and was formed in 1859 through a personal, union of the principalities of Moldavia and Wallachia.
The new state, officially named Romania since 1866, gained independence from the Ottoman Empire in 1877. At the end of World War I, Transylvania, Bukovina and Bessarabia united with the sovereign Kingdom of Romania.
In 2014, Romania had a GDP (PPP) of around $386 billion and a GDP per capita (PPP) of $19,397. According to CIA’s The World Factbook, Romania is an upper-middle income country economy.
According to Eurostat, Romania’s GDP per capita (PPS) was at 55% of the EU average in 2013, an increase from 42% in 2007 (the year of Romania’s accession to the EU).
From 2000 onwards, however, the Romanian economy was transformed into one of relative macroeconomic stability, characterised by high growth, low unemployment and declining inflation.
In 2006, according to the Romanian Statistics Office, GDP growth in real terms was recorded at 7.7%, one of the highest rates in Europe.
Industrial output growth reached 6.5% year-on-year in February 2013, the highest in the EU-27.
The largest local companies include carmaker Automobile Dacia, Petrom, Rompetrol, Ford Romania, Electrica, Romgaz, RCS & RDS and Banca Transilvania.
Exports have increased substantially in the past few years, with a 13% annual rise in exports in 2010. Romania’s main exports are cars, software, clothing and textiles, industrial machinery, electrical and electronic equipment, metallurgic products, raw materials, military equipment, pharmaceuticals, fine chemicals, and agricultural products (fruits, vegetables, and flowers).
Trade is mostly centred on the member states of the European Union, with Germany and Italy being the country’s single largest trading partners. The account balance in 2012 was estimated to be −4.52% of the GDP.
After a series of privatizations and reforms in the late 1990s and 2000s, government intervention in the Romanian economy is somewhat lower than in other European economies.
In 2005, the government replaced Romania’s progressive tax system with a flat tax of 16% for both personal income and corporate profit, among the lowest rates in the European Union.
The economy is predominantly based on services, which account for 51% of GDP, even though industry and agriculture also have significant contributions, making up 36% and 13% of GDP, respectively. Additionally, 30% of the Romanian population was employed in 2006 in agriculture and primary production, one of the highest rates in Europe.
Top 5 Products imported by Romania
- Crude Petroleum (5.8%),
- Packaged Medicaments (3.7%),
- Vehicle Parts (3.2%),
- Refined Petroleum (2.9%),
- Insulated Wire (2.0%)
Top 5 Import origins of Romania
- Germany (17%),
- Italy (11%),
- Hungary (8.7%),
- France (5.6%),
- Kazakhstan (4.3%)
Tourism is a significant contributor to the Romanian economy, generating around 5% of GDP.
According to the World Travel and Tourism Council, Romania was estimated to have the fourth fastest growing travel and tourism total demand in the world, with an estimated potential growth of 8% per year from 2007 to 2016.
The number of tourists has been rising, reaching 3.5 million in the first half of 2014. Tourism in Romania attracted €400 million in investments in 2005.
More than 60% of the foreign visitors in 2007 were from other EU countries. Popular summer attractions of Mamaia and other Black Sea Resorts attracted 1.3 million tourists in 2009.
Most popular skiing resorts are along the Valea Prahovei and in Poiana Brașov. Castles in Transylvanian cities such as Sibiu, Brașov, and Sighișoara.
Rural tourism, focusing on folklore and traditions, has become an important alternative, and is targeted to promote such sites as Bran and its Dracula’s Castle, the Painted churches of Northern Moldavia, and the Wooden churches of Maramureș. Other attractions include Danube Delta, and Sculptural Ensemble of Constantin Brâncuși at Târgu Jiu.
- Whether you’re looking for stunning landscapes, ancient cultural traditions, bustling city life or beautiful historic heritage; no visitor to Romania needs to search for things to see.
- This country is home to a range of top sights, especially when you’d like to get a feel for the old Europe, the time of monasteries and castles.
- The country’s lively capital Bucharest does not top the average traveler’s wish list, but if you’re willing to look, this city’s controversial mix of building styles might just amaze you.
- Go see the largest parliament building in the world, the 1935 Romanian version of the Arc de Triomphe or visit one of the many museums.
- The impressive Bran Castle, dramatically situated on a Transylvanian hilltop, is widely associated with the famous tales of Count Dracula and one of the country’s main tourist draws.
- While there’s no clear evidence of this castle being the model for Bram Stoker’s stories, the castle surely fits the book’s descriptions and has a fascinating recorded history of its own.
- Yet, there are other interesting examples, including the Neo-Renaissance Peleș castle near Sinaia and Corvin castle near Hunedoara.
- The still inhabited citadel of Sighișoara is easily among the most beautiful ones of it’s kind. Listed as a Unesco World Heritage Site, it still features many characteristics of a medieval fortified town and is a charming town to visit.
- Other fine historic towns include Timișoara, the country’s second city, the popular mountain resort Brașov and Sibiu.