Romania Export Market Research- Business Partner Search
|Population||20 million (2013)|
|Currency||New Romanian leu (RON)|
|Memberships||EU, NATO, OSCE, WTO, BSEC, United Nations, IMF etc.|
|Real GDP per capita||4,400 EUR per inhabitant (2012)|
|Growth of GDP, %||0.7% (2012). Forecast: 2.2% in 2013, 2.1% in 2014, 2.4% in 2015|
|Average gross salary||2,255 RON /ca 505 EUR (2012)|
|VAT rate||24% – general rate; 9% – reduced rate for medicines, books, hotel accommodation etc., 4% for certain goods|
|Company Income Tax||16%|
After joining the European Union in 2007, Romania has continued its fast economic development. Unprecedented foreign investment, steadily growing industrial output and booming domestic demand resulted in several years of significant economic growth.
Romania is an upper-middle income country, based on the data of 2013 it ranks 56th (high) in the Human Development Index with a real GDP per capita of 4400 EUR (2012). In 2012, the average gross salary in Romania was just over 500 EUR per month.
At present, some of Romania’s key economic advantages are: a solid banking system, a well trained workforce and a good IT&C infrastructure. Romania is one the leading countries in the region in areas such as IT and Automotive Manufacturing. The country’s main export commodities include: machinery & equipment, metals & metal products, textiles, footwear, agricultural products, chemicals, minerals, fuels etc. The products are exported to, mainly, Germany, Italy, France, Hungary and Turkey.
Romania faced a severe recession in 2009, after having grown by an average of 6.3% annually for the previous eight years. The GDP in Romania contracted by 7.1% in 2009 largely driven by the fall in private consumption (9.2% y/y drop) and the huge loss in investment (25.3% y/y drop). In 2010, the economy started to revive showing positive growth. In 2012, the Romanian GDP (at market prices) amounted to 131.7 billion EUR which was a 0.7% increase against the previous year.
According to the Romanian Central Bank, Real GDP in Romania increased at an accelerating rate in early 2013. Net exports had the strongest contribution to growth, while private consumption and investment contributed negatively. All economic sectors, excluding agriculture, posted growth over the first quarter. The highest increase in value added was reported by information and telecommunication services, professional services and research, administrative and ancillary activities. Romania’s unemployment slightly rose in early 2013, though still remaining the region’s lowest level.
According to the European Commission forecast, during 2013-2015 the Romanian economy will be growing between 2.1% and 2.4% per year.