Romania: Country and Foreign Investment
Romania joined the European Union in 2007, and after decades under Communist rule, and a period of oppression and poverty under the regime of Nicolae Ceausescu (until his overthrow and subsequent execution in 1989), the country has increased ties with Western Europe, and is increasingly embracing free market policies.
GDP was estimated at USD267.1 billion in 2011, up from USD260.7 billion in 2010. GDP in 2009 fell by more than 7% to USD265.1 billion as the Romanian economy felt the impact of the international financial crisis.
By sector, in 2011, GDP was broken down as follows: agriculture: 7.9%; industry: 32.9%; and services: 59.2%. Unemployment in that year was estimated at 5.1%.
Per capita, GDP was estimated at USD12,500, compared with USD12,200 in 2010, and
USD12,300 in 2009.
The Romanian authorities hope to be ready to adopt the euro in 2014.