Economy of Romania
Romania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Romania may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Romania exports around $65.84 billion and imports roughly $73.42 billion. 4.6% of population in the country are unemployed. The total number of unemployed people in Romania is 900,709. In Romania, 25.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Romania is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.3% of GDP. The Gini Index of the country is 27.3. Romania is experiencing high equality. Differences in income among citizens are only mildly significant. Romania has a Human Development Index (HDI) of 0.785. Romania has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Romania is 1.542. Due to strong law enforcement presence and high social responsibility, Romania is very safe by international standards. The strength of legal rights index for Romania is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.
The currency of Romania is Romanian leu. The plural form of the word Romanian leu is lei. The symbol used for this currency is lei, and it is abbreviated as RON. The Romanian leu is divided into Ban; there are 100 in one leu.
The depth of credit information index for Romania is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Romania has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Romania has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Romania has a credit rating score of Baa3, and the prospects of this rating are stable.
In Romania, the institution that manages the state's currency, money supply, and interest rates is called National Bank of Romania. Locally, the central bank of Romania is called Banca Națională a României. The average deposit interest rate offered by local banks in Romania is 3%.
Romania has a government debt of 42.5% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Romania is set at 16%. Personal income tax ranges from 16% to 16%, depending on your specific situation and income level. VAT in Romania is 19%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Romania is $393830 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Romania was last recorded at $20 million. PPP in Romania is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Romania is 192,094 billion. Based on this statistic, Romania is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Romania was last recorded at $10 million. The average citizen in Romania has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Romania averaged 2.4% in 2014. According to this percentage, Romania is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Romania.
Major industries in the country are electric machinery and equipment, textiles and footwear, light machinery, auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining. The total labor force of Romania is 8,830,930 people, wherein 4.6% of population in the country are unemployed. The total number of unemployed people in Romania is 900,709. The Industrial Production growth rate of Romania is 8%.To read more about industrial information within Romania click on industry of Romania.
There are 90961 km2 of arable land in Romania, and it comprises 38% of the country's total territory. There are 95384 km2 of cultivated land in Romania. The country's major agricultural crops and products are wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes, eggs, sheep.To read more about agriculture click on agriculture of Romania.