All texts published by the Warsaw Institute Foundation may be disseminated on the condition that their origin is credited. Nominal (current) Gross Domestic Product (GDP) of Romania is $211,883,923,504 (USD) as … An aging population, emigration of skilled labor, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package compromise Romania’s long-term growth and economic stability and are the economy's top vulnerabilities. ), 31 deaths/100,000 live births (2015 est. Moody’s Analytics. ), 5.4% of total installed capacity (2015 est. ), -0.2 migrant(s)/1,000 population (2017 est. ), Eastern Orthodox (including all sub-denominations) 81.9%, Protestant (various denominations including Reformed and Pentecostal) 6.4%, Roman Catholic 4.3%, other (includes Muslim) 0.9%, none or atheist 0.2%, unspecified 6.3% (2011 est. Join your colleagues in participating in this Compared to other EU countries, it is a remarkable result. Former communists dominated the government until 1996 when they were swept from power. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. The Gross Domestic Product (GDP) in Romania contracted 11.90 percent in the second quarter of 2020 over the previous quarter. In order to do so, the minimum gross wage was significantly increased by 37.9% (at present it is 1,900 lei). Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017.

All rights reserved. In his free time, he studies horticulture and tends to his family’s garden. For 2021, the bank is quite optimistic, envisaging a 5.2% increase. CEAUSESCU was overthrown and executed in late 1989. wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep, electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials, machinery and equipment, other manufactured goods, agricultural products and foodstuffs, metals and metal products, chemicals, minerals and fuels, raw materials, Germany 21.5%, Italy 11.6%, France 7.2%, Hungary 5.2%, UK 4.3% (2016), machinery and equipment, other manufactured goods, chemicals, agricultural products and foodstuffs, fuels and minerals, metals and metal products, raw materials, Germany 20.5%, Italy 10.3%, Hungary 7.5%, France 5.6%, Poland 5.1%, China 5.1%, Netherlands 4.1% (2016), 46.7% of total installed capacity (2015 est. ), a mixture of public and private TV stations; there are 7 public TV stations (2 national, 5 regional) using terrestrial broadcasting and 187 private TV stations (out of which 171 offer local coverage) using terrestrial broadcasting, plus 11 public TV stations using satellite broadcasting and 86 private TV stations using satellite broadcasting; state-owned public radio broadcaster operates 4 national networks and regional and local stations, having in total 20 public radio stations by terrestrial broadcasting plus 4 public radio stations by satellite broadcasting; there are 502 operational private radio stations using terrestrial broadcasting and 26 private radio stations using satellite broadcasting (2014), 1,731 km (includes 1,075 km on the Danube River, 524 km on secondary branches, and 132 km on canals) (2010), conscription ended 2006; 18 years of age for male and female voluntary service; all military inductees (including women) contract for an initial 5-year term of service, with subsequent successive 3-year terms until age 36 (2015), the ICJ ruled largely in favor of Romania in its dispute submitted in 2004 over Ukrainian-administered Zmiyinyy/Serpilor (Snake) Island and Black Sea maritime boundary delimitation; Romania opposes Ukraine's reopening of a navigation canal from the Danube border through Ukraine to the Black Sea, major transshipment point for Southwest Asian heroin transiting the Balkan route and small amounts of Latin American cocaine bound for Western Europe; although not a significant financial center, role as a narcotics conduit leaves it vulnerable to laundering, which occurs via the banking system, currency exchange houses, and casinos. Romania's economy before World War II had been primarily agricultural. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017. Corruption and red tape continue to permeate the business environment. Such a salary growth rate aids price increase, because higher salaries have led to the increase in retail sales by up to 20%. He enjoys foraging in the woods and long walks on the hills and valleys around his village. The European Commission (EC) has increased its growth estimates for Romania’s economy to 3.8% in 2020 and 3.5% in 2021, according to the Winter 2020 Economic Forecast. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. ), the name derives from the Latin "Romanus" meaning "citizen of Rome" and was used to stress the common ancient heritage of Romania's three main regions - Moldavia, Transylvania, and Wallachia - during their gradual unification between the mid-19th century and early 20th century, UTC+2 (7 hours ahead of Washington, DC, during Standard Time), +1hr, begins last Sunday in March; ends last Sunday in October, several previous; latest adopted 21 November 1991, approved by referendum and effective 8 December 1991, initiated by the president of Romania through a proposal by the government, by at least one-fourth of deputies or senators in Parliament, or by petition of eligible voters representing at least one-half of Romania’s counties; passage requires at least two-thirds majority vote by both chambers or – if mediation is required - by three-fourths majority vote in a joint session, followed by approval in a referendum; articles including those on national sovereignty, form of government, political pluralism, and fundamental rights and freedoms cannot be amended; amended 2003 (2016), at least one parent must be a citizen of Romania.
residency requirement for naturalization: President Klaus Werner IOHANNIS (since 21 December 2014), Prime Minister Viorica DANCILA (since 29 January 2018); Deputy Prime Ministers Gratiela GAVRILESCU (since 29 June 2017), Paul STANESCU (17 October 2017), Viorel STEFAN (since 29 January 2018), Ana BIRCHALL (since 29 January 2018); note - DANCILA is Romania's first woman prime minister, Council of Ministers appointed by the prime minister, president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); election last held on 2 November 2014 with a runoff on 16 November 2014 (next to be held in November 2019); prime minister appointed by the president with consent of Parliament, Klaus IOHANNIS elected president in second round; percent of vote - Klaus IOHANNIS (PNL) 54.4%, Victor PONTA (PSD) 45.6%; Viorica DANCILA approved as prime minister 282-136, bicameral Parliament or Parlament consists of the Senate or Senat (136 seats, 2 reserved for the diaspora; members serve 4-year terms) and the Chamber of Deputies or Camera Deputatilor (329 seats, 17 reserved for non-Hungarian national minorities and 4 for the diaspora; members serve 4-year terms); in 2016, the elections returned to a party list vote-proportional representation voting system, Senate - last held on 11 December 2016 (next to be held by December 2020); Chamber of Deputies - last held on 11 December 2016 (next to be held by December 2020), Senate - percent of vote by party - PSD 45.7%, PNL 20.4%, USR 8.9%, UDMR 6.2%, ALDE 6%, PMP 5.7%, other 7.1%; seats by party - PSD 67, PNL 30, USR 13, UDMR 9, ALDE 9, PMP 8; Chamber of Deputies - percent of vote by party - PSD 45.5%, PNL 20%, USR 8.9%, UDMR 6.2%, ALDE 5.6%, PMP 5.4%, other 8.4%; seats by party - PSD 154, PNL 69, USR 30, UDMR 21, ALDE 20, PMP 18, minorities 17, High Court of Cassation and Justice (consists of 111 judges organized into civil, penal, commercial, contentious administrative and fiscal business, and joint sections); Supreme Constitutional Court (consists of 9 members), High Court of Cassation and Justice judges appointed by the president upon nomination by the Superior Council of Magistracy, a 19-member body of judges, prosecutors, and law specialists; judges appointed for 6-year renewable terms; Constitutional Court members - 6 elected by Parliament and 3 appointed by the president; members serve 9-year, nonrenewable terms, Courts of Appeal; regional tribunals; first instance courts; military and arbitration courts, Ambassador George Cristian MAIOR (since 17 September 2015), 1607 23rd Street NW, Washington, DC 20008, Ambassador Hans G. KLEMM (since 21 September 2015), 4-6, Dr. Liviu Librescu Blvd., District 1, Bucharest, 015118, American Embassy Bucharest, US Department of State, 5260 Bucharest Place, Washington, DC 20521-5260 (pouch), now similar to the flag of Chad, whose blue band is darker; also resembles the flags of Andorra and Moldova, "Desteapta-te romane!" For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Images may not be used without permission. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks. EBRD lowers forecasts for RO and entire region on prolonged COVID-19 crisis, Analysis: Crop production, five times more profitable than car manufacturing and as profitable as IT in Romania, Romania updates “yellow list”: Travelers from the US no longer required to quarantine on arrival, Biggest 100 companies in Romania generate a quarter of the country’s business - full list, A Dutch couple’s new life in a picturesque Romanian village & how they share their experience with others. and Consumer Credit Risk Solutions from However, Romania’s GDP is not the only thing that matters, because as many analysts suggest there are other highly alarming economic indicators that should also be taken into account.

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