Romania buildings

Romania Economic Data & Projections

Romania's Macroeconomic Analysis:

Nominal GDP of USD 351 billion in 2023.

Nominal GDP of USD 301 billion in 2022.

GDP per capita of USD 15,785 compared to the global average of USD 10,589.

GDP per capita of USD 18,429 compared to the global average of USD 10,589.

Average real GDP growth of 3.4% over the last decade.

Average real GDP growth of 3.4% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 68% of overall GDP, manufacturing 17%, other industrial activity 11%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 62% of GDP in 2021, government consumption 17%, fixed investment 26%, and net exports -5%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 79% of total merchandise exports, mineral fuels 4%, food 13%, ores and metals 3% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 78% of total merchandise imports, mineral fuels 8%, food 10%, ores and metals 3% and agricultural raw materials 2%, with other goods accounting for -1% of the total. Total exports were worth USD 90 billion in 2022, while total imports were USD 124 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 3.4% in the decade to 2022. To read more about GDP growth in Romania, go to our dedicated page.

Fiscal policy

Romania's fiscal deficit averaged 3.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 6.9% in the decade to 2022. For more information on Romania's unemployment click here.

Inflation

Inflation averaged 3.4% in the decade to 2022. Go to our Romania inflation page for extra insight.

Monetary Policy

Romania's monetary policy rate ended 2022 at 6.75%, up from 5.25% a decade earlier. See our Romania monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the leu weakened by 26.1% vs the U.S. dollar. For more info on the leu, click here.

Economic situation in Romania

A preliminary release revealed that the economy flatlined on a seasonally adjusted quarter-on-quarter basis in Q3 (Q2: +0.1% qoq s.a.), surprising markets on the downside. Data at hand suggests that private consumption weighed on the result; retail sales decelerated notably in sequential terms in Q3. Moreover, on the production side, industrial output contracted at a faster pace than in Q2. More positively, merchandise exports rebounded sequentially from Q2. In politics, the presidential election took place on 24 November: Pro-Russian candidate Calin Georgescu—who ran as an independent—secured around 23% of the vote, a surprising result given he had been last in polls. He will face Elena Lasconi, the center-right opposition leader, in a run-off election on 8 December. A potential Georgescu victory would cast doubt on Romania’s pro-EU stance and continued support for neighboring Ukraine.

Romania Economic Forecasts

Projections out to 2034.

56 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 37 expert analysts.

Want to get insight on the economic outlook for Romania in the coming years? FocusEconomics collects projections out to 2034 on 56 economic indicators for Romania from a panel of 37 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Romania economy. To download a sample report on the Romania's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Romania Economic Indicators

2019 2020 2021 2022 2023
Population (million) 19.4 19.3 19.2 19.0 19.1
GDP (USD bn) 252 252 286 296 351
GDP per capita (USD) 12,958 13,042 14,913 15,557 18,405
GDP (EUR bn) 225 221 242 282 324
GDP per capita (EUR) 11,577 11,440 12,616 14,801 17,023
GDP (RON bn) 1,067 1,070 1,192 1,389 1,605
Economic Growth (Nominal GDP, ann. var. %) 11.1 0.3 11.5 16.5 15.5
Economic Growth (GDP, ann. var. %) 3.9 -3.7 5.5 4.0 2.4
Private Consumption (ann. var. %) 3.0 -3.8 7.3 5.2 2.8
Government Consumption (ann. var. %) 6.9 2.6 -0.6 -1.4 6.1
Fixed Investment (ann. var. %) 14.9 -0.5 4.0 5.4 14.5
Exports (G&S, ann. var. %) 5.4 -9.5 12.6 9.3 -0.8
Imports (G&S, ann. var. %) 8.8 -5.2 14.6 9.3 -1.1
Industrial Production (ann. var. %) -2.6 -9.2 6.5 0.9 -2.5
Retail Sales (ann. var. %) 7.2 2.2 10.2 4.5 1.6
Wages (ann. var. %) 13.0 6.4 7.1 11.3 14.5
Unemployment (% of active population, eop) 5.0 6.3 5.8 5.6 5.6
Unemployment (% of active population, aop) 4.9 6.1 5.6 5.6 5.6
Fiscal Balance (% of GDP) -4.3 -9.2 -7.1 -6.4 -6.5
Public Debt (% of GDP) 35.0 46.6 48.3 47.9 48.9
Money (ann. var. of M2 %) 10.9 15.3 15.8 6.8 10.5
Inflation (CPI, ann. var. %, eop) 4.0 2.1 8.2 16.4 6.6
Inflation (CPI, ann. var. %, aop) 3.8 2.6 5.0 13.7 10.5
Inflation (HICP, ann. var. %, aop) 3.9 2.3 4.1 12.0 9.7
Inflation (Core, ann. var. %, eop) 4.1 3.8 4.8 13.8 8.4
Inflation (PPI, ann. var. %, aop) 3.9 0.0 14.9 43.6 4.7
NBR Reference Rate (%, eop) 2.50 1.50 1.75 6.75 7.00
10-Year Bond Yield (%, eop) 4.51 3.08 5.26 8.31 6.35
Stock Market (ann. var. of BET %) 35.1 -1.7 33.2 -10.7 31.8
Exchange Rate (RON per USD, eop) 4.26 3.97 4.37 4.63 4.50
Exchange Rate (RON per USD, aop) 4.24 4.24 4.16 4.69 4.58
Exchange Rate (RON per EUR, eop) 4.79 4.87 4.95 4.95 4.97
Exchange Rate (RON per EUR, aop) 4.75 4.84 4.92 4.93 4.95
Current Account Balance (EUR bn) -10.9 -10.9 -17.5 -26.0 -22.6
Current Account Balance (% of GDP) -4.9 -4.9 -7.2 -9.2 -7.0
Merchandise Trade Balance (EUR bn) -17.9 -18.9 -23.1 -32.1 -29.0
Merchandise Exports (EUR bn) 63.1 57.6 70.2 86.0 86.5
Merchandise Imports (EUR bn) 80.9 76.5 93.3 118.1 115.5
Merchandise Exports (ann. var. %) 2.0 -8.7 21.9 22.5 0.6
Merchandise Imports (ann. var. %) 4.9 -5.4 22.0 26.5 -2.2
Foreign Direct Investment (EUR bn) 5.2 2.8 9.3 9.9 6.5
International Reserves (EUR bn) 37.5 42.5 45.8 52.3 66.0
International Reserves (months of imports) 5.6 6.7 5.9 5.3 6.9
External Debt (EUR bn) 109.8 126.7 136.6 143.9 168.3
External Debt (% of GDP) 48.8 57.3 56.4 51.1 51.9
Free Sample Report

Interested in Romania economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen