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1994-05-02
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<text>
<title>
Romania: Economy
</title>
<article><hdr>The World Factbook 1993: Romania
Economy</hdr><body>
<p>Overview: Industry, which accounts for about one-third of the
labor force and generates over half the GDP, suffers from an
aging capital plant and persistent shortages of energy. The year
1991 witnessed a 17% drop in industrial production because of
energy and input shortages and labor unrest. In recent years the
agricultural sector has had to contend with flooding,
mismanagement, shortages of inputs, and disarray caused by the
dismantling of cooperatives. A shortage of inputs and a severe
drought in 1991 contributed to a poor harvest, a problem
compounded by corruption and an obsolete distribution system.
The new government has instituted moderate land reforms, with
more than one-half of cropland now in private hands, and it has
liberalized private agricultural output. Private enterprises form
an increasingly important portion of the economy largely in
services, handicrafts, and small-scale industry. Little progress
on large scale privatization has been made since a law providing
for the privatization of large state firms was passed in August
1991. Most of the large state firms have been converted into
joint-stock companies, but the selling of shares and assets to
private owners has been delayed. While the government has halted
the old policy of diverting food from domestic consumption to
hard currency export markets, supplies remain scarce in some
areas. The new government continues to impose price ceilings on
key consumer items. In 1992 the economy muddled along toward the
new, more open system, yet output and living standards continued
to fall.
</p>
<p>National product: GDP - purchasing power equivalent - $63.4
billion (1992 est.)
</p>
<p>National product real growth rate: -15% (1992 est.)
</p>
<p>National product per capita: $2,700 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 200% (1992 est.)
</p>
<p>Unemployment rate: 9% (January 1993)
</p>
<p>Budget: revenues $19 billion; expenditures $20 billion,
including capital expenditures of $2.1 billion (1991 est.)
</p>
<list>
<l>Exports: $3.5 billion (f.o.b., 1991)</l>
<l> commodities: machinery and equipment 29.3%, fuels, minerals
and metals 32.1%, manufactured consumer goods 18.1%,
agricultural materials and forestry products 9.0%, other 11.5%
(1989)</l>
<l> partners: USSR 27%, Eastern Europe 23%, EC 15%, US 5%, China
4% (1987)</l>
<l>Imports: $5.1 billion (f.o.b., 1991)</l>
<l> commodities: fuels, minerals, and metals 56.0%, machinery
and equipment 25.5%, agricultural and forestry products 8.6%,
manufactured consumer goods 3.4%, other 6.5% (1989)</l>
<l> partners: Communist countries 60%, non-Communist countries
40% (1987)</l>
</list>
<p>External debt: $3 billion (1992)
</p>
<p>Industrial production: growth rate -17% (1991 est.); accounts
for 48% of GDP
</p>
<p>Electricity: 22,500,000 kW capacity; 59,000 million kWh
produced, 2,540 kWh per capita (1992)
</p>
<p>Industries: mining, timber, construction materials,
metallurgy, chemicals, machine building, food processing,
petroleum production and refining
</p>
<p>Agriculture: accounts for 18% of GDP and 28% of labor force;
major wheat and corn producer; other products - sugar beets,
sunflower seed, potatoes, milk, eggs, meat, grapes
</p>
<p>Illicit drugs: transshipment point for southwest Asian heroin
transiting the Balkan route
</p>
<p>Economic aid: donor - $4.4 billion in bilateral aid to
non-Communist less developed countries (1956-89)
</p>
<p>Currency: 1 leu (L)=100 bani
</p>
<p>Exchange rates: lei (L) per US$1 - 470.10 (January 1993),
307.95 (1992), 76.39 (1991), 22.432 (1990), 14.922 (1989),
14.277 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>