Economy of Romania - statistics & facts
Over the past four decades, Romania's economy has undergone a remarkable transformation. Since gaining independence in 1990, the country's Gross Domestic Product (GDP) has grown nearly tenfold, showcasing its commitment to economic progress. Additionally, the rise in GDP per capita, measured in Purchasing Power Standards (PPS), reflects significant improvements in the living standards of its citizens.
The country's economic development has witnessed notable achievements over the years. The nation has experienced significant progress in reducing its unemployment rate until 2019. However, the COVID-19 pandemic and war in Ukraine reversed the positive trend. Nevertheless, the unemployment rate was still below the EU average in 2022. Despite these successes, managing public debt remains a crucial challenge for Romania. It reached its peak at 57.9 percent of GDP in 2021. As of March 2023, the debt fell to 53.5 percent.
Romania's top three largest banks had a combined financial asset value of over 303 billion Romanian lei. The leader was Banca Transilvania, with financial assets worth nearly 134 billion Romanian lei and a net profit of 2.18 billion Romanian lei, registering a growth of 22 percent in one year.
OMV Petrom was the leading company in both the oil and natural gas industry, having by far the highest revenue of 55.94 billion Romanian lei, which increased by over 137 percent compared to 2021, and registering a net profit of 10.29 billion Romanian lei.
Economic development
Romania's economic growth has been one of the highest in the European Union (EU), and its capital Bucharest is the highest-ranked startup ecosystem in the Balkans. Bucharest was also the leading city in Eastern Europe for startups in the Artificial Intelligence industry.The country's economic development has witnessed notable achievements over the years. The nation has experienced significant progress in reducing its unemployment rate until 2019. However, the COVID-19 pandemic and war in Ukraine reversed the positive trend. Nevertheless, the unemployment rate was still below the EU average in 2022. Despite these successes, managing public debt remains a crucial challenge for Romania. It reached its peak at 57.9 percent of GDP in 2021. As of March 2023, the debt fell to 53.5 percent.
Romania's leading companies
The auto industry represents approximately 12 percent of the country's GDP and 29 percent of exports. The leading company in this industry is the worldwide known car manufacturer Automobile Dacia, which had a revenue of 25.71 billion Romanian lei, producing over 314.2 thousand cars only in Romania and has one of the most sold car models in Europe - Dacia Sandero.Romania's top three largest banks had a combined financial asset value of over 303 billion Romanian lei. The leader was Banca Transilvania, with financial assets worth nearly 134 billion Romanian lei and a net profit of 2.18 billion Romanian lei, registering a growth of 22 percent in one year.
OMV Petrom was the leading company in both the oil and natural gas industry, having by far the highest revenue of 55.94 billion Romanian lei, which increased by over 137 percent compared to 2021, and registering a net profit of 10.29 billion Romanian lei.
