After joining the European Union in 2007, Romania has continued its fast economic development. Unprecedented foreign investment, steadily growing industrial output and booming domestic demand resulted in several years of significant economic growth. At present, some of Romania’s key economic advantages are: a solid banking system, a well trained workforce with unemployment in 2010 under 9% and a good IT&C infrastructure.
Romania faced a severe recession in 2009, after having grown by an average of 6.3% annually for the previous eight years. The GDP in Romania contracted by 7.1% in 2009 largely driven by the fall in private consumption (9.2% y/y drop) and the huge loss in investment (25.3% y/y drop). A modest economic recovery is expected in Romania in 2010, with the real GDP forecast to grow by 1% y/y. The recovery is expected to strengthen from 2011, when a growth of 3.5% is forecast.
According to the National Statistics Office, in the first quarter of 2010 compared to the same period last year, the gross industrial production (GIP) index in Romania was 4.1% higher. This increase was supported by the electricity, gas, steam and air conditioning sectors (+13.5%) and by the manufacturing sector (+4.0%).