Agriculture accounts for 6.4% of Romania’s GDP in 2014 and around 28% of the active population works within this industry branch. The main agricultural resources in Romanian are cereals, sugar beet and potatoes. Production is still at a low level compared to Romania’s agricultural potential. Agriculture is considered to be one of the industrial branches with a high development potential and more and more investors direct their attention towards this branch of the economy.
The industrial sector accounts for 43.2% of Romania’s GDP and offers jobs to a third of the country’s active population, around 32% working in this sector. The industry is the backbone of the Romanian economy. As a result we find many investors involved in the heavy industry (metallurgy, steel foundries), manufacturing of motor vehicles and automotive components, buildings and constructions, oil refineries and the textile industry. Romania’s assets are mainly the highly skilled workforce and the salary related costs which are far below the EU average.
The Romanian economy focuses in particular on the services sector, which generates 50.4% of the GDP and employs around 40% of the workforce at national level. Tourism, in particular, is a developing industry with high investment potential.
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Romania is a country dependent on imports. The 2008 global financial crisis intensified the balance of payments deficit starting with 2009. Moreover, due to the fact that Romania’s main export partners were struggling with the global financial crisis, exports dropped significantly in 2012. However, in 2014, they increased by 57%, marking the recovery of the Eurozone from the financial crisis.
Below you will find the main indicators characterizing Romania’s external trade:
Romania’s main external trade partners, in terms of exports, are: Germany, Italy and France, and the main import partners are: Germany, Italy and Hungary.
Top imported and exported products:
Top exported and imported services:
