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The economy of Romania is a developing mixed economy, with a high degree of complexity. [36] It ranks 12th in the European Union by total nominal GDP [ 37 ] and 7th largest when adjusted by purchasing power (PPP) . [ 38 ]
The economy grew between the 1950s and 1970s at one of the fastest rates in the world, changing Romania from a predominantly agricultural country into an industrialized country. Almost 30% of the population moved during this period from rural to urban areas to work in the newly built factories.
Romania has a complex, high-income market economy, the 45th largest in the world by total nominal GDP and the 36th largest based on purchasing power parity. [1] The country is a regional leader in multiple fields, such as IT and motor vehicle production. [2] [3] In 2016, Romania was the 46th largest exporter of goods in the world. [4]
In 2000 Romania announced an ambitious plan to promote science and technology so that high-technology activities would dominate the economy by the year 2007. The Ministry of Science and Technology intended to coordinate technology-related projects between government and industry in a variety of fields including semiconductors, computers ...
Economy of Romania-related lists (1 C, 8 P) B. Romanian billionaires (7 P) Business in Romania (4 C, 2 P) Romanian businesspeople (9 C, 45 P) C. Companies of Romania ...
The EU is Romania's main trade partner in agri-food products. Romanian EU exports represent 64%, and imports from EU countries represent 54%. Other important partners are the CEFTA countries, Turkey, Republic of Moldova and the USA. [1] Romania is an important exporter of military equipment, accounting for 3-4% of the world total in 2007.
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [1] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
Romania has been an open economy with free capital flow since September 2006, and with total foreign trade exceeding 75% of Gross Domestic Product (GDP) (Isărescu 2007). Romania's financial market is developing, and experts have noted a trend toward greater efficiency of stock exchange transactions. [5]