Daily Almanac for
Nov 10, 2009
Search White Pages
Search: Infoplease Info search tips
Search: Biographies Bio search tips

Sponsored LinksTravel reviews & great deals at TripAdvisor:

EncyclopediaRomania

Economy

From 1948 until 1989, Romania had a Soviet-style command economy in which nearly all agricultural and industrial enterprises were state controlled. During those years, it built an economy based largely on heavy industry. Romania remains one of the poorer European countries. Agriculture employs about one third of the labor force but accounts for only 10% of the gross domestic product (GDP). The chief crops are wheat, corn, barley, sugar beets, sunflower seeds, potatoes, and grapes. Sheep and poultry are raised. About 25% of the country is forested, and large quantities of timber are cut, especially in Transylvania.

Industry contributes about a third of the country's GDP and accounts for one third of the labor force. Auto assembly, mining and metallurgy, timber, food processing, and petroleum refining are important industrys; major manufactures include textiles, footwear, light machinery, construction materials, and chemicals. The country's main industrial centers are Arad, Bucharest, Braşov, Hunedoara, Iaşi, Oradea, Reşiţa, and Timişoara. Brăila, Galaţi, and Giurgiu are the main Danubian ports; Constanţa is the chief Black Sea port. Galaţi and Constanţa are resort cities in Romania's growing tourism industry.

Textiles and clothing, metals, machinery and equipment, chemicals, and agricultural products are exported. Romania has an inadequate supply of mineral resources and must import raw materials and fuels, although historically it has been an important oil-producing center. The chief trading partners are Italy, Germany, France, and Turkey.

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.

    • Cite
    • Print
    • Bookmark

Premium Partner Content
HighBeam Research

Related content from HighBeam Research on: Romania: Economy

Black Sea bubble: Romania. (Romanian economy) (The Economist (US))

Holding a steady course. (reforming Romania's economy) (The Banker)

Exploratory research concerning organizational consumers' behaviour in a transition economy--Romania. (Journal of International Business and Economics)

Romania: Poor economy hampers profits (PPI)

Central & Eastern Europe: Romania - Policy Clash Leaves Economy Vulnerable - In Theory, Joining The EU Should Force A Country To Adopt Greater Policy Discipline. In Practice, Romania's Muddy Political Waters And An Appetite For Spending Are About To Magni.(Interview) (The Banker)

Shortage and Currency Substitution in Transition Economies: Bulgaria, Hungary, Poland, and Romania. (International Advances in Economic Research)

Certain of success: 2001 has been a highly successful year for the Romanian economy and its banking system. National Bank of Romania examines its remarkable achievements. (Romania). (The Banker)

Central & Eastern Europe: Romania - The Hard Work Begins - With EU Accession And A Strengthening Economy, Romanians May Be Increasingly Positive About Their Future, But Tough Challenges Remain. Neil TylerReports. (The Banker)

If you can't sell it, don't make it: Oman used ITC's tools for an integrated solution to diversify exports in its oil-fuelled economy.(Trade in Action: These stories from Peru, Romania, Botswana, Uganda and Oman show solutions for some variety shared export challenges) (International Trade Forum)

Romania Builds Infrastructure for Economic Reform.(Bucharest Stock Exchange, Rasdaq help economy) (Securities Industry News)

Additional search results provided by HighBeam Research, LLC. © Copyright 2005. All rights reserved.