Romania joined the European Union in 2007
Capital city: Bucharest
Population: 22,215,421 (July 2009 est.)
Currency: Romanian Leu
Language: Romanian
Romania began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fuelled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty. Corruption and red tape continue to handicap its business environment. Inflation rose in 2007-08, driven in part by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought affecting food prices, and a relaxation of fiscal discipline. Romania hopes to adopt the euro by 2014.
GDP - composition by sector
agriculture: 8.1%
industry: 36%
services: 55.9% (2008 est.)
Source: CIA
