Socio-Economy
The Romanian economy has been one of the fastest growing in Europe since 2002, but in line with global trends a serious economic downturn is predicted in 2009:
- Gross domestic product (GDP): €125 million in 2007;
- Inflation: 4.7% in 2007, 8.6% in 2006;
- Estimated budget deficit as % of GDP in 2007: 2.4%, or €2.8 billion;
- Unemployment: 5.3% in 2007, 5.4% in 2006);
- Middle-income country with gross national income (GNI) per capita of $6,150 in 2007, $4,850 in 2006;
- Population: 21.4 million in 2007;
- Population under the age of 18: 4.154 million (2007);
- Population under the age of 5: 1.051 million (2007)
- Natural population increase rate was negative (-2.4 in January 2008 and -3.7 in January 2007/persons per 1,000 inhabitants);
- Low number of young labour market entrants is further aggravated by migration outflows;
- Economic impact of labour migration on Romania has not yet been assessed.
However
volume of remittances increased continuously since 2006;
the National Bank of Romania (BNR) reported a record amount of remittances worth EUR 4.8-5.3 billion for 2006;
a World Bank study shows that remittances from Romanians working abroad are expected to amount to a total $9 billion in 2008. The same study forecasts a slowing of remittances in 2009 due to the financial crisis.
