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Only a modest recovery, and downward risks remain
- A moderate 1.7% GDP growth in 2011, as IMF-led fiscal consolidation hurts domestic demand
- The private sector recovers only slowly from its heavy debt burden
- Romania’s sovereign debt service record is excellent, and the country still quite easily taps capital markets
- However, the exchange rate remains strongly vulnerable to adverse market sentiment
- A sudden currency plunge would again increase the credit risk of the (foreign currency indebted) corporate/banking sectors.
Real GDP growth (%)
Source: EIU/IMF
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General Information
Capital - Bucharest
Government type - Republic
Currency - Leu (RON)
Population - 21.9 million
Status - Upper middle income country
(GDP/capita: US-$ 8,362 in 2011)
Main import sources (2010)
- Germany - 16.7%
- Italy - 11.6%
- Hungary - 8.7%
- France - 5.9%
- China - 5.5%
Main export markets (2010)
- Germany - 18.1%
- Italy - 13.8%
- France - 8.3%
- Turkey - 6.9%
- Hungary - 4.8%
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Date October 2011
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