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42 counties (including Bucharest Municipality)
Romania leu (RON)
21,316,420 (July 2012)
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Importing a standard container of goods into Romania requires:
Romania is the ninth largest country of the European Union by area, and has the seventh largest population of the European Union. Its capital and largest city is Bucharest - the sixth largest city in the EU. Romania has a developing, upper-middle income market economy. Joining the EU on 1st January 2007, brought Romania a new set of changes in regulation, but at the same time great potential for setting up new business. This led to some immediate international trade liberalisation. The Romanian government initially planned for the Euro to replace the Leu in 2012, however, this is now expected to happen in 2017.
|Export of goods and services||10.9||-3||5.4|
|Import of goods and services||10.4||-0.9||2.6|
|Short-term interest rates (%)||-||-||-|
|Exchange rate (per £)||-||-||-|
|Unit labour cost||-||-||-|
|Source: Oxford Economics|
The Romanian economy grew by 3.5% in 2013, mainly due to the unusually high agricultural production. A 3% growth is expected in 2014, above the Central and Eastern Europe’s performance. Also, a gradual rebalancing of growth towards domestic demand is expected in the following years, while average annual inflation is expected to slow down at 2.4% in 2014. The positive trend is sustained by the improved consumer confidence and better international conditions, as well as by reforms implemented in the framework of the financial support from the IMF and the EU.
Romania’s main trading partners are Italy, Germany, Russia, France, and Turkey. Romania’s intra-regional trade within Europe will be Romania’s fastest growing source of growth. Imports from the Middle East and North Africa region are also expected to witness solid growth. Exports include machinery, industrial production, chemicals, raw material, mineral fuels, steel and food and beverages. Imports from the Middle East and North Africa region are also expected to witness solid growth.
Low external debt and public debt
Reduced rate of unemployment
Well-qualified labour force.
Weak flexibility of the labour market
Re-localisation of the EU firms in Romania
Mechanism of allocation of the EU subvention
Administrative bureaucratic barriers
Romania offers a marketplace of 21 million, an expanding economy, and access to the Black Sea and Asia. Romania offers significant opportunities to UK businesses with products, services, or technologies that either meet growing private demand or contribute to the country’s development priorities. In particular opportunities exist in the following sectors: textile, food and drink, manufacturing, electronic components, telecommunications and electronic components, energy, banking, biotechnology.
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