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Romania - Country Profile |
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| Location |
S.E. central Europe, northern part of the Balkan Penisula
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| Neighbours |
Bulgaria, Hungary, Serbia, Moldava, Ukraine, the Black Sea |
| Area |
238,391 square kilometres
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| Climate |
Temperate, continental
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| Official Language |
Romanian |
| Population |
21.4 million (2007) |
Ethnic Groups
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89% Romanian, 7% Hungarian |
| Religions |
87% Orthodox, 5% Roman Catholic, 3.5% Reformed, 4.5% Other
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Govt. System
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Constitutional Republic with a multi-party system; bicameral Parliament
Chief of State:
President: Traian Basecu (2004)
Head of Government:
Prime Minister: Calin Popescu Tariceanu (2004)
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| Capital |
Bucharest – a municipality divided into six administrative sectors with a population of 2 million inhabitants |
| Ports |
Constanta, Mangalia & Sulina on the Black Sea and Tulcea, Galati, Braila, Giugiu and Drobeta Turnu Severin on the Danube River |
International Airports
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Bucharest Otopeni and Baneasa, Constanta, Suceava, Arad, Sibiu and Timisoara |
Free Trade Zones
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Sulina, Constanta, Galati, Braila (located on the Black Sea or Danube River), Giurgui and Curtici-Arad |
| International Membership |
The United Nations (UN)
The International Monetary Fund (IMF)
The Intl. Bank for Reconstruction and Development (IBRD/World Bank)
International Finance Corporation (IFC)
Multilateral Investment Guarantee Agency (MIGA)
European Bank for Reconstruction & Development (EBRD)
Bank for International Settlements (BIS)
World Trade Organization (WTO) – formerly GATT
Central European Free Trade Agreement (CEFTA)
European Union (EU) Associate Member (entry into EU in 2007)
Global Systems of Trade Preferences (GSTP)
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Literacy Rate
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97% |
| Currency |
New Romanian Leu (RON) = $0.43 USD ) |
| GDP |
US $98.6 billion (2006) |
| Taxation |
25% Corporate Tax
Maximum 40% personal income tax
19% Value-Added Tax |
| Unemployment Rate |
4.0% (2007) |
| Inflation Rate |
1.9% (2007) |
| Net Average Wage |
US $178.92 per month (Jan. 2004) |
| Exports |
US $1.35 billion (Jun. 2004) |
| Imports |
US $1.39 billion (Jun., 2001) |
| Trade Balance Deficit |
US $244 million (Jun., 2001) |
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| Investment Climate |
| Foreign Investment Laws |
Corporate Tax Regime |
Indirect Taxation Regime |
- No restrictions on foreign ownership
- No restrictions on repatriation of capital
- No restrictions on payment of dividends
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- Corporate tax rate of 25%
- Withholding tax on dividends of 10%
- Three year loss carry-forward
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- Value-Added Tax (VAT) of 19%
- Customs Duties and Tariffs in line with EU standards
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Disadvantaged Zones
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Disadvantaged Zones Pertaining to Company Licenses |
- Legislative framework for establishing disadvantaged zones
- Specifically defined geological areas
- Conditions precedent to qualification (Mine closings resulting in layoffs of greater than 25% of the workforce)
- No VAT or Customs Duties for import or manufacture of depreciable assets
- 6% tax on profits generated in disadvantaged zones for a period of 10 years
- Disadvantaged zone status for a period of 3 to 10 years
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- Declared in October 1999
- 10 year status
- Encompasses the Baia Mare License areas, Apuseni 1 License area & the Oravita
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