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Romania has a complex, high-income market economy, the 45th largest in the world by total nominal GDP and the 36th largest based on purchasing power parity. [1] The country is a regional leader in multiple fields, such as IT and motor vehicle production. [2] [3] In 2016, Romania was the 46th largest exporter of goods in the world. [4]
Romania's chief exports to Italy included leather footwear, cars, telephones, tobacco, men's suits, seats and iron pipes. 2.8% of the country's GDP is derived from agricultural activity. While Romania imports substantial quantities of grain, it is largely self-sufficient in other agricultural products and food stuffs.
Romania is an oil producer, but the level of production is not enough to make the country self-sufficient. As a result, it is a net oil and gas importer. The pipeline network in Romania included: 1,738 km for crude oil, 2,321 km for petroleum products and 708 km for natural gas, in 1999.
Romania is a net exporter of automotive and vehicle parts worldwide and has established a growing reputation as a technology center, with some of the fastest internet speeds globally. Romania is a member of several international organizations, including the European Union, NATO, and the BSEC.
Romania is a popular tourist destination, with more than 15.7 million domestic and foreign tourists in 2018. Romania's tourism took a great hit during the 2020 COVID-19 pandemic, with a drop of as much as 68.7% of foreign visitors in 2020, but it's beginning to recover in 2022. [78]
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. [1] It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.
Apa (Hungarian: Apa, Hungarian pronunciation: ) is a commune of 2,575 inhabitants situated in Satu Mare County, Romania. It is composed of three villages: Apa, Lunca Apei ( Apai Lanka ) and Someșeni ( Szamostelek ).
The effect of the cuts in imports in Romania, a net importer of food from the West, was however not correctly estimated by the foreign analysts and it led to food shortages. [5] Romania's record - having all of its debts to commercial banks paid off in full - has not been matched by any other heavily-indebted country in the world. [6]