Romania Economy

Working abroad sounds like an adventure to many people. However, job search in Romania requires more than just the obvious Romania CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to dind employment in Romania.

Do not take too lightly the influence a work in Romania can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Romania EconomyMost visits to Romania are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Romania economy - overview: Romania, which joined the European Union in 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fueled strong GDP growth in recent years, but have led to large current account imbalances.

Romania's macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty. Corruption and red tape continue to handicap its business environment. Inflation rose in 2007-08, driven in part by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought affecting food prices, and a relaxation of fiscal discipline.

 As a result of the global financial crisis, Romania's GDP fell more than 7% in 2009, prompting Bucharest to seek a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Drastic austerity measures led to a 1.3% GDP contraction in 2010. The economy returned to positive growth in 2011 due to a strong export performance. In March 2011, the Romania and the IMF/EC/World Bank signed a 24-month precautionary stand-by agreement, worth $4.9 billion, to promote compliance with fiscal targets, progress on structural reforms and financial sector stability. The Romanian authorities have announced that they do not intend to draw funds from the facility. Romania hopes to adopt the euro by 2014.

Labor force - by occupation: agriculture: 29.7%, industry: 23.2%, services: 47.1% (2006); agriculture 40%, industry 25%, services 35% (1998)

Unemployment rate: 7% (2011 est.), 3.6% (2008 est.); 8.3% (2002)

Natural resources: petroleum (reserves declining), timber, natural gas, coal, iron ore, salt, arable land, hydropower

Industries: textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

RomaniaCurrency Romania EconomyCurrency: New Leu (RON; symbol (plural) Lei) = 100 bani. Notes are in denominations of Lei 500, 100, 50, 10, 5 and 1. Coins are in denominations of Bani50, 10, 5 and 1.

Credit/Debit Cards and ATMs: The use of credit cards is growing. Large hotels, car hire firms and some restaurants and shops accept American Express, Diners Club, MasterCard and Visa. ATMs (bancomat) accepting MasterCard and Visa can be found in main banks, airports and shopping centers but should not be relied upon as a sole source of cash.

Traveler’s Cheques: Like credit and debit cards, these are usually only useful in hotels and for obtaining cash at the bank or selected exchange offices. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in US Dollars or Euros.

Exchange rates: Lei (RON) per US dollar - 3.02 (2011 est.), 3.1779 (2010 est.), 3.0493 (2009), 2.5 (2008), 2.43 (2007), 2.809 (2006), 3 (2005), 3 (2004), 33,055.4 (2002), 29,060.8 (2001), 21,708.7 (2000), 15,332.8 (1999), 8,875.58 (1998)

Inflation rate (consumer prices): 3.1% (2011 est.), 7.8% (2008 est.)

Other Romania Economy Info

We hope that your Romania job search has been successful and you will get Romania visa too. So, if your Romania cover letter and Romania CV are ready, you may distribute them to your future employers & recruiters and start preparing for a Romania job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Romania economy info!

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