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Romania ECONOMY
Gross National Product: US$151.3 billion (1988),
US$6,570
per capita, with 2.1 percent growth rate. Industry
accounts for
52.7 percent, agriculture 14.9 percent, other sectors 32.4
percent
(1987).
Administration: Extremely centralized, directed
by
communist party. Detailed economic planning. State
ownership of
most fixed assets.
Fuels and Energy: Once extensive oil and gas
reserves
nearing depletion. Increasing dependence on imported
fuels. Coal
reserves large but of poor quality. Coking coal reserves
inadequate. Significant hydroelectric potential under
development.
Nuclear power program lagging badly.
Minerals: Deposits of ferrous and nonferrous
ores, salt,
gypsum. Increasingly dependent on imported iron ore.
Foreign Trade: Split almost evenly between
socialist and
nonsocialist countries. Large surpluses run during 1980s
to repay
foreign debt. Major exports metallurgical products,
machinery,
refined oil products, chemical fertilizers, processed wood
products, agricultural commodities. Major imports crude
oil,
natural gas, iron ore, machinery and equipment, chemicals,
foodstuffs.
Industry: Fuels production and processing,
metallurgy,
chemicals, machine building, forestry, food processing,
textiles.
Agriculture: About 91 percent collectivized.
Primary
crops: corn, wheat, barley, oilseeds, potatoes,
sugarbeets, fruits
and vegetables. Cattle, sheep, hogs, and poultry widely
raised.
Exchange Rate: 14.5 lei per US$1 in January
1989.
Data as of July 1989
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