The gross domestic product (GDP) in current prices in Romania was 382.85 billion U.S. dollars in 2024. Between 1980 and 2024, the GDP rose by 336.8 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by 131.49 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

Romania RO: GDP: Growth: Adjusted Net National Income data was reported at 3.946 % in 2016. This records a decrease from the previous number of 4.655 % for 2015. Romania RO: GDP: Growth: Adjusted Net National Income data is updated yearly, averaging 4.352 % from Dec 1991 (Median) to 2016, with 26 observations. The data reached an all-time high of 12.596 % in 2007 and a record low of -7.959 % in 1991. Romania RO: GDP: Growth: Adjusted Net National Income data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Romania – Table RO.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted average;

The gross domestic product (GDP) per capita in Romania was 20,278.2 U.S. dollars in 2024. Between 1980 and 2024, the GDP per capita rose by 18,226.12 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by 8,531.27 U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

Romania: Financial markets development, access: The latest value from 2021 is 0.011 index points, unchanged from 0.011 index points in 2020. In comparison, the world average is 0.361 index points, based on data from 114 countries. Historically, the average for Romania from 1980 to 2021 is 0.005 index points. The minimum value, 0.002 index points, was reached in 1980 while the maximum of 0.022 index points was recorded in 2018.

The Gross Domestic Product per capita in Romania was last recorded at 40608.42 US dollars in 2024, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Romania, when adjusted by Purchasing Power Parity is equivalent to 229 percent of the world's average. This dataset provides the latest reported value for - Romania GDP per capita PPP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows the growth of the real gross domestic product (GDP) in the European Union and the Euro area from 2020 to 2024, with projections up until 2030. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2024, the GDP in the European Union increased by about 1.12 percent compared to the previous year. Growth trends in the EU compared to the euro area The euro area, which is also called the eurozone, is an economic and monetary union (EMU) which includes 19 of the 27 European Union member states which have formally adopted the euro. Those countries include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Member states which have not yet adopted the euro include Bulgaria, Croatia, Czechia, Denmark, Hungary, Poland, Romania, Sweden and the United Kingdom. Additionally, there is the so-called Schengen Area, which is composed of EU and non-EU states, and has been established mainly to facilitate travelling in Europe. While some countries, such as Kosovo and Montenegro have adopted the euro unilaterally, they are not formally part of the eurozone. Others have established a monetary agreement with the EU to use the euro, such as Andorra, Monaco, San Marino and the Vatican, but they do not form part of the official euro area. As can be seen in the chart, annual GDP growth slumped in 2012 and 2013, presumably as a result of the global financial crisis, in both the EU and the euro area. In 2013, growth began increasing ever so slightly and in 2014 the EU regained a bit of stability. However, overall recovery in the EU has been relatively moderate and gradual; growth throughout the EU has been slightly better than in the euro area and is projected to remain slightly better for the foreseeable future. Relatively new member states such as Romania and Czechia, which have not yet adopted the euro, reported the highest annual growth rates in the EU in 2015, and generally, new member states show slightly better growth rates. Also, unemployment has been slightly higher in the euro area compared to the EU for the last ten years (267906). The unemployment rate also remains relatively high for both the EU and the euro area. As for public spending as a share of GDP, these figures are slightly higher in the euro area than in the EU as a whole. The member states with the highest national debt include the United Kingdom, Italy, France and Germany - some of the oldest members of the euro area. The national debt of the euro area is slightly higher than the national debt of the EU as a whole, underlining the economic situation of both areas.

Romania Avg Gross Earning: NACE 2: PS: Scientific Research and Development data was reported at 6,802.000 RON in May 2018. This records an increase from the previous number of 6,754.000 RON for Apr 2018. Romania Avg Gross Earning: NACE 2: PS: Scientific Research and Development data is updated monthly, averaging 4,894.000 RON from Mar 2017 (Median) to May 2018, with 15 observations. The data reached an all-time high of 6,802.000 RON in May 2018 and a record low of 4,485.000 RON in Mar 2017. Romania Avg Gross Earning: NACE 2: PS: Scientific Research and Development data remains active status in CEIC and is reported by National Institute of Statistics. The data is categorized under Global Database’s Romania – Table RO.G018: Average Gross Earnings: NACE 2: by Classification of Economic Activities (New Legislation).

Romania RO: Adjusted Savings: Net Forest Depletion: % of GNI data was reported at 0.000 % in 2016. This stayed constant from the previous number of 0.000 % for 2015. Romania RO: Adjusted Savings: Net Forest Depletion: % of GNI data is updated yearly, averaging 0.000 % from Dec 1989 (Median) to 2016, with 28 observations. Romania RO: Adjusted Savings: Net Forest Depletion: % of GNI data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Romania – Table RO.World Bank: Gross Domestic Product: Nominal. Net forest depletion is calculated as the product of unit resource rents and the excess of roundwood harvest over natural growth. If growth exceeds harvest, this figure is zero.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.

Romania External Debt: LT: PD: MI: ow CE Special Development Fund data was reported at 631.800 EUR mn in Sep 2018. This records a decrease from the previous number of 644.100 EUR mn for Aug 2018. Romania External Debt: LT: PD: MI: ow CE Special Development Fund data is updated monthly, averaging 821.400 EUR mn from Sep 2013 (Median) to Sep 2018, with 61 observations. The data reached an all-time high of 902.100 EUR mn in Sep 2013 and a record low of 631.800 EUR mn in Sep 2018. Romania External Debt: LT: PD: MI: ow CE Special Development Fund data remains active status in CEIC and is reported by National Bank of Romania. The data is categorized under Global Database’s Romania – Table RO.JB006: BPM6: External Debt: by Creditor.

With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. The similarly sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

Romania External Debt: LT: PR: MI: European Bank for Reconstruction & Development data was reported at 757.900 EUR mn in Aug 2018. This records a decrease from the previous number of 772.100 EUR mn for Jul 2018. Romania External Debt: LT: PR: MI: European Bank for Reconstruction & Development data is updated monthly, averaging 1,106.200 EUR mn from Sep 2013 (Median) to Aug 2018, with 60 observations. The data reached an all-time high of 1,588.300 EUR mn in Sep 2013 and a record low of 750.300 EUR mn in May 2017. Romania External Debt: LT: PR: MI: European Bank for Reconstruction & Development data remains active status in CEIC and is reported by National Bank of Romania. The data is categorized under Global Database’s Romania – Table RO.JB006: BPM6: External Debt: by Creditor.

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Romania Power EPC Market Size 2024-2028

The Romania power EPC market size is forecast to increase by USD 155.89 million at a CAGR of 3.84% between 2023 and 2028.

The Romania Power Engineering, Procurement, and Construction (EPC) market is experiencing significant growth due to several key trends. One of the primary drivers is the increasing investments in solar power projects, as the country aims to expand its renewable energy capacity. Another trend is the rapid decline in greenhouse gas (GHG) emissions, with the Romanian government committed to phasing out the use of fossil fuels, promoting clean energy, and incorporating biogas and solar energy storage solutions. These factors are expected to boost the demand for Power EPC services in the country. Additionally, the European Union's Green Deal initiative, which aims to make Europe carbon neutral by 2050, is also likely to have a positive impact on the Romanian Power EPC market.

What will be the size of the Romania Power EPC Market during the forecast period?

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The Power EPC (Engineering, Procurement, and Construction) market in Romania is experiencing significant growth, driven by the increasing demand for power transmission and the integration of renewable energy sources into the grid. Renewable capacity expansion is a key focus, with uncertainties surrounding project delays and approvals posing challenges for developers. Power supply reliability is a critical concern, with natural gas and coal-fired power generation continuing to play a significant role in meeting energy needs. However, the shift towards renewable energy and carbon alternatives is gaining momentum, driven by government policies and economic growth. The market is witnessing innovation in areas such as ultra-supercritical and supercritical coal-fired power plants, which offer improved efficiency and reduced emissions.



Procurement processes are changing to accommodate the integration of renewable energy sources, with utility providers seeking integrated solutions to manage the complexities of the energy mix. Project initiation faces challenges due to adverse impacts on infrastructure development, including delays in approvals and financing. Private developers are increasingly seeking government backing to mitigate risks and ensure the long-term viability of their projects. Energy demand continues to grow, with oil-based power generation remaining a significant contributor to the energy mix. The role of turbines in power generation is evolving, with a focus on efficiency and emissions reduction. The market is poised for continued growth, with a focus on delivering innovative solutions to meet the evolving energy needs of the country.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Non-renewable
  Renewable


End-user

  Private
  Government


Technology

  Thermal
  Hydroelectric
  Renewables
  Nuclear


Geography

  Romania

By Application Insights

The non-renewable segment is estimated to witness significant growth during the forecast period.

The Power Engineering, Procurement, and Construction (EPC) market in Romania is primarily driven by the non-renewable energy segment. This segment is dominated by conventional thermal power plants that utilize fossil fuels such as coal, oil, and natural gas for energy generation. In 2023, non-renewable energy sources accounted for over 70% of Romania's total primary energy supply. The country's energy security is ensured by its significant natural gas and oil reserves and a large power generation sector. Approximately 98% of coal and 73% of fossil gas units in Romania are state-owned, and managed by the Romanian Ministry of Economy, Energy, and Business.

Renewable energy projects, sustainable energy solutions, and energy storage solutions are also gaining traction in Romania, driven by the need for carbon emissions reduction and the adoption of clean energy technologies. The country's energy access is relatively high, with a focus on energy efficiency and smart grid technologies.

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The non-renewable segment was valued at USD 513.73 million in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of Romania Power EPC Market?

Growing investments in solar power projects is the key driver of the ma

Romania RO: IMF Account: Fund Position: USD: UFC: Outstanding Loans: Structural Adj. Facility, Poverty Reduction and Growth Facility & Trust Fund data was reported at 0.000 USD mn in Jun 2018. This stayed constant from the previous number of 0.000 USD mn for Mar 2018. Romania RO: IMF Account: Fund Position: USD: UFC: Outstanding Loans: Structural Adj. Facility, Poverty Reduction and Growth Facility & Trust Fund data is updated quarterly, averaging 0.000 USD mn from Mar 1945 (Median) to Jun 2018, with 294 observations. Romania RO: IMF Account: Fund Position: USD: UFC: Outstanding Loans: Structural Adj. Facility, Poverty Reduction and Growth Facility & Trust Fund data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Romania – Table RO.IMF.IFS: IMF Account: Fund Position: Quarterly.

Abstract

Financial inclusion is critical in reducing poverty and achieving inclusive economic growth. When people can participate in the financial system, they are better able to start and expand businesses, invest in their children’s education, and absorb financial shocks. Yet prior to 2011, little was known about the extent of financial inclusion and the degree to which such groups as the poor, women, and rural residents were excluded from formal financial systems.

By collecting detailed indicators about how adults around the world manage their day-to-day finances, the Global Findex allows policy makers, researchers, businesses, and development practitioners to track how the use of financial services has changed over time. The database can also be used to identify gaps in access to the formal financial system and design policies to expand financial inclusion.

Geographic coverage

National coverage

Analysis unit

Individuals

Universe

The target population is the civilian, non-institutionalized population 15 years and above.

Kind of data

Observation data/ratings [obs]

Sampling procedure

The indicators in the 2017 Global Findex database are drawn from survey data covering almost 150,000 people in 144 economies-representing more than 97 percent of the world's population (see Table A.1 of the Global Findex Database 2017 Report for a list of the economies included). The survey was carried out over the 2017 calendar year by Gallup, Inc., as part of its Gallup World Poll, which since 2005 has annually conducted surveys of approximately 1,000 people in each of more than 160 economies and in over 150 languages, using randomly selected, nationally representative samples. The target population is the entire civilian, noninstitutionalized population age 15 and above. Interview procedure Surveys are conducted face to face in economies where telephone coverage represents less than 80 percent of the population or where this is the customary methodology. In most economies the fieldwork is completed in two to four weeks.

In economies where face-to-face surveys are conducted, the first stage of sampling is the identification of primary sampling units. These units are stratified by population size, geography, or both, and clustering is achieved through one or more stages of sampling. Where population information is available, sample selection is based on probabilities proportional to population size; otherwise, simple random sampling is used. Random route procedures are used to select sampled households. Unless an outright refusal occurs, interviewers make up to three attempts to survey the sampled household. To increase the probability of contact and completion, attempts are made at different times of the day and, where possible, on different days. If an interview cannot be obtained at the initial sampled household, a simple substitution method is used.

Respondents are randomly selected within the selected households. Each eligible household member is listed and the handheld survey device randomly selects the household member to be interviewed. For paper surveys, the Kish grid method is used to select the respondent. In economies where cultural restrictions dictate gender matching, respondents are randomly selected from among all eligible adults of the interviewer's gender.

In economies where telephone interviewing is employed, random digit dialing or a nationally representative list of phone numbers is used. In most economies where cell phone penetration is high, a dual sampling frame is used. Random selection of respondents is achieved by using either the latest birthday or household enumeration method. At least three attempts are made to reach a person in each household, spread over different days and times of day.

The sample size was 1001.

Mode of data collection

Computer Assisted Personal Interview [capi]

Research instrument

The questionnaire was designed by the World Bank, in conjunction with a Technical Advisory Board composed of leading academics, practitioners, and policy makers in the field of financial inclusion. The Bill and Melinda Gates Foundation and Gallup Inc. also provided valuable input. The questionnaire was piloted in multiple countries, using focus groups, cognitive interviews, and field testing. The questionnaire is available in more than 140 languages upon request.

Questions on cash on delivery, saving using an informal savings club or person outside the family, domestic remittances, and agricultural payments are only asked in developing economies and few other selected countries. The question on mobile money accounts was only asked in economies that were part of the Mobile Money for the Unbanked (MMU) database of the GSMA at the time the interviews were being held.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country-specific margins of error, please refer to the Methodology section and corresponding table in Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and Jake Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. Washington, DC: World Bank

Romania External Debt: LT: PG: MI: European Bank for Reconstruction & Development data was reported at 24.100 EUR mn in Apr 2018. This stayed constant from the previous number of 24.100 EUR mn for Mar 2018. Romania External Debt: LT: PG: MI: European Bank for Reconstruction & Development data is updated monthly, averaging 66.950 EUR mn from Sep 2013 (Median) to Apr 2018, with 56 observations. The data reached an all-time high of 136.200 EUR mn in Sep 2013 and a record low of 24.100 EUR mn in Apr 2018. Romania External Debt: LT: PG: MI: European Bank for Reconstruction & Development data remains active status in CEIC and is reported by National Bank of Romania. The data is categorized under Global Database’s Romania – Table RO.JB006: BPM6: External Debt: by Creditor.

Romania RO: Environmentally Related Official Development Assistance: % of Total ODA data was reported at 0.090 % in 2021. This records a decrease from the previous number of 0.550 % for 2020. Romania RO: Environmentally Related Official Development Assistance: % of Total ODA data is updated yearly, averaging 0.565 % from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 1.450 % in 2018 and a record low of 0.070 % in 2017. Romania RO: Environmentally Related Official Development Assistance: % of Total ODA data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Romania – Table RO.OECD.GGI: Environmental: Environmental Policy, Taxes and Transfers: Non OECD Member: Annual.

Romania RO: BERD Performed: Service Industries data was reported at 56.025 % in 2021. This records a decrease from the previous number of 57.700 % for 2020. Romania RO: BERD Performed: Service Industries data is updated yearly, averaging 25.887 % from Dec 1993 (Median) to 2021, with 29 observations. The data reached an all-time high of 64.959 % in 2018 and a record low of 1.614 % in 1993. Romania RO: BERD Performed: Service Industries data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Romania – Table RO.OECD.MSTI: Business Enterprise Investment on Research and Development: Non OECD Member: Annual.

In Romania, in 2011, R&D questionnaires were redesigned for all sectors (and merged with the Community Innovation Survey in the case of the business enterprise sector). This had an impact on the number of researchers in both the higher education and business enterprise sectors.

In 2013, a change in methodology for the allocation of GBARD data by socio-economic objectives has resulted in a break in series.

Romania External Debt: LT: PD: MI: ow International Bank for Reconstruction & Development data was reported at 4,088.900 EUR mn in Apr 2018. This records a decrease from the previous number of 4,093.200 EUR mn for Mar 2018. Romania External Debt: LT: PD: MI: ow International Bank for Reconstruction & Development data is updated monthly, averaging 3,737.850 EUR mn from Sep 2013 (Median) to Apr 2018, with 56 observations. The data reached an all-time high of 4,123.400 EUR mn in Sep 2017 and a record low of 2,428.800 EUR mn in Sep 2013. Romania External Debt: LT: PD: MI: ow International Bank for Reconstruction & Development data remains active status in CEIC and is reported by National Bank of Romania. The data is categorized under Global Database’s Romania – Table RO.JB006: BPM6: External Debt: by Creditor.

Romania RO: Official Development Assistance: % of Total ODA: Renewable Energy Sector data was reported at 0.060 % in 2021. This records a decrease from the previous number of 0.080 % for 2020. Romania RO: Official Development Assistance: % of Total ODA: Renewable Energy Sector data is updated yearly, averaging 0.070 % from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 0.360 % in 2018 and a record low of 0.000 % in 2017. Romania RO: Official Development Assistance: % of Total ODA: Renewable Energy Sector data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Romania – Table RO.OECD.GGI: Environmental: Environmental Policy, Taxes and Transfers: Non OECD Member: Annual.