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Chambre de Commerce - Fiche d'information pays Dernière mise à jour: 12.07.2018

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  • Steven Koener
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  • Violaine Mathurin
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Contactez-nous: europe@cc.lu

Indicateurs clés

Région
238,391 km2
Population
21,529,967 (July 2017 est.)
Type de gouvernement
republic
Langues
Romanian (official) 85.4%, Hungarian 6.3%, Romani 1.2%, other 1%, unspecified 6.1% (2011 est.)
PIB
$474 billion (2017 est.)
Taux de croissance
5.5% (2017 est.)
IHD
50
Capitale
Bucharest

 

Introduction

The principalities of Wallachia and Moldavia - for centuries under the suzerainty of the Turkish Ottoman Empire - secured their autonomy in 1856; they were de facto linked in 1859 and formally united in 1862 under the new name of Romania. The country gained recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories - most notably Transylvania - following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the formation of a communist "people's republic" in 1947 and the abdication of the king. The decades-long rule of dictator Nicolae CEAUSESCU, who took power in 1965, and his Securitate police state became increasingly oppressive and draconian through the 1980s. CEAUSESCU was overthrown and executed in late 1989. Former communists dominated the government until 1996 when they were swept from power. Romania joined NATO in 2004 and the EU in 2007.

Source: The CIA World Factbook - Romania

 

Indicateurs macroéconomiques

Romania, which joined the EU on 1 January 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. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania's widespread poverty. Corruption and red tape continue to permeate the business environment.

In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary standby agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability; no funds were drawn. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on standby agreement, worth $5.4 billion, to continue with reforms. This agreement expired in September 2015, and no funds were drawn. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks.

Economic growth rebounded in the 2013-17 period, driven by strong industrial exports, excellent agricultural harvests, and, more recently, expansionary fiscal policies in 2016-2017 that nearly quadrupled Bucharest’s annual fiscal deficit, from +0.8% of GDP in 2015 to -3% of GDP in 2016 and an estimated -3.4% in 2017. Industry outperformed other sectors of the economy in 2017. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was the major driver, due to tax cuts and large wage increases that began last year and are set to continue in 2018.

An aging population, emigration of skilled labor, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package compromise Romania’s long-term growth and economic stability and are the economy's top vulnerabilities.

Source: The CIA World Factbook - Economic overview Roumania

IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
2.9593.7514.9603.7603.260
Gross domestic product, current prices
U.S. dollars (Billions)
199.374177.956186.514197.004210.100
Gross domestic product per capita, current prices
U.S. dollars (Units)
9,995.0148,955.7429,438.9919,992.47810,681.621
Inflation, average consumer prices
Percent change
1.076-0.596-1.5151.6843.110
Volume of imports of goods and services
Percent change
8.9379.1409.1007.7006.901
Volume of exports of goods and services
Percent change
8.5805.5275.2426.0016.200
Unemployment rate
Percent of total labor force
6.8026.8126.4006.2006.300
Current account balance
U.S. dollars (Billions)
-0.910-2.032-3.733-5.539-6.005
Current account balance
Percent of GDP
-0.457-1.142-2.001-2.811-2.858
Colored cells are estimates

Source: IMF Statistics - Romania

 

Le Luxembourg et le pays

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 14.12.1993 (Memorial 1995, A No.68, p.1699)
  • Effective as of 01.01.1993 (Memorial 1995, A No.68, p.1699)
  • Amendment of the Convention from 14.10.2011 (Memorial 2013, A No.114, p.1713)
  • Effective as of 01.01.2014 (Memorial 2013, A No.114, p.1713)

Air Services agreement

  • Agreement from 27.10.1972 (Memorial 1974, A, p. 699)
  • Effective as of 07.03.1974 (Memorial 1974, A, p. 1324)

Source:  Administration des Contributions Directes

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Plus d'informations

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Romania

Embassy of the Grand Duchy of Luxembourg in Romania

Ambassador with residence in Athens: Mr Paul STEINMETZ

23A, Ave. Vas. Sophias 
2, rue Neophytou Vamva
GR-106 74 Athènes
Tél.: (+210) 725 64 00
Fax: (+210) 725 64 05
E-mail: athenes.amb(at)mae.etat.lu 
Website: athenes.mae.lu

 

Honorary Consul

Honorary Consul with jurisdiction in Romania: Mr Mihai FERARIU

Cabinet des Avocats Mihai Ferariu 
Bureau Central: 
Str. Dr. Raureanu Nr 4, sector 5 
R-05 0048 Bucarest
Tél.: (+40) 21 310 35 10 
Fax: (+40) 21 315 75 31
E-mail: ferariu(at)rdslink.ro

Source: Ministry of Foreign Affairs of Luxembourg

 

Economic and Commercial Attaché (AWEX) in charge of Moldova and Roumania

Economic and Commercial AttachéMrs Anne DEFOURNY 

Str. Stirbei Voda 26-28, 3ème étage
010113 Bucarest 1 - Roumania
Tel: +40 21 314 05 77
E-mail: bucarest(at)awex-wallonia.com

Source: AWEX

 

Country risk as defined by Office du Ducroire for Romania

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Romania

Other useful links