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Romania
Chamber of Commerce Country Factsheet Last update: 15.05.2017

Your advisors at the Chamber of Commerce

  • Steven Koener
    +352423939379
  • Diana Rutledge
    +352423939335
Contact us: europe@cc.lu

Key Indicators

Area
238,391 km2
Population
21,666,350 (July 2015 est.)
Government type
republic
Languages
Romanian (official) 91%, Hungarian 6.7%, Romany (Gypsy) 1.1%, other 1.2%
GDP
$413.8 billion (2015 est.)
Growth rate
3.7% (2015 est.)
HDI
52
Capital
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

 

Macroeconomic indicators

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

 

Luxembourg and the country

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 12.14.1993  (Memorial 1995, A, p. 1699)
  • Effective as of 12.08.1995 (Memorial 1995, A, p.2219)
  • Convention from 14.06.2013 (Memorial  A N°114, p.1696)  effective from  01.01.14

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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Further information

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. Christian BIEVER

23A, Vassilissis Sofias Avenue, 2
Street Neofytou Vamva
GR - 10674 Athens

Tel: (+30-210) 725.64.00
Fax:(+30-210) 725.64.05

Email: athenes.amb(at)mae.etat.lu
Site Web: http://athenes.mae.lu

Economic and Commercial Attaché (AWEX):                                                        

Anne DEFOURNY 

Str. Stirbei Voda 26-28, 3rd Floor
010113 Bucharest 1

Tel: +40 21 314 05 77
Fax: +40 21 314 05 69
E-mail: bucarest(at)awex-wallonia.com

 

Honorary Consul

Honorary Consul with jurisdiction in Romania: Mr.Mihai FERARIU

Central Office: Str. Dr. Raureanu Nr 4, sector 5
R-05 0048 Bucharest

Tel: +40 21 310 35 10
Fax: +40 21 315 75 31
Email: ferariu(at)rdslink.ro

Source: www.mae.lu
Source: www.awex.be 

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

 

 

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