RomaniaChapters
Romania presents a mixed economic profile, combining strong growth potential with enduring structural weaknesses. Since joining the European Union in 2007, the country has benefited from greater market integration, rising household incomes, and increased access to European investment funds. Its diversified economy, supported by sectors such as agriculture, energy, and manufacturing, offers promising opportunities for long-term development. However, Romania continues to face several persistent challenges, including a high public deficit, heavy dependence on domestic consumption, administrative inefficiencies, and a declining working-age population.
Source: Coface
Key indicators
- Area
- 238,391 sq km
- Population
- 19,069,340 (2024)
- Government type
- semi-presidential republic
- Languages
- Romanian (official) 91.6%, Hungarian 6.3%, Romani 1.2%, other 0.7% (2021 est.)
- GDP
- $382.77 (2024)
- Growth rate
- +0.8 (2024)
- HDI
- 53
- Capital
- Bucharest
Macroeconomic indicators
After slowing in 2024, GDP growth is projected to increase to 1.5% in 2025 and 2.4% in 2026. Private consumption is set to remain a key driver of growth, supported by higher wages and pensions. Following a decline in 2024, investment is projected to expand gradually, supported by EU-funded infrastructure projects. Export dynamics are expected to remain weak in early 2025 and to recover gradually thereafter.
The monetary policy stance is expected to remain restrictive to ensure a convergence of inflation to target. Faster budget consolidation is necessary for the sustainability of the public finances and to narrow the large external deficit. Raising revenues from less distortive taxes would free up fiscal space for new spending on social protection, health, education, and infrastructure. Improving the absorption of EU funds would boost growth potential through key investments.
Source: OECD Economic Outlook
IMF Statistics:
| Subject descriptor | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
3.965 |
2.404 |
0.856 |
1.597 |
2.759 |
|
Gross domestic product, current prices U.S. dollars (Billions) |
296.928 |
350.847 |
384.148 |
403.395 |
424.375 |
|
Gross domestic product per capita, current prices U.S. dollars (Units) |
15,592.939 |
18,412.783 |
20,278.199 |
21,421.047 |
22,676.108 |
|
Inflation, average consumer prices Percent change (Units) |
13.800 |
10.397 |
5.584 |
4.608 |
3.095 |
|
Volume of imports of goods and services Percent change (Units) |
9.378 |
-0.883 |
3.254 |
-3.200 |
4.060 |
|
Volume of exports of goods and services Percent change (Units) |
9.528 |
-0.724 |
-3.733 |
-3.200 |
4.200 |
|
Unemployment rate Percent of total labor force (Units) |
5.625 |
5.567 |
5.433 |
5.400 |
5.200 |
|
Current account balance U.S. dollars (Billions) |
-28.273 |
-23.244 |
-31.780 |
-30.529 |
-31.443 |
|
Current account balance Percent of GDP (Units) |
-9.522 |
-6.625 |
-8.273 |
-7.568 |
-7.409 |
Estimates
Source: IMF Statistics - Romania
Relationships with Luxembourg
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)·
- Amendment from 06.12.2022 (Mémorial A n° 586 de 2023)
- Effective as of 01.01.2024
Air Services agreement
- Agreement from 27.10.1972 (Memorial 1974, A, p. 699)
- Effective as of 07.03.1974 (Memorial 1974, A, p. 1324)
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 Athens
Ambassador with residence in Athens: Mr Paul SCHMIT
23A, Ave. Vas. Sophias
2, rue Neophytou Vamva
GR-106 74 Athens
Greece
Tel.: (+210) 725 64 00
Fax: (+210) 725 64 05
E-Mail: athenes.amb@mae.etat.lu
Website: athenes.mae.lu
Honorary Consuls
Mr Mihai FERARIU
Honorary Consul with jurisdiction over Romania, except for Sibiu County:
Law Firm Mihai Ferariu & Associates
Chancellery: Dr. Raureanu Street
Nr 4, sector 5
R-05 0048 Bucharest
Romania
Tel.: (+40) 21 310 35 10
E-Mail: bucarest@consul-hon.lu
Honorary Consul with jurisdiction over Transylvania:
Mr Daniel PLIER
Honorary Consul with jurisdiction over Transylvania: Sibiu County
Piața Mica, 16
550182 Sibiu
Romania
Tel.: +40 771 200 861
E-Mail: sibiu@consul-hon.lu
Source: Ministry of Foreign Affairs of Luxembourg
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