Romania
Expanding a Business in Romania
Recent forum posts
-
Does Modalert make you stay awake?
Modalert 200mg is meant to increase alertness and encourage wakefulness. By interacting with certain neurotransmitters in the brain, its active component modafinil helps to improve focus and lessen sensations of exhaustion. Patients who suffer from excessive drowsiness might benefit greatly from taking Modalert, which is often given for diseases including narcolepsy and sleep apnea. usage under me
Total Posts: 1 Last post by ameliamartin
-
Academic Writing Services
Quality Dissertation is well known for delivering high quality assignment writing help, dissertation writing help, coursework writing help and essay writing help to UK university and college students. Our academic assistance service comes at a very affordable price. With a team of writers, specialised in different subject areas, we are able to assist all students for different field of studies.
Total Posts: 17 Last post by onlineassignmentexpert
Romania Entering the Market
Land area: 88,934 sq mi (230,339 sq km); total area: 91,699 sq mi (237,500 sq km)
Population: 22,215,421 (growth rate: 0.1%); birth rate: 10.5/1000; infant mortality rate: 22.9/1000; life expectancy: 72.4; density per sq mi: 250
Capital and largest city: Bucharest, 2,210,800 (metro. area), 1,906,800 (city proper)
Other large cities: Iasi, 320,000; Cluj-Napoca, 316,400; Timisoara, 316,100; Constanta, 309,000; Craiova, 301,100, Galati, 297,100; Brasov, 282,500
National day:
December 1 was adopted as National Day in 1990, being the day of celebration of the Great Assembly of Alba Iulia which voted for the union of Transylvania with Romania and which symbolise the union of all Romanians within a single state and the achievement of the unity of Romanian national state.
Legal holidays:
1 and 2 January (The New Year), Easter Monday, May Day, Holy Mary Day (15 August), First and Second Day of Whitsunday, 1 December, 25 and 26 December (Christmas).
Official language:
The Romanian language, which is the mother tongue of around 90% of the country's population. The easternmost representative of the family of Romance languages, Romanian descends directly from the Latin. The citizens belonging to ethnic minorities may freely use their mother tongue in schools, administration, justice, the media, culture.
Foreign languages:
The main foreign language used in Romania are: English, French, Italian. From the mid-19th century to the 1960s, the main foreign language used in Romania was French, to a certain extend, German.
Standard time:
East European zone lime (GMT + 2 hours). As of 1979, from the last Sunday in March to the last Sunday in September, Daylight Saving Time (GMT + 3 hours). Romania lies in the same time zone with the Republic of Moldova, Finland, Greece, Israel, Egypt and the Republic of South Africa.
Currency:
1 leu (plural - lei) = 100 bani (singular ban). The domestic convertibility of the leu was introduced in November 1991.
Economy - overview:
Romania, which joined the European Union, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty. Corruption and red tape continue to handicap its business environment. Romania hopes to adopt the euro by 2014.
GDP - real growth rate:
7.6%
GDP - per capita (PPP):
$12,200
GDP - composition by sector:
agriculture: 8.1%
industry: 36%
services: 55.9%
Labour force:
9.32 million
Labor force - by occupation:
agriculture: 29.7%
industry: 23.2%
services: 47.1%
Unemployment rate:
7,1%
FDI in Romania has increased dramatically. Net foreign direct investment was inbound US$12 billion (EUR 9.1 billion). Cheap and skilled labor force, low taxes, a 16% flat tax for corporations and individuals, no dividend taxes, liberal labor code and a favorable geographical location are Romanias main advantages for foreign investors. New investment stimuli introduced more favorable conditions to IT and research centers, especially to be located in the east part of the country (where is more unemployment), to bring more added value and not to be logistically demanding.
Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
Industries:
electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining
Industrial production growth rate:
8%
country comparison to the world: 27
Electricity - production:
58.28 billion kWh
country comparison to the world: 44
Current account balance:
-$28.03 billion
country comparison to the world: 178
-$23.02 billion
Exports:
$59.75 billion
country comparison to the world: 56
$40.32 billion
Exports - commodities:
machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products
Exports - partners:
Germany 16.5%, Italy 15.6%, France 7.4%, Turkey 6.6%, Hungary 5.1%, Bulgaria 4.2%
Imports:
$92.09 billion
country comparison to the world: 42
$64.54 billion
Imports - commodities:
machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products
Imports - partners:
Germany 16.3%, Italy 11.4%, Hungary 7.4%, Russia 6%, France 5.7%, Turkey 4.9%, Austria 4.9%, Kazakhstan 4.6%, China 4.2%
Reserves of foreign exchange and gold:
$ 44.47 billion
country comparison to the world: 33
$ 39.96 billion
Debt - external:
$ 92.76 billion
country comparison to the world: 36
Click here to Ask an Expert about Expanding a Business in Romania
Organisations that can assist with Entering the Market
-
> Nominus.com
When expanding your business to Romania, don’t forget to protect your brand. We provide Trademark Registration Services in Romania and in the entire European Union.
-
> Blue Marble Global Payroll
Simplified Global Payroll Managing payroll across multiple countries is complicated – with unique requirements, systems, and deadlines in each country, it can be difficult to ensure compliance. Using manual processes or spreadsheets to manage payroll can lead to errors, data security issues, and penalties. Blue Marble solves your challenges with secure, cloud-based global payroll technology, aggregated monthly reporting, and in-country experts in 100+ countries.