With a GDP of around $267 billion and a GDP per capita (PPP) of $12,476 for the year 2011, Romania is an upper-middle income country economy and has been part of the European Union since 1 January 2007.
After the Communist regime was overthrown in late 1989, the country experienced a decade of economic instability and decline, led in part by an obsolete industrial base and a lack of structural reform. From 2000 onwards, however, the Romanian economy was transformed into one of relative macroeconomic stability, characterised by high growth, low unemployment and declining inflation. In 2006, according to the Romanian Statistics Office, GDP growth in real terms was recorded at 7.7%, one of the highest rates in Europe. Growth dampened to 6.1% in 2007, but was expected to exceed 8% in 2008 because of a high production forecast in agriculture (30–50% higher than in 2007). The GDP grew by 8.9% in the first nine months of 2008, but growth fell to 2.9% in the fourth quarter and stood at 7.1% for the whole 2008 because of the financial crisis. Thereafter, the country fell into a recession in 2009 and 2010, where the GDP contracted −7.1% and −1.3% respectively. It is estimated by the IMF that the GDP will grow again by 1.5% in 2011 and 4.4% in 2012.
According to Eurostat data, the Romanian PPS GDP per capita stood at 46% of the EU average in 2010. In March 2012, the net average monthly wage in the country was $467 - one of the lowest in the EU. Inflation in 2010 was 6.1%. Unemployment in Romania was at 7.6% in 2010, which is very low compared to other middle-sized or large European countries such as Poland, France and Spain. General government gross debt is also comparatively low, at 34.8% of GDP. Exports have increased substantially in the past few years, with a 13% annual rise in exports in 2010. Romania's main exports are cars, software, clothing and textiles, industrial machinery, electrical and electronic equipment, metallurgic products, raw
