materials, military equipment, pharmaceuticals, fine chemicals, and agricultural products (fruits, vegetables, and flowers). Trade is mostly centred on the member states of the European Union, with Germany and Italy being the country's single largest trading partners. The current account balance in 2010 held a deficit of $6.842 billion.
After a series of privatisations and reforms in the late 1990s and 2000s (decade), government intervention in the Romanian economy is somewhat lower than in other European economies. In 2005, the government replaced Romania's progressive tax system with a flat tax of 16% for both personal income and corporate profit, resulting in the country having one of the lowest fiscal burdens in the European Union, a factor which has contributed to the growth of the private sector. The economy is predominantly based on services, which account for 51.2% of GDP, even though industry and agriculture also have significant contributions, making up 36% and 12.8% of GDP, respectively. Additionally, 29.6% of the Romanian population was employed in 2006 in agriculture and primary production, one of the highest rates in Europe.
Since 2000, Romania has attracted increasing amounts of foreign investment, becoming the single largest investment destination in Southeastern and Central Europe. Foreign direct investment was valued at €8.3 billion in 2006. According to a 2011 World Bank report, Romania currently ranks 72nd out of 175 economies in the ease of doing business, scoring lower than other countries in the region such as the Czech Republic. Additionally, a study in 2006 judged it to be the world's second-fastest economic reformer (after Georgia).
During the first quarter of 2011, the average monthly household income was 2,318 Romanian lei, equating to approximately US$ 867 based on international exchange rates, and US$ 1170 based on purchasing power parity. In 2009, the Romanian economy contracted as a result of the global
