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Romania

Author(s):
International Monetary Fund
Published Date:
November 1998
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Romania: Selected Economic Indicators, 1992-97
199219931994199519961997
(Percentage growth, unless otherwise indicated)
Real economy
Real GDP-8.81.53.96.93.9-6.6
Real private consumption demand-7.50.95.017.011.1-5.7
GDP contribution 1/-4.60.63.210.57.5-4.1
Gross domestic investment-12.2-3.0-1.70.5-3.5-14.3
GDP contribution 1/-3.4-0.9-0.50.1-0.8-3.5
Real net exports of goods & NFS-21.012.411.5-82.4-19.821.0
GDP contribution 1/-1.11.51.1-3.5-1.72.3
Industrial production (period average)-21.91.23.19.59.8-5.6
Real wages in industry (period average)-13.0-9.1-13.316.112.1-21.6
Unit labor cost in industry (period average)-16.7-16.05.6-0.1-33.8
Unemployment rate (e.o.p.; percent)7.49.510.98.96.38.8
Consumer prices (Dec./Dec.)199.2295.561.727.856.9151.6
(period average)210.4256.1136.732.338.8154.8
GDP deflator199.9227.3139.035.344.6146.7
(Percent of GDP)
Public finance; central government budget 2/
Balance-4.4-2.7-3.0-4.1-4.9-3.6
Revenues22.819.218.617.816.817.6
Expenditures27.221.921.621.921.721.2
Public finance; general government budget 2/
Balance-4.6-0.4-1.9-2.6-4.0-3.6
Revenues37.433.932.131.930.130.7
Expenditures42.034.233.934.534.134.3
(Percentage growth, unless otherwise indicated)
Money and credit
Broad money (e.o.p.)79.6141.0138.171.666.075.9
NFA contribution-1.76.228.1-1.9-6.748.3
NDA contribution81.3134.8110.073.572.727.5
Velocity (level) 3/5.17.85.54.54.66.2
Real domestic credit (e.o.p)-49.4-44.531.850.115.5-34.1
Arrears (e.o.p; percent of GDP) 4/22.114.220.722.723.0
NBR interest rates (e.o.p; in percent) 5/44.0416.078.067.066.9138.8
(Billions of US$, unless otherwise indicated)
Balance of payments
Current account balance (percent of GDP) 6/-7.8-4.7-1.7-4.9-7.4-6.7
Current account balance 6/-1.5-1.2-0.5-1.7-2.6-2.3
Exports4.34.96.17.98.18.4
Imports5.76.06.69.510.610.4
Gross external debt 7/3.34.35.56.98.810.3
Of which IMF1.01.01.31.00.70.7
Gross reserves (in months of imports)1.62.03.82.02.44.4
Of which NBR0.20.11.10.40.62.5
Exchange rate
Lei per US$ (e.o.p)4331,1411,7742,5583,7507,985
REER (e.o.p; CPI-based 1/91=100)6810210693101119
Sources: Romanian authorities; and Fund staff estimates.

The GDP contribution of a variable denotes the change in GDP attributable to that particular variable.

Cash basis.

Annual GDP at end-period prices divided by end-period broad money.

Total arrears to suppliers, budgets, and banks (excluding overdue interest), 1995 increase in arrears is understated because of debt conciliation for FESAL enterprises.

Weighted NBR average interest rate.

Excludes trade in transferable rubles.

Convertible currencies, including letters of credit and payments due for imports received.

Sources: Romanian authorities; and Fund staff estimates.

The GDP contribution of a variable denotes the change in GDP attributable to that particular variable.

Cash basis.

Annual GDP at end-period prices divided by end-period broad money.

Total arrears to suppliers, budgets, and banks (excluding overdue interest), 1995 increase in arrears is understated because of debt conciliation for FESAL enterprises.

Weighted NBR average interest rate.

Excludes trade in transferable rubles.

Convertible currencies, including letters of credit and payments due for imports received.

Romania: Selected Social and Demographic Indicators, 1992-97
199219931994199519961997 1/
Domestic and social indicators:
Total population (millions) 2/22.822.822.722.722.622.5
Population growth rate (in percent)-1.7-0.1-0.1-0.2-0.3-0.4
Number of employed persons (millions)10.510.110.09.59.4
Population density per sq. km.95.695.595.495.194.894.6
Life expectancy at birth (years)69.869.669.569.569.1
Women73.273.273.373.473.1
Men66.666.165.965.765.3
Population death rate (percent)1.161.161.171.201.271.24
Infant mortality under 1 year, (percent)2.332.332.392.122.232.22
Food, health, and nutrition
Calorie intake (calories per day)2,7582,9592,8722,908
Population per physician (excluding dentists)536590567565553
Population per hospital bed127127130131132
Education
Percent of population between
15-18 in school67.063.768.959.761.1
School enrollment (percent)
age 7-1093.896.099.496.996.7
age 11-1486.186.584.692.894.3
GDP per capita (US$ at commercial exchange rate)8591,1591,3251,5721,5551,543
Area238,391 square kilometers
Population22.5 million (1997)
GDP in 1997US$34.7 billion
Source: Data provided by the Romanian authorities.

Preliminary data.

As of July of each year.

Source: Data provided by the Romanian authorities.

Preliminary data.

As of July of each year.

Table 1.Romania: GDP by Origin, 1992-97
19921993199419951996 1/1997 2/
(In billions of lei; at current prices)
Total6,02920,03649,77372,136108,391249,750
Agriculture and forestry1,1484,2069,89814,26920,66247,055
Industry2,3116,78118,01823,71137,05488,945
Construction2901,0403,2514,7557,46913,461
Trade 3/7291,6953,3866,24310,90823,782
Other1,5526,31315,22023,15832,29876,507
(Sectoral GDP shares; in percent)
Agriculture and forestry19.021.019.919.819.118.8
Industry38.333.836.232.934.235.6
Construction4.85.26.56.66.95.4
Trade 3/12.18.56.88.610.19.5
Other25.731.530.632.129.730.7
Source: National Statistics Commission.

Preliminary data.

Estimated data.

For 1996 and 1997, “Trade” includes hotels and restaurants.

Source: National Statistics Commission.

Preliminary data.

Estimated data.

For 1996 and 1997, “Trade” includes hotels and restaurants.

Table 2.Romania: GDP by Expenditure, 1992-97(In percent)
19921993199419951996 1/1997 2/
(Real annual change)
GDP-8.81.53.97.13.9-6.6
Total consumption-5.61.23.810.87.9-6.4
Private-7.50.92.412.911.1-5.7
Public2.22.711.01.0-7.5-11.0
Gross fixed capital formation11.08.320.76.93.9-15.9
Changes in stocks-36.6-20.7-56.6-53.7-58.39.2
Net export28.2-17.9-72.38.329.9-27.4
Exports2.911.119.017.00.22.1
Imports7.54.42.816.35.2-4.7
(Shares of GDP)
GDP100.0100.0100.0100.0100.0100.0
Total consumption77.076.077.381.383.785.5
Private62.763.763.567.672.175.4
Public14.312.313.813.711.610.1
Gross fixed capital formation19.217.920.321.423.119.2
Changes in stocks12.211.14.52.91.62.3
Net export-8.4-5.0-2.1-5.6-8.4-7.0
Exports27.823.024.927.628.429.7
Imports36.228.027.033.236.836.7
(Contributions to GDP growth)
GDP-8.81.53.97.13.9-6.6
Total consumption-4.31.02.98.36.5-5.4
Private-4.60.61.58.27.5-4.1
Public0.30.41.40.1-1.0-1.3
Gross fixed capital formation1.61.63.71.40.8-3.6
Changes in stocks 2/-5.0-2.6-6.3-2.4-1.70.1
Net export-1.11.53.6-0.2-1.72.3
Exports0.53.14.44.20.060.6
Imports-1.6-1.6-0.8-4.41.7-1.7
Sources: National Statistics Commission; and Fund staff estimates.

Preliminary data.

Estimated data.

Sources: National Statistics Commission; and Fund staff estimates.

Preliminary data.

Estimated data.

Table 3.Romania: Investment by Sector, 1992-97(In billions of lei at current prices)
199219931994199519961997
Industry502.61,410.82,951.85,402.49,186.817,728.1
Construction and geological explorations22.878.2431.0678.81,309.81,282.8
Agriculture and forestry95.7196.41,528.61,420.32,427.44,364.4
Transport57.0316.8750.3710.51,286.52,006.3
Telecommunications20.4134.2300.1368.4761.12,431.3
Trade 1/58.7272.5678.61,144.22,071.01,428.7
Housing51.3165.2442.6557.9975.1799.1
Education3.616.967.2109.0295.1652.3
Health and social assistance8.520.643.4104.8166.1135.8
Public administration and defense8.056.3291.8577.8808.92,104.4
Financial sector18.880.6311.3471.9830.91,199.8
Other41.273.3207.91,449.5826.95,031.0
Investment in the national economy888.62,821.88,004.612,995.520,945.338,364.9
Of which:
State sector716.81,958.54,692.76,898.510,704.938,364.7
Source: Data supplied by the Romanian authorities.

For 1996 and 1997, “Trade” includes hotels and restaurants.

Source: Data supplied by the Romanian authorities.

For 1996 and 1997, “Trade” includes hotels and restaurants.

Table 4.Romania: Saving-Investment Balance, 1993-97(In percent of GDP, at current prices)
19931994199519961997
Gross saving24.223.119.417.314.7
General government1.60.1-0.6-1.9-1.9
Non government22.623.020.019.216.6
Gross investment28.924.824.324.721.5
General government2.02.02.02.11.7
Non government26.922.822.222.619.8
Nonfinancial sector balances-4.7-1.7-4.9-7.4-6.7
General government-0.4-1.9-2.6-4.0-3.6
Non government-4.30.2-2.3-3.4-3.2
External current account-4.7-1.7-4.9-7.4-6.7
Sources: National Statistics Commission; and Fund staff estimates.
Sources: National Statistics Commission; and Fund staff estimates.
Table 5.Romania: Employment in Agriculture (Including Self-Employed), 1992-97(In thousands of persons, end of year)
199219931994199519961997
Total employment in agriculture3,6053,7923,8053,8133,8043,815
Private farms2,9373,1393,2423,2593,2493,260
State farms (public and mixed)425398319313338320
Agroprocessing (average)243255244241217235
Memorandum items:
Total employment in economy10,45810,06210,0119,4939,3799,400
Employment in agriculture (percent of total)34.537.738.040.240.640.6
Sources: Ministry of Agriculture and Food; and National Statistics Commission.
Sources: Ministry of Agriculture and Food; and National Statistics Commission.
Table 6.Romania: Shares in Agricultural Output, 1992-97(In percent of total)
199219931994199519961997 1/
Total100.0100.0100.0100.0100.0100.0
Of which:
Private sector80.884.586.486.186.386.5
Private farms70.774.178.578.979.280.4
State farms (public and mixed)19.215.513.513.813.613.4
Agroprocessing6.76.76.46.36.26.0
Sources: Ministry of Agriculture and Food; and National Statistics Commission.
Sources: Ministry of Agriculture and Food; and National Statistics Commission.
Table 7.Romania: Distribution of Land Ownership, 1992-97(In thousands of hectares)
199219931994199519961997
Total land area14,79014,79314,79814,79714,78914,794
Of which:
Private10,39510,33610,37110,69410,69410,431
(for which titles distributed) 1/6,0006,0006,0006,0006,0006,000
Memorandum items:
Number of titles distributed925661,5582,4012,8333,041
Number to be distributed4,9904,9904,9904,9904,2424,284
(percent of total distributed) 1/1.811.331.248.166.871.0
Source: Ministry of Agriculture and Food.

Out of 9,200 hectares of land covered by the Land Law.

Source: Ministry of Agriculture and Food.

Out of 9,200 hectares of land covered by the Land Law.

Table 8.Romania: Output of Main Agricultural Products, 1992-97(In thousands of tonnes, unless otherwise indicated)
199219931994199519961997
Grains, total12,28815,49318,18419,88314,20022,100
Of which:
Wheat and rye3,2285,3556,1877,7093,1647,186
Maize6,8287,9879,3439,9239,60812,680
Sunflower seeds7746967649331,096858
Sugar beet2,8971,7762,7642,6552,8482,726
Potatoes2,6023,7092,9473,0203,5913,206
Field vegetables2,5182,7662,4762,7832,6472,354
Fruit1,1672,1839809171,6321,416
Grapes9051,3391,0331,3141,4311,179
Livestock production
Meat (live weight)1,8951,9351,8521,8461,8681,705
Milk (in millions of hectoliters)44.947.353.656.857.256.2
Eggs (in millions)6,1405,6335,4075,5675,7835,271
Wool (in tons)28,02026,01125,14124,32323,16522,120
Honey (in tons)10,4109,9369,82010,43511,15710,543
Memorandum items:
Agricultural area
Total (in thousands of hectares)14,79014,79314,79814,79714,78914,794
Of which:
Irrigated3,1003,1023,1043,1103,0963,089
Per capita output
Wheat and rye (in kg.)142235272340140319
Potatoes (in kg.)114163130133159142
Meat (in kg.)838582818376
Milk (in liters)198208236250253249
Source: Data provided by the Romanian authorities.
Source: Data provided by the Romanian authorities.
Table 9.Romania: Industrial Production Index, 1992-97 1/(In percent: average 1991=100)
199219931994199519961997
IndexMonthly ChangeIndexMonthly ChangeIndexMonthly ChangeIndexMonthly ChangeIndexMonthly ChangeIndexMonthly Change
January87769272274-681-1191-7
February9510801573281983310110
March90-679-272-184092111010
April83-883578789793189-11
May84282077084-693087-3
June76-9842804851974903
July66-1475-1077-584-291-781-10
August67175-176-182-290-175-7
September7067957838999810807
October723813814901980879
November77780-18329221035949
December68-1274-879-590-198-584-11
Year Average78-22791773851193988-5
Source: National Statistics Commission.

Series corrected for number of hours worked, but not seasonally adjusted.

Source: National Statistics Commission.

Series corrected for number of hours worked, but not seasonally adjusted.

Table 10.Romania: Number of Employees by Sector and Type of Ownership, 1993-97 1/
19931994199519961997
Private SectorPrivate SectorPrivate SectorPrivate SectorPrivate Sector
Total employees (1000s)Total (1000s)Total 2/ employment in sector (%)Total employees (1000s)Total (1000s)Total 2/ employment in sector (%)Total employees (1000s)Total (1000s)Total 2/ employment in sector (%)Total employees (1000s)Total (1000s)Total 2/ employment in sector (%)Total employees (1000s)Total (1000s)Total 2/ employment in sector (%)
Total economy6,385.3725.8100.06,200.61,111.4100.06,047.71,364.2100.05,893.91,332.4100.05,399.11,531.2100.0
Of which:
Industry2,923.4176.024.22,770.7332.529.92,600.3439.632.22,633.0490.436.82,341.4600.239.2
Agriculture and forestry535.760.18.3473.987.07.8422.991.96.8369.157.74.3284634.1
Transport and telecommunications557.314.82.0519.132.32.9510.152.83.9493.448.53.6457523.4
Construction507.5167.423.1497.6214.319.3425.8228.216.7425.4232.817.538223615.4
Trade451.8172.623.8480.8261.923.6667.3430.131.5581.2387.029.162045029.4
Other1,409.6134.918.61,458.5183.416.51,421.3121.68.91,391.8116.08.71,315131.08.6
Source: Data provided by the Romanian authorities.

Excludes the self-employed.

Distribution by sector of private employees.

Source: Data provided by the Romanian authorities.

Excludes the self-employed.

Distribution by sector of private employees.

Table 11.Romania: Comparison of Industrial Branches(Averages 1993-96; in percent)
Production Share 1/1991-VA Weight 2/Employment ShareAnnual GrowthContribution to GrowthExports of Output 3/Stocks of Output
TOTAL100.0100.0100.05.4100.019.322.9
1Coal mining and preparation2.44.14.11.71.90.08.1
2Petroleum and gas extraction4.84.92.7-1.3-1.30.04.3
3Iron ore mining and preparation0.42.02.31.10.40.458.2
4Other extraction activities0.40.90.7-4.8-0.810.014.6
5Food and beverage13.915.87.8-0.9-2.05.120.9
6Tobacco0.71.20.2-1.4-0.40.010.0
7Textile and textile products4.36.98.5-5.6-5.623.237.3
8Fabrics, furs, and leather goods1.92.84.823.312.450.724.7
9Leather and footwear1.61.93.21.80.631.029.3
10Wood industry (excluding furniture)1.82.04.4-6.0-2.136.638.0
11Pulp, paper, and cardboard1.11.41.12.40.617.222.6
12Publishing houses, printing0.80.50.941.47.50.02.4
13Petroleum processing10.03.01.71.30.919.017.1
14Chemical industry8.05.35.0-0.6-0.536.427.1
15Rubber and plastics processing2.13.11.9-1.6-0.713.226.0
16Other products of non-metallic minerals3.75.04.81.71.323.226.8
17Metallurgy12.06.07.06.76.332.327.8
18Metallic construction and metal products1.64.03.0-1.2-0.825.238.9
19Machines and equipment6.78.613.810.619.026.954.7
20Computers0.00.20.13.00.116.055.6
21Electric machines and equipment2.11.63.127.010.323.833.7
22Communication equipment0.61.40.753.522.76.523.7
23Medical, precision, optical and watch-making instruments and apparatus0.51.61.312.94.212.861.4
24Road transport means3.72.54.38.94.112.419.7
25Other transport means1.82.64.02.70.940.419.2
26Furniture and other non-classified activities2.62.94.829.119.148.325.8
27Electricity production10.16.13.81.41.70.10.1
Traditional sectors 3/60.744.939.220.024.6
Emerging sectors 4/7.99.314.22.925.325.822.1
Other sectors31.445.946.634.072.016.329.4
0.02.7
Energy-producing 5/27.418.112.34.87.4
Energy-intensive 6/32.729.832.30.53.121.928.3
Others39.952.155.42.411.521.031.7
9785.4
Only domestic market 7/19.218.914.00.113.8
Export intensive 8/49.351.267.52.09.831.931.2
Other31.128.518.57.261.411.929.9
7.028.5
Mining 9/8.112.09.82.621.3
Manufacture 10/81.480.486.40.00.222.729.2
Electricity, gas and water10.16.13.86.397.80.10.1
Sources: National Statistics Commission; and Fund staff calculations.

Share in total output value.

Value added weights used in the computation of the industrial production index through 1997. In 1998, the base year has been changed from 1991 to 95.

Average over 1994-96.

Defined as the weighted average of the following sectors: fabrics, furs, and leather goods; publishing houses, printing; electric machines and equipment; Communication equipment; and Furniture and other non-classified activities.

Defined as the weighted average of the following sectors: coal mining and preparation, petroleum and gas extraction; petroleum processing; and electricity, gas and water.

Defined as the weighted average of those sectors whose energy inputs represent more than 23% of intermediate consumption (the average for the economy) according to the 1995 input-output table. It includes: iron ore mining and preparation; other extraction activities; pulp, paper, and cardboard; chemical industry; other products of non metallic minerals; metallurgy, metallic construction and metal products; road transport means; other transport means.

Defined as the weighted average of the following sectors: coal mining and preparation; petroleum and gas extraction, iron ore mining and preparation; tobacco; publishing houses, printing; electricity, gas and water.

Defined as the weighted average of the sectors with above average export share between 1994 and 1996. Sectors included are: textile and textile products; fabrics, furs, and leather goods; leather and footwear; wood industry (excluding furniture); pulp, paper, and cardboard; chemical industry; other products of non metallic minerals; metallurgy; metallic construction and metal products; machines and equipment; electric machines and equipment, other transport means; furniture and other non-classified activities.

Defined as the weighted average of sectors 1 through 4.

Defined as the weighted average of sectors 5 through 26.

Sources: National Statistics Commission; and Fund staff calculations.

Share in total output value.

Value added weights used in the computation of the industrial production index through 1997. In 1998, the base year has been changed from 1991 to 95.

Average over 1994-96.

Defined as the weighted average of the following sectors: fabrics, furs, and leather goods; publishing houses, printing; electric machines and equipment; Communication equipment; and Furniture and other non-classified activities.

Defined as the weighted average of the following sectors: coal mining and preparation, petroleum and gas extraction; petroleum processing; and electricity, gas and water.

Defined as the weighted average of those sectors whose energy inputs represent more than 23% of intermediate consumption (the average for the economy) according to the 1995 input-output table. It includes: iron ore mining and preparation; other extraction activities; pulp, paper, and cardboard; chemical industry; other products of non metallic minerals; metallurgy, metallic construction and metal products; road transport means; other transport means.

Defined as the weighted average of the following sectors: coal mining and preparation; petroleum and gas extraction, iron ore mining and preparation; tobacco; publishing houses, printing; electricity, gas and water.

Defined as the weighted average of the sectors with above average export share between 1994 and 1996. Sectors included are: textile and textile products; fabrics, furs, and leather goods; leather and footwear; wood industry (excluding furniture); pulp, paper, and cardboard; chemical industry; other products of non metallic minerals; metallurgy; metallic construction and metal products; machines and equipment; electric machines and equipment, other transport means; furniture and other non-classified activities.

Defined as the weighted average of sectors 1 through 4.

Defined as the weighted average of sectors 5 through 26.

(1997; in percent)
Production Share 1/1991-VA Weight 2/Employment ShareAnnual GrowthContribution to GrowthExports of OutputStocks of Output
TOTAL100.0100.0100.0-5.6-100.020.322.9
1Coal mining and preparation2.34.12.8-16.5-30.70.07.8
2Petroleum and gas extraction6.14.92.4-4.1-2.80.07.5
3Iron ore mining and preparation0.42.01.6-11.8-3.50.373.1
4Other extraction activities0.40.90.7-6.4-0.719.015.8
5Food and beverage11.915.88.1-16.6-26.87.618.4
6Tobacco1.11.20.33.20.60.04.5
7Textile and textile products4.26.98.0-12.2-7.426.836.7
8Fabrics, furs, and leather goods2.42.85.90.90.642.619.5
9Leather and footwear1.41.93.7-17.6-4.231.432.7
10Wood industry (excluding furniture)1.62.04.4-12.7-2.742.943.1
11Pulp, paper, and cardboard0.91.40.9-9.8-1.820.821.9
12Publishing houses, printing0.70.51.0-0.8-0.20.06.3
13Petroleum processing10.63.01.5-3.9-1.817.912.7
14Chemical industry7.05.34.5-24.0-14.935.329.4
15Rubber and plastics processing1.73.11.8-24.1-6.715.423.6
16Other products of non-metallic minerals3.75.05.0-13.1-7.425.824.3
17Metallurgy13.46.07.60.60.536.929.7
18Metallic construction and metal products1.44.03.03.41.530.337.7
19Machines and equipment5.78.613.1-7.0-11.331.251.4
20Computers0.00.20.1-53.2-1.66.850.8
21Electric machines and equipment1.91.63.030.414.326.327.5
22Communication equipment0.61.40.428.122.04.024.5
23Medical, precision, optical and watch-making instruments and apparatus0.41.61.2-5.7-1.817.752.2
24Road transport means4.02.54.61.60.618.426.9
25Other transport means1.82.64.45.61.443.915.5
26Furniture and other non-classified activities2.72.95.2-8.0-6.839.924.0
27Electricity, gas and water11.66.14.7-4.9-0.50.00.1
Traditional sectors 3/60.144.939.4-11.9-54.821.523.6
Emerging sectors 4/8.39.315.613.829.922.620.4
Other sectors31.645.945.0-9.1-75.118.729.6
Energy-producing 5/30.518.111.4-15.1-35.94.57.0
Energy-intensive 6/33.129.832.3-6.6-24.225.630.5
Others36.352.156.3-4.0-40.020.929.6
Domestic market only 7/22.318.912.8-14.1-37.20.116.5
Export intensive 8/48.151.268.7-5.1-38.133.430.3
Other29.628.518.5-4.2-16.813.428.1
Mining 9/9.212.07.6-10.7-37.74.826.0
Manufacture 10/79.280.487.7-5.5-53.823.727.9
Electricity, gas and water11.66.14.7-4.9-0.50.00.1
Sources: National Statistics Commission; and Fund staff calculations.

Share in total output value.

Value added weights used in the computation of the industrial production index through 1997. In 1998, the base year has been changed from 1991 to 95.

Defined as the weighted average of the following sectors: food and beverage; petroleum processing; chemical industry; metallurgy, machines and equipment; and electricity, gas and water.

Defined as the weighted average of the following sectors: fabrics, furs, and leather goods; publishing houses, printing; electric machines and equipment; communication equipment; and furniture and other non-classified activities.

Defined as the weighted average of the following sectors: coal mining and preparation; petroleum and gas extraction; petroleum processing; and electricity, gas and water.

Defined as the weighted average of those sectors whose energy inputs represent more than 23% of intermediate consumption (the average for the economy) according to the 1995 input-output table. It includes: iron ore mining and preparation; other extraction activities; pulp, paper, and cardboard; chemical industry; other products of non-metallic minerals; metallurgy; metallic construction and metal products; road transport means; other transport means.

Defined as the weighted average of the following sectors: coal mining and preparation; petroleum and gas extraction; iron ore mining and preparation; tobacco; publishing houses, printing; electricity, gas and water.

Defined as the weighted average of the sectors with above average export share between 1994 and 1996. Sectors included are: textile and textile products; fabrics, furs, and leather goods; leather and footwear, wood industry (excluding furniture); pulp, paper, and cardboard, chemical industry, other products of non metallic minerals; metallurgy; metallic construction and metal products; machines and equipments; electric machines and equipment; other transport means; furniture and other non-classified activities.

Defined as the weighted average of sectors 1 through 4.

Defined as the weighted average of sectors 5 through 26.

Sources: National Statistics Commission; and Fund staff calculations.

Share in total output value.

Value added weights used in the computation of the industrial production index through 1997. In 1998, the base year has been changed from 1991 to 95.

Defined as the weighted average of the following sectors: food and beverage; petroleum processing; chemical industry; metallurgy, machines and equipment; and electricity, gas and water.

Defined as the weighted average of the following sectors: fabrics, furs, and leather goods; publishing houses, printing; electric machines and equipment; communication equipment; and furniture and other non-classified activities.

Defined as the weighted average of the following sectors: coal mining and preparation; petroleum and gas extraction; petroleum processing; and electricity, gas and water.

Defined as the weighted average of those sectors whose energy inputs represent more than 23% of intermediate consumption (the average for the economy) according to the 1995 input-output table. It includes: iron ore mining and preparation; other extraction activities; pulp, paper, and cardboard; chemical industry; other products of non-metallic minerals; metallurgy; metallic construction and metal products; road transport means; other transport means.

Defined as the weighted average of the following sectors: coal mining and preparation; petroleum and gas extraction; iron ore mining and preparation; tobacco; publishing houses, printing; electricity, gas and water.

Defined as the weighted average of the sectors with above average export share between 1994 and 1996. Sectors included are: textile and textile products; fabrics, furs, and leather goods; leather and footwear, wood industry (excluding furniture); pulp, paper, and cardboard, chemical industry, other products of non metallic minerals; metallurgy; metallic construction and metal products; machines and equipments; electric machines and equipment; other transport means; furniture and other non-classified activities.

Defined as the weighted average of sectors 1 through 4.

Defined as the weighted average of sectors 5 through 26.

Table 12.Romania: Enterprise Payment Arrears, 1992-97(In billions of lei)
1992199319941995 1/19961997
Dec.Dec.Dec.Dec.Dec.Jun.Dec.
National economy 2/2,0864,78812,99120,42739,50562,02678,649
To suppliers1,3283,0156,9079,64717,57927,99430,018
To other creditors 3/2727291,6172,5767,56210,92813,406
To banks24.12851,0322,2576,8159,30420,735
o/w Principal2432316601,6834,2355,193
o/w Overdue interest0543725742,5804,111
To budget04742,4033,6907,54913,80014,490
Private sector 2/2551,0842,9845,39415,64221,10025,431
To suppliers1807261,9073,3038,32212,33114,804
To other creditors 3/643421,1351,6582,6333,4823,909
To banks1100302,3273,1704,202
To budget0341314031,4502,1172,516
State sector (50-100% ownership)1,5883,0048,17411,61422,21738,18942,884
To suppliers1,1482,0204,6485,8878,29114,18514,796
To other creditors 3/2083204398654,7327,1028,934
To banks2322348401,6293,3735,7628,174
o/w Principal2321804681,0552,0443,049
o/w Overdue interest0543725741,3292,713
To budget04302,2473,2335,82111,14010,980
Wholly state-owned1,5381,8287,90310,62715,65723,39422,045
To suppliers1,1121,2494,5475,4995,7668,6307,486
To other creditors 3/1991974267033,5293,7534,504
To banks2271687631,4382,1262,9393,659
o/w Principal2271204209201,3281,672
o/w Overdue interest0483435187981,267
To budget02142,1672,9874,2368,0726,396
Mixed ownership501,5377001,5758,06524,13423,093
To suppliers361,0404538453,4386,9657,666
To other creditors 3/9190562151,3623,6434,938
To banks581862151,4403,1684,980
To budget02261053001,8253,5475,509
State share > 50%501,1762719876,56014,79519,580
To suppliers367711013882,5255,5556,051
To other creditors 3/9123131621,2033,3494,430
To banks566771911,2472,8234,515
o/w Principal560481357161,377
o/w Overdue interest0629565311,446
To budget0216802461,5853,0684,584
State share < 50%03614295881,5052,5283,513
To suppliers02693524579131,4101,615
To other creditors 3/0674353159294508
To banks015924193345465
To budget0102554240479925
Sources: Romanian Ministry of Finance; and Fund staff estimates.

1995 stocks and flows are understated owing to the write-off of some arrears as part of the FESAL debt conciliations in fall 1995.

Lei 7,875 billion have been added to the December 1997 figures to adjust for the write-off associated with Bancorex and Banca Agricola.

Other arrears, including e.g. wage arrears, dividend arrears, and arrears to the social security, pension and unemployment funds.

Sources: Romanian Ministry of Finance; and Fund staff estimates.

1995 stocks and flows are understated owing to the write-off of some arrears as part of the FESAL debt conciliations in fall 1995.

Lei 7,875 billion have been added to the December 1997 figures to adjust for the write-off associated with Bancorex and Banca Agricola.

Other arrears, including e.g. wage arrears, dividend arrears, and arrears to the social security, pension and unemployment funds.

Table 13.Romania: Enterprise Payment Arrears, 1992-97(Flows in percent of GDP)
199319941995 1/19961997
Dec.Dec.Dec.Dec.Jun.Dec.
(Flows in percent of GDP)
National economy 2/13.516.510.217.69.015.7
To suppliers8.47.83.87.34.25.0
To other creditors 3/2.31.81.34.61.32.3
To banks0.21.51.74.21.05.6
o/w Principal-0.10.91.42.40.4
o/w Overdue interest0.30.60.31.90.6
To budget2.43.91.83.62.52.8
Private sector4.13.83.39.52.23.9
To suppliers2.72.41.94.61.62.6
To other creditors 3/1.41.60.70.90.30.5
To banks-0.10.00.02.10.30.8
To budgets0.20.20.41.00.30.4
State sector (50-100% ownership)7.110.44.79.86.48.3
To suppliers4.45.31.72.22.42.6
To other creditors 3/0.60.20.63.60.91.7
To banks0.01.21.11.61.01.9
o/w Principal-0.30.60.80.90.4
o/w Overdue interest0.30.60.30.70.6
To budget2.13.71.42.42.12.1
Wholly state-owned1.412.23.84.63.12.6
To suppliers0.76.61.30.21.10.7
To other creditors 3/0.00.50.42.60.10.4
To banks-0.31.20.90.60.30.6
o/w Principal-0.50.60.70.40.1
o/w Overdue interest0.20.60.20.30.2
To budget1.13.91.11.21.50.9
Mixed ownership7.4-1.71.26.06.46.0
To suppliers5.0-1.20.52.41.41.7
To other creditors 3/0.9-0.30.21.10.91.4
To banks0.40.00.21.10.71.4
To budget1.1-0.2-0.31.40.71.5
State share > 50% (but less than 105.6-1.81.05.13.35.2
To suppliers3.7-1.30.42.01.21.4
To other creditors 3/0.6-0.20.21.00.91.3
To banks0.30.00.21.00.61.3
o/w Principal0.30.00.10.50.3
o/w Overdue interest0.00.00.00.40.4
To budget1.1-0.30.21.20.61.2
State share < 50%1.80.10.20.80.40.8
To suppliers1.30.20.10.40.20.3
To other creditors 3/0.30.00.00.10.10.1
To banks0.10.00.00.20.10.1
To budget0.00.00.00.20.10.3
Sources: Romanian Ministry of Finance; and Fund staff estimates.

1995 stocks and flows are understated owing to the write-off of some arrears as part of the FESAL debt conciliations in fall 1995.

December 1997 figure adjusted for the clearance of arrears associated with Bancorex and Banca Agricola.

Other arrears, including e.g. wage arrears, dividend arrears, and arrears to the social security, pension and unemployment funds.

Sources: Romanian Ministry of Finance; and Fund staff estimates.

1995 stocks and flows are understated owing to the write-off of some arrears as part of the FESAL debt conciliations in fall 1995.

December 1997 figure adjusted for the clearance of arrears associated with Bancorex and Banca Agricola.

Other arrears, including e.g. wage arrears, dividend arrears, and arrears to the social security, pension and unemployment funds.

Table 14.Romania: Average Monthly Nominal and Real Wages, 1991-98(October 1990 = 100)
Nominal Wage 1/Real Wage 2/Real Wage in Industry 3/
1991December3467878
1992December9567275
1993December2,9685659
1994December5,8246967
1995January5,0145857
February5,0995856
March5,3646062
April5,8426567
May5,8596467
June6,0186568
July6,4156870
August6,7617975
September6,7416974
October7,1257175
November7,4107174
December8,3147779
1996January7,5416969
February7,3156568
March7,7106871
April8,8667681
May8,6277175
June8,6447073
July9,8117483
August10,0867381
September10,0357178
October11,0097583
November11,1747280
December12,7387580
1997January11,6556065
February13,4045865
March14,8915055
April17,3785460
May16,6665055
June17,0495055
July18,2425359
August19,1005359
September20,8575662
October23,4016064
November24,1035963
December27,6236467
1998January26,6015961
February26,4145557
March28,6865760
April31,4406164
May30,0565759
June31,28959
Sources: Data provided by the Romanian authorities; and Fund staff calculations.

Index net of taxes and social security contributions. Excludes the private sector.

Nominal wage deflated by the consumer price index.

Nominal wage in the industry branch, deflated by the consumer price index.

Sources: Data provided by the Romanian authorities; and Fund staff calculations.

Index net of taxes and social security contributions. Excludes the private sector.

Nominal wage deflated by the consumer price index.

Nominal wage in the industry branch, deflated by the consumer price index.

Table 15.Romania: Economy-Wide Wages and Productivity, 1993-97
Nominal wages (net; in lei)Exchange rate (lei/$)Wages In USSCPIOutputEmployees 1/ (thousands)Real wage (index)Labor productivity (index)Real wage growt (in percent)Labor productivity growth (in percent)
1993Q131,3575226022100
Q249,42363877331087.6
Q372,26781689461123.5
Q491,3611,064866798-12.4
Average61,1027608042966,67210496
1994Q1106,9251,494728294-4.4
Q2127,9311,6657797940.9
Q3150,0091,700881051039.0
Q4175,5861,7611001161095.9
Average140,1131,655851001006,438100100-4.37.7
1995Q1175,8151,80298122103-5.3
Q2201,2711,91110512711410.2
Q3226,1392,0471101341226.9
Q4259,2752,3731091461285.0
Average215,6252,0331061321076,16011711216.512.0
1996Q1255,8932,75093156118-7.7
Q2296,4052,9431011681267.4
Q3339,4163,1361081911270.6
Q4396,2333,5031132191302.1
Average321,9873,0841041841115,9391251217.67.8
1997Q1453,4086,4077133797-23.2
Q2580,1647,0748246490-7.3
Q3660,8707,37590498956.2
Q4852,8447,83910957210711.8
Average636,8217,174894681045,42297104-10.12.3
Sources: National Bank of Romania; National Statistics Commission; and National Commission for Economic Forecasting.

From 1993 through 1996, data taken from the Romanian Statistical Yearbook. For 1997, data taken from monthly observations as captured in the quarterly statistical bulletin.

Sources: National Bank of Romania; National Statistics Commission; and National Commission for Economic Forecasting.

From 1993 through 1996, data taken from the Romanian Statistical Yearbook. For 1997, data taken from monthly observations as captured in the quarterly statistical bulletin.

Table 16.Romania: Wages and Productivity in Industry, 1994-97
Nominal wages (net; in lei)Exchange rate (in lei / $)Wages in US$CPIOutputEmployment (in thousand)Real wage (index)Labor productivity (index)Real wage growth (in percent)Labor productivity growth (in percent)
1994Q1109,8211,4947482942,8809391-16.1
Q2134,8141,66581971022,833961003.510.2
Q3158,0561,700931051002,7471051019.00.9
Q4175,2431,7611001161052,7101051080.36.9
Average144,4841,655871001002,792100100
1995Q1173,8231,802961221032,67599107-6.2-0.2
Q2207,0621,9111081271122,65911311714.68.5
Q3237,2702,0471161341102,6301241169.1-0.4
Q4268,9992,3731131461172,5971281263.88.2
Average221,7892,0331091321112,64011611616.116.9
1996Q1263,6982,750961561112,561118120-8.3-4.5
Q2206,2102,943701681222,57285132-27.510.2
Q3375,8323,1361201911202,56313713060.1-1.4
Q4443,4823,5081262191292,5431411413.28.2
Average322,3053,0841051841212,5601201303.611.7
1997Q1492,9466,407773371262,496102141-16.67.5
Q2635,8207,074904641152,45495130-6.5-7.5
Q3722,8377,375984981022,3931011186.0-9.2
Q4892,0787,8391145721152,2711091407.418.5
Average685,9207,174964681142,404102132-15.41.7
Sources: National Bank of Romania; and National Statistics Commission.
Sources: National Bank of Romania; and National Statistics Commission.
Table 17.Romania: Population, Labor Force, and Employment, 1992-97(In thousands of persons; end of year)
199219931994199519961997
Population22,77822,74822,71222,65622,58222,526
Of which:
Working age 1/12,98413,12613,18813,22813,28313,3282/
Of which:
Labor force 3/10,56610,24510,2429,5139,0498,9882/
Nonworking age9,7949,6229,5249,4289,2999,1982/
Of which:
Labor force 3/8219829949799879772/
Total employment 3/10,45810,06210,0129,4939,3799,0842/
Of which:
In the state and cooperative sector
(in percent)59.056.250.849.348.542.22/
Total unemployed9291,1651,224998658881
Percent of labor force
Of which:
Receive benefits7.49.59.57.44.66.62/
Recipients of unemployment benefits8431,0661,068774461656
Civilian labor force (total)11,37911,22711,23610,49110,0379,9652/
Labor force
participation rate in percent 4/81.478.177.771.968.167.42/
Source: Data provided by the Romanian authorities.

Includes women age 16 to 54 and men age 16 to 59; women age 55 to 59 and men age 60 to 64 working in the agricultural sector; women age 55 to 56 and men age 60 to 61 who are still employed.

Provisional data.

Excluding military personnel and staff of public organizations, but including nondependent and private sector employment.

Working age labor force as a proportion of population of working age.

Source: Data provided by the Romanian authorities.

Includes women age 16 to 54 and men age 16 to 59; women age 55 to 59 and men age 60 to 64 working in the agricultural sector; women age 55 to 56 and men age 60 to 61 who are still employed.

Provisional data.

Excluding military personnel and staff of public organizations, but including nondependent and private sector employment.

Working age labor force as a proportion of population of working age.

Table 18.Romania: Monthly Consumer Price Index, 1995-98(October 1990 = 100)
CPIFoodNon-foodServicesMonthly Inflation

(in percent)
Weight (percent)100404416
1995January8,6789,8518,1477,0512.0
February8,80310,0028,2507,1621.4
March8,88510,0278,3287,4190.9
April9,02810,1698,5027,4881.6
May9,12510,2458,5877,6801.1
June9,24510,2588,7517,9861.3
July9,48310,5748,9198,2012.6
August9,57510,5759,0568,4341.0
September9,72710,7019,2008,6881.6
October10,07411,0729,5079,0693.5
November10,48411,4889,9059,5124.1
December10,86812,00910,1909,7923.7
1996January11,00012,13810,3459,8741.2
February11,20712,37010,52910,0841.9
March11,40112,54910,69010,4131.7
April11,62212,85510,83410,6011.9
May12,24313,74411,25511,0165.3
June12,37013,82911,41411,1811.0
July13,30014,57112,55312,1187.5
August13,80514,85013,18512,9393.8
September14,13615,19913,46013,3772.4
October14,61515,74513,88413,8313.4
November15,45816,65514,82314,2445.8
December17,05218,63416,33115,03510.3
1997January19,38620,60919,12117,20513.7
February23,02525,80421,48220,07918.8
March30,09733,91427,39227,79530.7
April32,17435,77529,55630,3656.9
May33,54536,77031,44231,3844.3
June34,31637,15632,18733,4592.3
July34,55336,98132,74733,9970.7
August35,76838,40833,63735,6123.5
September36,95239,21534,71038,3753.3
October39,34641,54836,80741,9906.5
November41,02643,26438,31644,1444.3
December42,87245,76939,61945,6854.5
1998January44,96047,81440,72951,0034.9
February48,19351,49443,57354,1877.2
March50,00252,78045,84356,2573.8
April51,36553,89246,88959,4462.7
May52,53654,28148,82360,7712.3
June53,21954,25950,08761,7251.3
Source: Data provided by the Romanian authorities.
Source: Data provided by the Romanian authorities.
Table 19.Romania: Industrial Producer Prices, 1995-98 1/(1992=100)
PPIExtractive industryProcessing industryElectricity productionMonthly PPI inflation (in percent)
1995
January7556227926351.2
February7676238066391.5
March7706248116360.5
April8026628476374.1
May8226688736372.5
June8536968986993.7
July8817049307173.3
August8957059477281.6
September9127069687311.9
October9347159967322.4
November9607221,0287362.8
December9847231,0597382.5
1996
January1,0097251,0907482.6
February1,0437301,1317563.3
March1,0727671,1647572.8
April1,1168631,2087584.1
May1,1588651,2617583.7
June1,1998661,3157593.6
July1,3571,1821,4191,12313.2
August1,4221,2061,4971,1374.8
September1,4791,2131,5661,1634.0
October1,5101,2141,6041,1672.1
November1,5422.1
December1,5492.6
1997
January1,7201,2371,8711,1828.9
February2,0131,2692,2461,18317.0
March3,0713,7932,9763,07952.6
April3,2323,8773,1643,1365.2
May3,4194,4693,2823,4245.8
June3,5715,2763,3713,4384.4
July3,6265,2793,4393,4491.5
August3,6485,2843,4663,4520.6
September3,7375,2853,5813,4562.5
October3,8015,2883,6633,4581.7
November3,9325,3273,7963,6523.4
December4,0145,3313,8983,6732.1
(1996=100)
1997
January138126141126
February15913016712714.9
March24035221631751.2
April2523572293295.0
May2623692373554.1
June2694012413562.4
July2741052473571.9
August2774022513581.0
September2824022573591.9
October2864032633591.6
November2954102693802.9
December3004102753871.9
1998
January3094132863903.0
February3184152963942.7
March3234163023951.7
April 1/3314223104032.4
May3354213124201.1
Source: National Statistics Commission.

Provisional data. The data for the period 1995-97 have been calculated for the total output delivered to the domestic market and to exports; for the year 1998, the data refer to the output delivered to the domestic market.

Source: National Statistics Commission.

Provisional data. The data for the period 1995-97 have been calculated for the total output delivered to the domestic market and to exports; for the year 1998, the data refer to the output delivered to the domestic market.

Table 20.Romania: Private Sector Share of GDP, 1992-97(In percent of GDP)
19921993199419951996 1/1997 2/
GDP, total263539455358
Of which:
Industry468101214
Agriculture and forestry151718181214
Construction113454
Trade, other71113212323
Source: National Statistics Commission.

Preliminary data.

Estimates.

Source: National Statistics Commission.

Preliminary data.

Estimates.

Table 21.Romania: Private Ownership in Selected Sectors, 1992-97(In percent)
1992199319941995 1/1996 1/1997 1/
Agriculture81.783.589.389.089.892.2
Industry11.817.423.329.035.039.8
Construction21.026.851.667.868.073.5
Services18.829.339.158.166.267.0
Total private sector share of GDP26.434.838.945.352.558.2
Source: National Statistics Commission.

Preliminary.

Source: National Statistics Commission.

Preliminary.

Table 22.Romania: Ownership Structure of the Enterprise Sector, 1992-96
Number of Units
19921993199419951996
Total373,985506,879672,620720,899615,307
Private companies199,902308,795421,676440,603548,873
Family businesses28,94232,08438,34663,36782,533
Self-employed115,767128,332162,454162,497172,497
State-owned companies7,9288,4556,9635,1437,811
Régies autonomes39079818382
Foreign investors21,05629,13443,10049,20648,330
Source: Data provided by the Romanian authorities.
Source: Data provided by the Romanian authorities.
Table 23.Romania: Market Privatizations of Enterprises, 1992-98
Size of CompaniesTotal Original Companies 1/Original No. of EmployeesAnnual Number of Companies PrivatizedTotal Privatized
1992 2/199319941995199619971998

May
Total6,3814,040,757222645956201,2451,1632344,143
Small3,124497,096152384273229849521523,135
Medium2,5491,753,82862411026923616558868
Large7081,789,833121329254624140
Sources: State Ownership Fund; and World Bank.

Number of original companies to be offered for privatization.

Companies privatized by the National Agency for Privatization before the State Ownership Fund was established.

Sources: State Ownership Fund; and World Bank.

Number of original companies to be offered for privatization.

Companies privatized by the National Agency for Privatization before the State Ownership Fund was established.

Table 24.Romania: Summary of Consolidated General Government, 1992-97(In billions of lei)
199219931994199519961997
Total revenue2,2526,78515,95523,17832,62076,725
Current2,2086,73715,89423,11532,46676,140
Tax2,0196,26914,04220,80329,25666,964
Profits3197541,9112,8113,54810,780
Wages & Salaries 1/4581,3253,2214,5836,65613,946
Social security 2/6912,1374,6025,8858,18617,671
Turnover/VAT 3/4181,0552,2683,7785,35911,681
Customs 4/873036491,1891,6743,353
Excise 5/05288931,4181,4854,289
Other461674991,1392,3475,246
Nontax1894681,8532,3123,2109,176
Capital44486162154584
Total expenditure2,5306,85916,89325,06136,94085,641
Current2,2165,86213,99121,05030,91472,023
Goods and services8522,4116,1579,07812,87426,773
Wages and salaries4531,3713,3474,6946,56812,344
Other3991,0402,8104,3846,30514,430
Financial Recovery Fund0002371300
Interest151886729891,8408,582
Risk Fund000001,243
Subsidies and transfers1,3493,2637,16110,74616,07035,425
Subsidies7851,3681,9132,9724,7296,364
Transfers5641,8955,2487,77411,34129,062
Capital2488562,7443,8025,68212,110
Lending minus repayments661411582093451,509
Overall balance-278-74-938-1,883-4,321-8,917
Sources: Ministry of Finance; and Fund staff estimates.

Includes a 2 percent tax on payroll earmarked for the Health Fund.

Comprises the State Social Security Fund, the Supplementary Pension Fund, the Unemployment Fund, the Farmers Social Security Fund, and the Risk and Accident Fund.

The value added tax was introduced in July 1993 to replace the turnover tax.

Includes customs duties collected under the Modernization of Customs Fund.

Includes excise revenue collected under the Energy and Road Modernization Funds.

Sources: Ministry of Finance; and Fund staff estimates.

Includes a 2 percent tax on payroll earmarked for the Health Fund.

Comprises the State Social Security Fund, the Supplementary Pension Fund, the Unemployment Fund, the Farmers Social Security Fund, and the Risk and Accident Fund.

The value added tax was introduced in July 1993 to replace the turnover tax.

Includes customs duties collected under the Modernization of Customs Fund.

Includes excise revenue collected under the Energy and Road Modernization Funds.

Table 25.Romania: Summary of Consolidated General Government, 1992-97(In percent of GDP)
199219931994199519961997
Total revenue37.433.932.131.930.130.7
Current36.633.631.931.930.030.5
Tax33.531.328.228.727.026.8
Profits5.33.83.83.93.34.3
Wages & Salaries 1/7.66.66.56.36.15.6
Social security 2/11.510.79.28.17.67.1
Turnover/VAT 3/6.95.34.65.24.94.7
Customs 4/1.41.51.31.61.51.3
Excise 5/02.61.82.01.41.7
Other0.80.81.01.62.22.1
Nontax3.12.33.73.23.03.7
Capital0.70.20.10.10.10.2
Total expenditure42.034.233.934.534.134.3
Current36.829.328.129.028.528.8
Goods and services14.112.012.412.511.910.7
Wages and salaries7.56.86.76.56.14.9
Other6.65.25.66.05.85.8
Financial Recovery Fund------0.30.10.0
Interest0.20.91.41.41.73.4
Risk Fund----------0.5
Subsidies and transfers22.416.314.414.814.814.2
Subsidies13.06.83.84.14.42.5
Transfers9.49.510.510.710.511.6
Capital4.14.35.55.25.24.8
Lending minus repayments1.10.70.30.30.30.6
Overall Balance-4.6-0.4-1.9-2.6-4.0-3.6
Memorandum item:
GDP (billions of lei)6,02920,03649,76872,560108,391249,750
Sources: Ministry of Finance; and Fund staff estimates.

Includes a 2 percent tax on payroll earmarked for the Health Fund.

Comprises the State Social Security Fund, the Supplementary Pension Fund, the Unemployment Fund, the Farmer Social Security Fund, and the Risk and Accident Fund.

The value added tax was introduced in July 1993 to replace the turnover tax.

Includes customs duties collected under the Modernization of Customs Fund.

Includes excise revenue collected under the Energy and Road Modernization Funds.

Sources: Ministry of Finance; and Fund staff estimates.

Includes a 2 percent tax on payroll earmarked for the Health Fund.

Comprises the State Social Security Fund, the Supplementary Pension Fund, the Unemployment Fund, the Farmer Social Security Fund, and the Risk and Accident Fund.

The value added tax was introduced in July 1993 to replace the turnover tax.

Includes customs duties collected under the Modernization of Customs Fund.

Includes excise revenue collected under the Energy and Road Modernization Funds.

Table 26.Romania: Consolidated General Government Expenditures by Function, 1992-97
199219931994199519961997
(In billions of lei)
Total expenditures2,5306,85916,89325,06136,94085,641
General public services1213228521,3061,2212,672
Defense affairs1964201,1851,5252,0585,878
Public order and safety affairs682497851,1081,6092,858
Education affairs2176371,5452,4713,8788,262
Health affairs1975451,5292,0753,0306,417
Social security and welfare5611,8144,4956,7309,68224,187
Housing and community services1203518901,4612,0784,444
Recreational, cultural affairs26521793845861,341
Fuel and energy000000
Agriculture, forestry, fishing2175881,2341,6582,6653,647
Industry4228181,2791,7442,3642,738
Transportation and communication1413781,1501,7102,4185,911
Other economic affairs and services562607908771,6233,688
Interest payments151886729891,8408,582
Other expenditures1732373081,0231,8895,017
(In percent of GDP)
Total expenditures42.034.233.934.534.134.3
General public services2.01.61.71.81.11.1
Defense affairs3.32.12.42.11.92.4
Public order and safety affairs1.11.21.61.51.51.1
Education affairs3.63.23.13.43.63.3
Health affairs3.32.73.12.92.82.6
Social security and welfare9.39.19.09.38.99.7
Housing and community services2.01.81.82.01.91.8
Recreational, cultural affairs0.40.30.40.50.50.5
Fuel and energy0.00.00.00.00.00.0
Agriculture, forestry, fishing3.62.92.52.32.51.5
Mining, mineral resources, manufacturing7.04.12.62.42.21.1
Transportation and communication2.31.92.32.42.22.4
Other economic affairs and services0.91.31.61.21.51.5
Interest payments0.20.91.41.41.73.4
Other expenditures2.91.20.61.41.72.0
Memorandum item:
GDP (billions of lei)6,02920,03649,76872,560108,391249,750
Source: Ministry of Finance; and Fund staff estimates.
Source: Ministry of Finance; and Fund staff estimates.
Table 27.Romania: Government Deficit, 1992-97(In billions of lei)
199219931994199519961997
1991 Program definition
1. Central government-263.0-521.2-2,070.2-2,969.7-5,359.2-9,062.1
2. Local government0.216.532.071.843.398.0
3. State social security fund61.9140.451.3-165.1-186.7-57.7
4. Supplementary pension fund49.185.9132.577.0-4.7-42.2
5. Self financing bodies3.3-2.644.7
6. Total 1991 deficit (lines 1-5)-148.5-281.0-1,809.7-2,986.0-5,507.3-9,064.0
in percent of GDP-2.5-1.4-3.6-4.1-5.1-3.6
1992 Program definition
7. Education fund5.16.48.418.2
8. Health fund0.511.812.92.323.938.1
9. Research fund1.013.82.0-34.3
10. Unemployment fund91.9196.4583.0704.5884.6331.0
11. Total 1991 deficit (lines 1-10)-50.0-52.6-1,203.4-2,295.3-4,598.8-8,694.9
in percent of GDP-0.8-0.3-2.4-3.2-4.2-3.5
Current definition
12. Local budget investment fund5.4
13. Farmers social security fund3.942.04.1-51.40.00.0
14. Customs fund7.932.1103.0188.4128.7450.8
15. Risk and accident fund7.10.4-20.5-11.30.50.0
16. Energy fund10.36.5-15.444.8
17. Road fund1.713.0-4.67.7196.7
18. Agricultural fund23.0-10.7
19. Stock reevaluation fund-1.7-1.6
20. Gold/silver reevaluation fund-165.9-72.9
21. Restructuing fund-7.7
22. Counterpart fund, BOP loans-66.5-69.9
23. External loans to ministies-10.2-21.4-186.3-238.6-386.2-2,571.0
24. SOF45.394.3298.4448.0779.8
25. Protection of insured people fund3.36.4
Total broad definition (lines 1-25)-277.7-73.9-1,196.2-2,107.9-4,412.2-9,787.4
Adjustments260.9224.3221.7909.8
in percent of GDP-4.6-0.4-1.9-2.6-3.9-3.6
Memorandum item:
GDP6,02920,03649,76872,560108,391249,750
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 28.Romania: NBR Refinancing Practices, 1993-97
Of whichDirected Credit to Agriculture 2/Shares in Total NBR CreditDirected Credit to Agriculture 2/
Total CreditsDirected Lines 1/AuctionOverdraftTroubled BanksDirected Lines 1/AuctionOverdraftTroubled Banks
(In billions of lei)(In percent)
1993
Q41,568937540180090759.834.411.50.057.8
1994
Q11,8911,340680159077170.936.08.40.040.8
Q22,0261,6638200086682.140.50.00.042.7
Q32,0641,822650001,18388.331.50.00.057.3
Q42,3312,1538000341,67292.434.30.01.571.7
1995
Q12,0741,940790001,50293.538.10.00.072.4
Q22,1461,601825186141,16574.638.58.70.754.3
Q32,7901,9681,05039801,65370.637.614.30.059.2
Q43,6791,9881,0102888751,88754.027.57.823.851.3
1996
Q13,7071,994950731,3421,81253.825.62.036.248.9
Q24,4132,1964852561,7341,74649.811.05.839.339.6
Q35,0292,88338001,8662,29257.37.60.037.145.6
Q48,0244,3352,31501,8713,68954.028.90.023.346.0
1997
Q15,4292,1353000.61,8752,61339.35.50.034.548.1
Q23,8011,847001,8851,86548.60.00.049.649.1
Q32,720781001,88578428.70.00.069.328.8
Q42,517578001,88558023.00.00.074.923.0
Sources: National Bank of Romania; and Fund staff estimates.

Directed lines of credit for various sectors of the economy, particularly agriculture, at subsidized interest rates.

Including all NBR credit to Banca Agricola.

Sources: National Bank of Romania; and Fund staff estimates.

Directed lines of credit for various sectors of the economy, particularly agriculture, at subsidized interest rates.

Including all NBR credit to Banca Agricola.

Table 29.Romania: Balance Sheet of the National Bank of Romania, 1992-98(In billions of lei, end of period)
1992199319941995199619971998
JuneDecemberJune
Assets1,3754,0039,29112,76015,96927,85936,16537,024
Foreign assets4001,2332,7422,8395,64715,18026,50827,874
Gold3591,1791,7042,0113,4293,6678,9989,340
Convertible foreign exchange41541,0378282,19811,51317,51018,534
Claims on government2944081,9063,520053,2713,116
State budget deficit2633361,7713,2990200
Other claims on state budget 1/3172135221023,2713,116
Claims on banks3531,5692,3344,5158,8226,0585,2515,346
Refinancing credits3431,5682,3313,6788,0243,8012,5162,516
Foreign exchange deposits9138367982,2561,8851,885
Other assets (net)3377942,3112,7221,5006,6171,134689
Liabilities1,3754,0039,29112,76015,96927,85936,16537,024
Reserve money6021,2923,2454,6917,8777,45410,58715,764
Currency outside NBR4601,1242,3983,9515,9026,8389,62710,888
Bank deposits at NBR1421688487391,9756169604,876
Deposit auctions1,6076,7921,871
Foreign exchange liabilities to banks 2/2577395641,2601,1313,2643,9264,792
Foreign liabilities2046572,2432,8897,09412,66813,67814,067
Government deposits1689602,1633,800-2752,8736701,688
Capital accounts1443551,075120141-9512-1,157
Captial and reserves163281120141168193193
Profits5932399400-177318-1,351
Gold revaluation deposits700000000
Sources: National Bank of Romania; and Fund staff estimates.

From December 1997, the figure includes the NBR’s holdings of bonds issued to recapitalize Bancorex and Banca Agricola.

Corresponding to bank deposits with NBR to satisfy foreign exchange reserve requirements.

Sources: National Bank of Romania; and Fund staff estimates.

From December 1997, the figure includes the NBR’s holdings of bonds issued to recapitalize Bancorex and Banca Agricola.

Corresponding to bank deposits with NBR to satisfy foreign exchange reserve requirements.

Table 30.Romania: The Role of the Major State Banks in the Banking System, 1993-97(End of period; bank share as percent of total)
Bank Credit to Non-governmentLei DepositsForeign Exchange
199319941995199619971993199419951996199719931994199519961997
Total88.081.276.175.973.184.177.374.778.478.573.665.162.758.854.0
Banca Agricola41.637.727.820.15.311.414.814.718.314.04.93.42.72.21.7
Romanian Commercial Bank25.523.520.218.820.720.917.619.121.426.819.317.119.720.618.7
Romania Bank for Foreign Trade (Bancorex)12.813.320.629.134.79.310.610.614.49.244.937.832.427.125.9
Romanian Bank for Development7.66.57.47.610.312.112.29.28.910.64.56.87.98.97.7
Subtotal87.881.076.075.671.053.755.253.663.060.673.665.162.758.854.0
Savings Bank (CEC)0.50.20.10.32.130.422.121.115.417.90.00.00.00.00.0
Source: National Bank of Romania.
Source: National Bank of Romania.
Table 31.Romania: Commercial Banks’ Specific Provisions, 1994–97
19941994199519951996199619971997
JuneDec.JuneDec.JuneDec.JuneDec.
(In billions of lei)
Actual provisions made by banks431315191,7852,4122,5145,0467,313
Provisions needed according to NBR4644749892,5503,3704,2188,90310,001
Remaining gap4213434707659581,7053,8582,688
Memorandum items:
Non-performing loans and interest arrears, gross1,9492,1413,8017,79310,78011,49921,12221,075
of which:
with guarantees or collateral1,3901,6472,7315,1387,2857,18712,16310,682
Non-performing loans and interest arrears, net5594941,0702,6553,4954,3118,95910,393
(In percent)
Ratio of provisions made to provisions needed9.327.952.470.071.659.656.773.1
Ratio of provisions made to gross portfolio2.26.113.622.922.49.412.818.2
Source: National Bank of Romania.
Source: National Bank of Romania.
Table 32.Romania: Foreign Assets and Liabilities of the Banking System, 1992-98(In millions of US$; end of period)
1992199319941995199619971998
JuneDecemberJune
National Bank of Romania
Foreign assets9329031,6121,3711,6332,7503,3583,311
Gold 1/8368581,0161,0361,0811,1131,1581,202
Foreign exchange85405362785421,6462,2082,117
SDRs 2/11460575000
Foreign liabilities1,0651,0651,6511,3711,9661,8521,9271,839
Use of fund resources1,0651,0651,4211,051682682716658
Other00601501,2841,1701,2111,181
Net foreign assets-133-162-390-3338981,4311,472
Commercial banks
Foreign assets8321,0201,5451,3101,6181,1841,6741,211
Convertible foreign exchange7901,0071,5511,3161,6271,1931,6881,219
Liquid6528061,4941,2451,5521,1141,6101,132
Other138201577175797887
Nonconvertible4214-6-6-9-9-14-8
Foreign liabilities5165536787901,2261,0071,1341,150
Short term346355273212604333267300
Medium and long term170198405578622674867850
Net foreign assets31646886752039217754061
Excl. nonconvertible FX assets27445487352640118655469
Banking system
Net foreign assets182305828520591,0751,9701,533
Excl. nonconvertible FX assets141292834526681,0931,9921,549
Memorandum items:
Banks’ foreign current claims on domestic residents4656601,1601,8852,4532,9322,4492,899
Banks’ foreign currency liabilities to domestic residents7221,0161,3351,6031,7561,8612,2042,317
Banks’ liquid convertible foreign assets
FX liabilities to residents (percent)90791127888607349
Sources: National Bank of Romania; and Fund staff estimates.

Gold is valued at US$383.55 per ounce.

SDRs are valued at US$1.50632 per SDR.

Sources: National Bank of Romania; and Fund staff estimates.

Gold is valued at US$383.55 per ounce.

SDRs are valued at US$1.50632 per SDR.

Table 33.Romania: Stock Market Indicators, 1996-98 (QI) Bucharest Stock Exchange(Quarterly averages unless otherwise indicated)
Number of trading daysNumber of companies listed at end-quarterMarket capitalization (mill. US$)Number of transactions per trading dayDaily turnover (US$)Standard deviation of daily turnover
1996
Q11413119346238,697171,681
Q223137521748,79338,811
Q324135719622,04612,570
Q423175114112,4465,222
1997
Q12926751,528221,6671,353
Q255453844,2991,463,4879,114
Q366637052,5731,605,1126,047
Q457766722,7501,169,4025,441
1998
Q162927402,5481,235,0126,686
Source: Bucharest Stock Exchange.
Source: Bucharest Stock Exchange.
Over-the-Counter Market
Number of listed stocksCumulative number of transactionsCumulative number of shares tradedCumulative value of transactions (billions of lei)
19961,6153,0727,007,5844
19975,124447,101796,445,8102,831
(May)19985,450286,550463,849,5921,484
Source: Rasdaq.
Source: Rasdaq.
Table 34.Romania: Monetary Survey, 1993-98(End of period, in billions of lei unless otherwise stated)
199319941995199619971998
QIQIIQIIIQIVQIQII
Net foreign assets11613731173-48-98712512519153561285412676
(millions of U.S. dollars)$91$777$455($12)($14)$1,014$1,646$1,914$1,514$1,462
o/w Commercial banks$253$816$455$326$219$107$227$475$209($18)
Net domestic assets 1/435792761710530391379643683239008467895095656803
Total credit426491831739931461405173800442592474145455961179
Credit to government-638-3019644,6195,43518084375115331324016038
o/w Bank rehabilitation bonds3374.57874.58175.98176
Net credit to non-government490294851643526842350823619638217358814131945141
o/w foreign currency credit8422050486098981849920606233191964922823.325138
(percent of total)17.221.629.636.952.756.961.054.855.255.7
(millions of U.S. dollars)$660$1,160$1,885$2,453$2,644$2,932$3,066$2,449$2,688$2,899
Other items, net9392-294-1070-2553-1172-3585-625-3603-4376
Broad Money4472106491827830342378664395751527621456381069478
Currency outside banks104922013761538347416363835992008198.310300
Deposits342484481451824959331253759443168529455561259178
o/w Leu deposits212760901038617874192932451927802352653616639090
Sight38196579496561727543111318727.68468
Time6567112951432818347202592413427438.230623
foreign currency deposits12962358413270861383213075153661768019445.720088
(millions of U.S. dollars)$1,016$1,335$1,603$1,756$1,97718612020220422902317
NBR balance sheet
Reserve money1292324546917877643874549912105871305915764
Currency outside NBR11242398395159025125683888249627874610888
Bank lei deposits at NBR16884873919751313616108796043144876
Net foreign assets 4/-207-69-425-1695-228853691029110358922910942
(Millions of U.S. dollars)-162-39-165-420-3277641353129110871262
Net domestic assets 5/149933145116957287262085-37922938304823
NBR refinancing1568233135788024542938012721251724712441
Memorandum items:
Exchange rate (Lei per US$, eop)1276176725784035699670277606802384908670
Real annual broad money growth47.034.45.9-18.6
Real annual credit growth33.048.315.4-40.1
Velocity:
Velocity of broad money8.325.544.544.626.116.005.335.135.605.47
Velocity of broad lei money10.777.115.876.039.638.547.607.178.067.70
Ratio of foreign currency deposits to broad money29.022.122.623.436.529.729.828.430.528.9
Sources: National Bank of Romania; and Fund staff estimates.

Equal to broad money minus convertible net foreign assets.

Sources: National Bank of Romania; and Fund staff estimates.

Equal to broad money minus convertible net foreign assets.

Table 35.Romania: Balance of Payments, 1992-97 1/(In millions of U.S. dollars)
199219931994199519961997 2/
Current account-1,518-1,239-516-1,732-2,611-2,360
Trade account-1,373-1,130-483-1,605-2,494-1,980
Exports4,2864,8826,0677,8828,0618,431
Imports-5,659-6,012-6,550-9,48710,55510,411
Services account-256-323-328-496-710-959
Receipts6837991,1321,5101,6261,604
Of which: Interest52561025965175
Payments-939-1,122-1,460-2,0062,3362,563
Of which: Interest-140-204-233-293345419
Unrequited transfers (net)111214295369593579
Capital account1,4541,4121,2941,2981,9973,004
Direct investment (net) 3/73973474044562,032
Capital transfers000015243
Medium- and long-term credit received (net)1,221957870627761965
Receipts1,3061,1051,1659991,2092,338
Multilateral214263375254342687
Bilateral92872852942530
Other1353431822938641,551
Payments-85-147-295-3724481,273
Multilateral0.00.0-3-173979
Bilateral-40-84-154-1761720
Other-45-63-138-1793921,174
Credit extended (net)75-112484735
Bilateral clearing agreements-159-128-9-25-419
Short-term (net) 4/244498622096251,197
Overall balance-63173778-434-6141,931
Financing63-173-778434614-1,931
Net foreign assets NBR (increase, -)14054-341202426-1,710
of which: IMF net2680217-315-35628
Net foreign assets of commercial banks (increase, -)-77-227-437231188-221
Sources: Romanian authorities; and Fund staff estimates.

Excludes transactions in transferable rubles.

Preliminary data.

Including portfolio investment.

Including errors and omissions.

Sources: Romanian authorities; and Fund staff estimates.

Excludes transactions in transferable rubles.

Preliminary data.

Including portfolio investment.

Including errors and omissions.

Table 36.Romania: Composition of Exports, 1992-97(In percent of total)
199219931994199519961997
Live animal and animal products4.23.33.62.11.92.4
Vegetable products1.11.21.02.64.61.9
Fats and animal or vegetable edible oils0.21.30.81.00.91.5
Foodstuffs, beverages, tobacco1.11.01.10.91.31.2
Mineral products13.111.711.69.28.67.6
Chemicals9.77.07.99.18.56.6
Plastic, rubber, and articles2.01.72.32.62.42.2
Wood products, cork, and wattles3.53.63.63.33.64.0
Textiles and textile articles10.416.018.819.821.423.0
Footwear1.73.35.05.46.26.4
Articles of stone, cement, ceramics, glass, etc.2.02.01.81.91.91.8
Basic metals and articles thereof16.819.617.318.215.718.5
Machinery, appliances, and electrical equipment11.69.08.48.38.38.7
Transport equipment10.88.36.45.45.45.3
Other11.811.010.410.29.38.9
Total100.0100.0100.0100.0100.0100.0
Sources: Romanian authorities; and Fund staff estimates.
Sources: Romanian authorities; and Fund staff estimates.
Table 37.Romania: Direction of Trade, 1992-97(In percent of total)
199219931994199519961997
ExportsImportsExportsImportsExportsImportsExportsImportsExportsImportsExportsImports
Developed countries43.251.247.055.453.858.661.760.262.261.664.871.0
Of which:
Austria2.43.21.62.51.62.72.03.12.13.12.12.7
France3.96.04.57.85.15.15.85.25.74.95.55.7
Federal Republic of Germany11.114.014.315.816.118.018.117.518.417.616.816.4
Italy6.18.28.39.412.911.815.713.317.115.319.515.8
Switzerland1.52.12.42.30.72.10.81.90.51.70.51.3
United Kingdom3.63.23.82.63.33.13.02.93.12.93.53.4
United States1.93.81.45.73.16.52.54.12.43.83.84.1
Developing countries56.348.853.044.646.241.438.339.837.838.435.237.1
Of which:
Bulgaria2.71.52.11.11.70.90.90.70.90.60.70.5
China4.61.28.61.44.50.92.30.91.11.00.51.1
Czech and Slovak Republics0.51.30.30.91.41.20.51.10.51.20.51.5
Hungary1.93.12.42.62.62.42.23.12.12.52.23.1
Poland0.81.00.40.50.20.40.50.60.50.71.20.8
Former Soviet Union13.114.60.00.00.00.00.00.00.00.00.00.0
Russia0.00.04.511.73.413.82.012.02.012.53.012.0
Ukraine0.00.02.12.01.62.11.71.90.81.61.11.2
Moldova0.00.01.91.31.01.31.01.01.20.71.50.6
Former Yugoslavia4.92.80.00.00.00.00.00.00.00.00.00.0
Serbia0.00.00.20.00.30.00.40.01.70.31.70.5
FYR Macedonia0.00.00.40.30.40.30.50.20.10.10.10.1
Total100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
Sources: Data provided by the Romanian authorities; and Fund staff calculations.
Sources: Data provided by the Romanian authorities; and Fund staff calculations.
Table 38.Romania: Composition of Imports, 1992-97(In percent of total)
199219931994199519961997
Live animals and animal products1.41.01.41.30.60.6
Vegetable products, cereals6.97.32.01.51.51.5
Foodstuffs, beverages, and tobacco7.16.15.55.75.34
23.521.3
Mineral products32.428.726.824.223.521.3
Chemicals6.67.87.99.08.68.3
Plastic, rubber, and articles2.93.13.23.83.93.9
Crude hides and skins, leather, furs, etc.1.21.72.12.12.32.5
Textiles and textile articles9.010.111.411.811.713.9
Footwear0.70.70.91.01.11.4
Basic metals and articles thereof4.34.34.95.36.25.9
Machinery, appliances, and electrical equipment14.617.620.420.621.923.0
Transport equipment4.74.34.73.93.63.4
Other8.27.38.89.89.810.5
Total100.0100.0100.0100.0100.0100.0
Sources: Romanian authorities; and Fund staff estimates.
Sources: Romanian authorities; and Fund staff estimates.
Table 39.Romania: Foreign Exchange Market Transactions, 1995-98(In millions of U.S. dollars)
Total Volume 1/Daily Average Volume 1/Total Volume between Banks
1995January301.814.416.0
February366.118.328.0
March352.715.322.0
April253.314.113.0
May341.815.514.0
June342.415.621.0
July432.720.674.0
August423.818.458.0
September421.320.155.0
October423.019.229.0
November383.917.524.0
December452.925.241.0
1996January349.116.621.0
February302.914.426.0
March314.015.021.0
April341.716.314.0
May360.816.42.0
June354.617.73.0
July404.917.65.0
August370.916.91.0
September386.918.43.0
October320.013.92.0
November293.814.01.0
December466.425.93.0
1997January272.413.612.1
February342.917.169.3
March48823.2158.0
April1,042.949.7472.4
May858.840.9339.1
June690.732.9257.8
July881.238.3321.6
August759.536.2327.6
September698.631.8236.6
October889.138.7354.3
November789.839.5307.5
December962.148.1388.6
1998January947.847.4435.2
February849.942.5389.6
March1172.453.3572.3
April1117.153.2556.2
May442.0
June135.6
Source: National Bank of Romania.

Data from the interbank auction until July 1994, and interbank market thereafter. Transactions include those of the NBR.

Source: National Bank of Romania.

Data from the interbank auction until July 1994, and interbank market thereafter. Transactions include those of the NBR.

Table 40.Romania: Exchange Rate Against the U.S. Dollar and Transferable Ruble (TR), 1988-98
(Lei per U.S. dollar)(Lei per TR 1/)
End of PeriodPeriod AverageEnd of PeriodPeriod Average
198814141616
198914151616
199035222220
199118976
1992460308
19931,276760
19941,7671,655
19952,0662,033
19963,1583,083
19977,3367,185
1997
I6,8916,365
II7,0797,104
III7,4797,379
IV7,8757,823
1998
I8,2818,244
II8,5098,480
1996
January2,6402,599
February2,8632,778
March2,9372,873
April2,9132,911
May2,9512,930
June3,0282,988
July3,1353,064
August3,1623,144
September3,2613,201
October3,3753,296
November3,5913,478
December4,0353,734
1997
January5,9324,963
February7,8687,203
March6,9487,176
April7,0357,024
May7,0927,047
June7,0127,151
July7,3517,165
August7,4627,440
September7,6427,535
October7,7537,716
November7,8697,815
December8,0727,985
1998
January8,2488,293
February8,1058,231
March8,4908,207
April8,3458,380
May8,5118,477
June8,6708,584
Source: Data provided by the Romanian authorities.

The NBR stopped quoting the lei/TR rate since the beginning of 1991.

Source: Data provided by the Romanian authorities.

The NBR stopped quoting the lei/TR rate since the beginning of 1991.

Table 41.Romania: Balances of Clearing Accounts in Transferable Rubles, 1992-97(In millions of transferable rubles, end of period)
199219931994199519961997 1/
Total-609-609-48959138139
Albania111010101010
Bulgaria161919192019
Cuba969595959596
Former Czechoslovakia-140-141-39-34-18-6
Former German Democratic Republic-510-517-517000
Hungary-29-27-27-2000
Mongolia100000
North Korea171618151516
Poland-49-47-47-2500
Former U.S.S.R-31-19-2-2-2-2
Vietnam000000
Non-commercial credits1000000
International Bank for Economic Cooperation credits000000
Source: Data provided by the Romanian authorities.

Data for 11 months.

Source: Data provided by the Romanian authorities.

Data for 11 months.

Table 42.Romania: Stock of Direct Foreign Investment as of 1997
Country

(Financial Organization)
Foreign Capital

(In thousands of U.S. dollars)
Number of Foreign Investors
Total3,400,62255,694
European Union
Austria. 1/99,3151,198
Belgium11,310564
Denmark4,603125
France 1/427,1021,757
Finland27127
Germany 1/290,1305,756
Greece63,9281,659
Ireland5,06098
Italy 1/199,7595,913
Luxembourg94,861100
Netherlands 1/294,624774
Portugal24823
Spain36,042304
Sweden36,326524
United Kingdom 1/139,365758
Other countries:
Korea, Rep. of 1/368,26560
U.S.A.254,5322,333
Turkey124,3894,732
Switzerland 1/87,923704
Canada53,012546
Syria47,3154,506
E.B.R.D.31,660
Israel22,6671,578
Hungary37,8621,784
Cyprus29,937384
Lebanon25,3492,649
China26,7453,904
Iraq18,4952,883
Liechtenstein12,558119
Iran13,7382,296
Britain Islands6,09459
Bulgaria6,891211
Egypt6,986779
Rep. of Moldova6,353630
Australia59,665265
Saudi Arabia4,17057
Panama13,47295
Yugoslavia3,204328
Poland2,74799
Source: Data provided by the Romanian Development Agency.

Figures include amounts resulting from privatization.

Source: Data provided by the Romanian Development Agency.

Figures include amounts resulting from privatization.

Table 43.Romania: National Bank of Romania’s Borrowing from Capital Markets
Lead Manager or creditorAmount 1/Maturity (in years)Spread 2/CurrencyDateDate of Withdrawal
Citibank Syndicated Loan1101.50225U.S. dollarDecember 7, 1995December 13, 1996
Union Bank of Switzerland602.0050U.S. dollarDecember 29, 1995December 29, 1996
Union Bank of Switzerland202.0050U.S. dollarJanuary 12, 1996March 29, 1996
Merrill Lynch253.00225U.S. dollarFebruary 15, 1996February 15, 1996
Merrill Lynch255.00225U.S. dollarFebruary 15, 1996February 15, 1996
Sanwa Bank901.25175U.S. dollarApril 26, 1996May 8, 1996
Nomura Securities4783.002803/YenMay 28, 1996May 28, 1996
Merrill Lynch2253.00225U.S. dollarJune 12, 1996June 25, 1996
Nomura Securities2635.003074/YenSeptember 20, 1996October 9, 1996
ABN AMRO-Citibank1753.00188U.S. dollarSeptember 26, 1996October 23, 1996
Sources: Romanian authorities; and Fund staff estimates.

In millions of U.S. dollars. Liabilities in yen valued at exchange rate prevailing at the closing date.

Over LIBOR in case of floating rate debt, and over equivalent government bond yield for fixed rate debt (Samurai and Eurobond).

Fixed interest rate (5.20).

Fixed interest rate (5.05).

Sources: Romanian authorities; and Fund staff estimates.

In millions of U.S. dollars. Liabilities in yen valued at exchange rate prevailing at the closing date.

Over LIBOR in case of floating rate debt, and over equivalent government bond yield for fixed rate debt (Samurai and Eurobond).

Fixed interest rate (5.20).

Fixed interest rate (5.05).

Table 44.Romania: Outstanding External Debt in Convertible Currencies, 1992-97(In millions of U.S. dollars, end of period)
199219931994199519961997
Medium- and long-term2,4793,3574,5435,4077,2398,823
Official creditors2,3193,1234,2454,9622,0632,615
Multilateral Institutions1,7042,0372,7122,788682711
Of which:
IMF1,0321,0411,3131,0392,8433,936
Government and government guaranteed credits 1/6151,0861,5332,1742,8433,936
Of which:
China17413789573515
Commercial creditors 2/1312122984452,3332,272
Trade-related credits131212261326
Commercial banks0.00.02943
Non-guaranteed suppliers’ credits0.00.0877
Ex-CMEA banks 3/29220.00.000
Short-term7618929661,3031,6011,516
Of which:
Documents in transit1248562172214204
Letters of credit265431505521364308
Total3,2404,2495,5096,7108,84010,339
Source: Romanian authorities.

Includes identified guaranteed suppliers’ credit. Does not include disputed obligations to Sweden dating to 1928.

Including syndicated loans and bonds issured by the NBR in 1996.

For 1991 and 1992, these are credits from the International Investment Bank.

Source: Romanian authorities.

Includes identified guaranteed suppliers’ credit. Does not include disputed obligations to Sweden dating to 1928.

Including syndicated loans and bonds issured by the NBR in 1996.

For 1991 and 1992, these are credits from the International Investment Bank.

Table 45.Romania: Currency Composition of Medium- and Long-Term External Debt, 1992-97(In percent; end of period)
199219931994199519961997
U.S. dollars23.531.539.542.447.550.2
Swiss francs6.34.02.41.60.90.9
Deutsche marks2.44.85.111.114.614.6
SDRs41.631.029.019.37.77.7
Pounds sterling0.00.00.00.00.10.1
French francs3.03.54.34.54.14.1
ECU18.316.114.014.710.510.5
Other currencies4.99.15.76.412.012.0
Total100.0100.0100.0100.0100.0100.0
Source: Data provided by the Romanian authorities.
Source: Data provided by the Romanian authorities.
Table 46.Romania: Summary of Export Restrictions, 1994-97(Products subject to export quotas)
1994199519961997
II.Grains and Technical CropsII.Grains and Technical CropsII.Grains and Technical CropsII.Grains and Technical Crops
Double and crossed maize hybrids (1 pos.) (1,000 tons)Wheat for seeds and common wheat (2 pos.) (500,500 tons initially, but changed)Wheat for seeds and common wheat (2 pos.) (1,510,000 tons)Wheat and maize hybride (6 pos)
Barley (1 pos)
Triple crossed hybrids (1 pos) (2,120 tons)Maize and maize hybrids (6 pos.)Maize and maize hybrids (6 pos.)Flour (2 pos)
Simple hybrids (1 pos.) (5,995 tons)(total 1,008,830 tons)(1,024,000 tons)Sunflower seeds for crops (1 pos)
Sunflower seeds for sowing (1 pos.) (230 tons)Sunflower for seeds (1 pos.) (382 tons)Sunflower seeds (1 pos.) (2,000 tons)Raw sunflower oil (1 pos)
Raw sunflower oil (1 pos.) (15,000 tons)Raw sunflower oil (1 pos.) (10,000 tons)Raw sunflower oil (1 pos.) (75,000 tons)Bread (1 pos)
VI.Non-Ferrous Minerals, FuelsIV.Other AgricultureIV.Other AgricultureWheat’s extraction (1 pos)
Copper-based alloys (3 pos.) (12,500 tons)Raw sheep skins and hides (4 pos.) (315,000 pcs.)Raw sheep skins and hides ((4 pos.) (320,000 pcs.)Soya beans’ extraction (1 pos)
Lead-based alloys (1 pos.) (1,000 tons)Cattle hides (2 pos.) (200,000 sq. m.)Raw cattle hides (2 pos.) (300,000 sq. m.)Sunflower’s extraction (1 pos)
VII.Wood and Wood ProductsSheep skins without hair (7 pos.) (185,000 pcs.)Sheep skins without hair (7 pos.) (250,000 pcs.)IVOther Agriculture
Different kinds of timber (9 pos.)VI.Non-Ferrous Minerals, FuelsRaw wool (2 pos.) (4,000 tons in sem. II only)Snails, other than sea snails (1 pos)
Not-processed or semi-processed wood products (7 pos.)Copper and copper-based alloys (3 pos.) (10,100 tons)VINon-Ferrous Minerals, FuelsRaw cattle and horse skins and hides (7 pos)-(2,500 tons)
Products made of copper alloys (1 pos.) (100 tons)
Aluminium-based alloys (1 pos.) (10,000 tons)Aluminium-based alloys (1 pos.) (10,000 tons)Raw sheep skins and hides 4 (pos- (1.530 tons)
Refined lead (1 pos.) (4,000 tons)Refined lead (1 pos.) (4,000 tons)
Zinc (1 pos.) (5,000 tons)Zinc (1 pos.) (8,000 tons)Other raw skins and hides (1 pos) (700 tons)
VIIWood and Wood ProductsVIWood and Wood Products
Coniferous timber (7 pos.)Coniferous timber (8 pos.)Other cattle skins (2 pos), (2.735 tons)
Beech tree timber and other timber (7 pos.)Beech tree timber and other timber (6 pos.)Sheep skins without hair (2 pos) (564 tons)
Semi-processed and different wood products (excl. furniture) (10 pos.)Semi-processed and different wood products (excl. furniture) (9 pos.)
Raw wool (2 pos); (4,000 tons)
V.Ferrous metals
Iron and steel trash (3 pos) (250,000 tons)
VI.Non-ferrous minerals, metals, fuels
Copper trash (1 pos) - 3,000 tons)
Copper and copper based alloys, copper products (3 pos); (4,200 tons)
Aluminium based alloys (2 pos) (10,000 tons)
Lead, lead alloys (2 pos); (6000 tons)
Zinc (1 pos); (10,000 tons)
VIIWood and wood products
Coniferous timber (9 pos); (972,000 m3)
Beech tree timber and other timber (9 pos); (310,000 m3)
Wood products:
1 pos = 1,000 m2
1 pos = 10,000 m3
1 pos = 2,000 m3
Source: Data provided by the Romanian authorities.
Source: Data provided by the Romanian authorities.
Table 47.Romania: Summary of Export Restrictions, 1994-97
1994199519961997
II.Grains and Technical CropsII.Grains and Technical CropsII.Grains and Technical CropsII.Grains and Technical Crops
Common wheat and meslin for seed (1 pos.)Sunflower seeds (2 pos.)Sunflower seeds (2 pos.)Sunflower seeds for consumption (2 pos)
Others (wheat for consumption) (1 pos.)IV.Other AgricultureIV.Other Agriculture
Other maize hybrids for seed (1 pos.)Cattle and horse hides - raw (12 pos.)Snails, other than sea snailsV.Ferrous Mineral, Metals
Other hybrids, maize (1 pos.)Other animal hides (2 pos.)Raw cattle and horse skins and hides (8 pos.)Iron and steel trash (12 pos)
Other maize (consumption) (1 pos.)Not processed wool (2 pos.)Processed skins, without hair (7 pos.)Semi-processed iron and strel (26 pos)
Other sunflower seeds (consumption) (1 pos.)V.Ferrous Minerals, MetalsV.Ferrous Minerals, MetalsVI.Non-Ferrous minerals, metals
IV.Other AgricultureIron and steel trash (15 pos.)Iron and steel trash (15 pos.)Marbles (4 pos)
Other molasses resulted from sugar processing (from sugar beet) (1 pos.)Semi-processed iron and steel (29 pos.)Semi-processed iron and steel (27 pos.)Precious metals trash (3 pos)
VI.Non-Ferrous Minerals, FuelsVI.Non-Ferrous Minerals, FuelsLead trash (1 pos)
V.Ferrous Minerals, MetalsMarbles (4 pos.)Marbles (4 pos.)Copper and copper based alloys, copper trash, copper products (19 pos)
Iron and steel trash (13 pos.)Copper trash (5 pos.)Copper and copper-based alloys, copper trash, copper products (19 pos.)
Not processed or semi-processed iron and steels (27 pos.)Trash containing precious metals (3 pos.)Aluminium based alloys, aluminium trash (5 pos)
Copper, some kinds of copper products, copper-based alloys (14 pos.)Nickel trash (2 pos.)
VI.Non-Ferrous Minerals, FuelsAluminium-based alloys, aluminium trash (4 pos.)Lead, lead alloys, lead trash (4 pos)
Fuel oils (6 pos.)Nickel and aluminium trash (5 pos.)Zinc and zinc trash (5 pos)
Trash containing precious metals (3 pos.)Lead, lead alloys and lead trash (6 pos.)Lead, lead alloys, lead trash (7 pos.)VII.Chemicals and Pharmaceuticals
Copper, some copper products and copper trash (11 pos.)Zinc and zinc trash (5 pos.)Zinc and zinc trash (5 pos.)Fuel oils, petroleum oils, liquid propane, liquid butane (18 pos)
Fuel oils (7 pos.)Fuel oils (6 pos.)
Nickel and aluminum trash (5 pos.)VII.Chemicals and PharmaceuticalsVII.Chemicals and PharmaceuticalsHuman and animal blood (5 pos)
Lead, lead trash (6 pos.)Petroleum oils (2 pos.)Petroleum oils (2 pos.)VIII.Wood and Wood Products
Zinc and zinc trash (6 pos.)Liquid propane (7 pos.)Liquid propane (7 pos.)Christmas trees and coniferous trees (4 pos)
VII.Chemicals and PharmaceuticalsLiquid butane (5 pos.)Liquid butane (5 pos.)
Petroleum oils (2 pos.)Human and animal blood (5 pos.)Human and animal blood (5 pos.)Wood for heating and wood trash (4 pos)
Liquid propane (7 pos.)VIII.Wood and Wood ProductsVIII.Wood and Wood Products
Liquid butane (5 pos.)Christmas trees and coniferous trees (5 pos.)Christmas trees and coniferous trees (4 pos.)Raw wood, semi-processed wood (12 pos)
Haemoglobin (1 pos.)Wood for heating and wood trash (5 pos.)Wood for heating and wood trash (5 pos.)
Human and animal blood (4 pos.)Raw wood, semi-processed wood (19 pos.)Raw wood, semi-processed wood (20 pos.)Different wood products (32 pos)
VIII.Wood and Wood ProductsDifferent wood products (except furniture) (20 pos.)Different wood products, excl. furniture (23 pos.
Christmas trees (1 pos.)
Wood for heating and wood trash (5 pos.)
Raw or semi-processed wood (20 pos.)
Different kinds of wood products (excl. furniture) (21 pos.)
Source: Data provided by the Romanian authorities.
Source: Data provided by the Romanian authorities.
Table 48.Romania: Energy Prices, 1991-98 1/(In domestic currency)
Jan.Jan.Feb.-AuSeptJanFeb.-Aug.Jan.Feb.-AugJan.Feb.-Apr.May-Sept.Oct. 1995-Jury 1996-Dec.Jan-DecJan-Apr
19911992199219921993199319941994199519951995June l996Nov. 1996199619971998
Liquid bottled gas 2/lei/bottle35351501501508363/2,5003,5724,1004,7586,5656,63910,64711,11227,66733,977
Premium gasolinelei/litre
Households1550-13050-12050-1201401844004364524946007429899912,7643,599
Enterprises15615454931082632832873183794746126211,4171,290
Diesel fuellei/litre
Households1240-9040-8040-801101562903343553774324976796802,2562,902
Enterprises12454141751001972262372512903154314291,2821,356
Light fuel type Plei/ton
Households3,8603,86011,30616,89016,89096,8473/229,192274,372295,540314,706361,882361,882566,948566,9481,747,4782,045,948
Enterprises4,82011,74734,40751,40051,400183,622213,192271,295273,140289,451338,382338,382534,748534,7481,461,4541,851,786
Heating oil (light)lei/ton
Households2,1502,1506,73310,17010,17061,3303/146,000206,490229,770249,193293,890295,830485,250486,9201,205,3101,521,790
Enterprises4,22014,15014,15014,15031,70046,37574,000107,382127,160139,593172,000172,000269,457270,000651,719817,309
Crude oillei/ton7,00024,10024,10024,16134,62547,82584,565104,754113,448124,521149,713179,097315,638315,948863,238965,199
Natural gaslei/1,000m3
Used as raw material2,00010,65011,25011,70019,70027,1143/38,79945,37050,89050,89050,89050,89081,23281,639394,875511,089
Total economic agents608,333711,615
Used as fuel1,0001,0001,0003,7003,70015,30024,00030,86034,00034,00038,64040,00062,85063,000188,330230,000
Coat (lignite)lei/ton
Households3753751,2921,9801,9808,9633/24,58827,98838,99039,26241,48644,16758,49661781142,933267,088
Enterprises3712,7363,0758,1128,11211,69913,13117,08819,68519,68521,97823,07437,26337,79591,095106,748
Electricity 4/lei/kwh
Households11266193/2836404045467373161187
Total economic agents526778788489137127325385
Enterprises101010101722486271727881127140365436
Source: National Statistics Commission.

Delivery prices, including VAT from July 1, 1993.

12.5 kg. bottles, delivered households.

Exempted from VAT.

Explicit subsidies for households were eliminated from May 1, 1993.

Source: National Statistics Commission.

Delivery prices, including VAT from July 1, 1993.

12.5 kg. bottles, delivered households.

Exempted from VAT.

Explicit subsidies for households were eliminated from May 1, 1993.

Table 49.Romania: Energy Bill, 1994-97
Natural Gas

(millions of cu. metres)
Electric Power

(thousand kw hours)
Mineral Fuel

(tonnes)
Crude Petroleum

(tonnes)
Petroleum Products

(tonnes)
TOTAL

US$ thousands
QuantityValue 1/QuantityValue 1/QuantityValue 1/QuantityValue 1/QuantityValue 1/
1994 Exports f.o.b.0000385,24514,5712,2115054,068,809598,428613,504
Q1000063,5083,038601,048,663140,960143,998
Q2000074,0092,62830976,746144,636147,264
Q30000150,5015,4572,2025051,066,741166,070172,032
Q4000097,2273,44800976,659146,762150,210
1994 Imports c.i.f.4,722367,205523,08819,3664,232,477245,1698,122,294895,7941,630,490152,1881,679,722
Q11,291102,378175,3315,777548,50328,6981,829,348174,254638,60750,125361,232
Q21,24998,401100,1453,5121,221,13569,8391,645,918177,930454,04637,418387,100
Q379359,737149,3405,4591,403,19086,5222,019,794238,329152,22418,409408,456
Q41,389106,68998,2724,6181,059,64960,1102,627,234305,281385,61346,236522,934
1995 Exports f.o.b.00154,1208,009676,12030,836003,847,387589,369628,214
Q100154,1207,855167,7945,960001,017,707147,989161,804
Q2000154169,5566,78300958,315154,079161,016
Q30000194,72410,10400887,267131,056141,160
Q40000144,0467,98900984,098156,245164,234
1995 Imports c.i.f.6,061478,162143,6834,2294,819,518296,7088,657,2511,053,5322,857,570362,0692,194,702
Q11,770133,15091,7792,6831,315,97068,0431,585,908192,159823,746101,520497,557
Q21,368103,5934,800120892,69852,3322,387,061309,730715,24187,007552,782
Q31,16296,76747,1041,4261,200,12480,9232,445,067288,809372,28457,506525,431
Q41,761144,652001,410,72695,4102,239,215262,834946,299116,036618,932
1996 Exports f.o.b.000049032,664002,944563,360596,034
Q100001268,43500923155,067163,502
Q200001158,39400818160,950169,344
Q300001278,4320050999,377107,809
Q400001227,40300694147,966155,379
1996 Imports c.i.f.7,148611,90074916,7064,843324,0737,1561,036,9323,219400,5822,390,193
Q11,850153,0833417,880102568,9522,429323,509961116,712670,136
Q21,638135,8243346,81496765,4561,499209,184862102,586519,864
Q31,645141,381842,0121,19179,7651,196173,89462775,093472,145
Q42,015181,612001,660109,9002,032330,345769106,191728,048
1997 Exports f.o.b.0055613,05841824,700002,658480,031517,789
Q100842,0261126,92300768145,479154,428
Q200982,239865,18400864152,606160,029
Q300571,2681247,3770053995,186103,831
Q4003177,525965,2160048786,76099,501
1997 Imports c.i.f.4,895448,07577717,4895,462370,1896,245838,3013,915456,7342,130,788
Q11,498141,9811513,37690860,5492,042305,24168584,405595,552
Q285980,2841553,53166345,2891,852226,04647652,323407,473.0
Q382075,3763998,9241,955136,233953121,3321,936213,358555,223.0
Q41,718150,434721,6581,936128,1181,398185,682818106,648572,540.0
Source: National Bank of Romania

Thousands of U.S. dollars.

Source: National Bank of Romania

Thousands of U.S. dollars.

Table 50.Romania: Energy Balance, 1995-97
Units1995 Actual1996 Actual1997 Preliminary
Natural unitsThousand toe 1/Natural unitsThousand toe 1/Natural unitsThousand toe 1/
Energy Sources - Total50,65953,84553,845
Production33,37533,27033,270
Coal 2/thousand tons40,5647,21942,7427,63142,7427,631
Hydrocarbons21,24520,71420,714
Natural gasmillion m318,22014,66717,74814,28717,74814,287
Crude oilthousand tons6,7126,5786,5586,4276,5586,427
Hydroelectric powerGwh16,7114,21115,2203,85315,2203,853
Nuclear powerGwh001,5473901,547390
Other700700700
Import15,79819,16319,163
Coalthousand tons293562,1775602,177560
Hydrocarbons15,15618,43018,430
Natural gasmillion m35,9604,7987,1005,7167,1005,716
Crude oilthousand tons8,1267,9638,7208,5468,7208,546
Oil productsthousand tons876889568577568577
Heavy fuel oilthousand tons1,5821,5063,7733,5923,7733,592
Electric power2,325586691174691174
Stocks at the beginning of the periodthousand tons1,4861,4121,412
Destination - Total50,65953,84553,845
Consumption48,69851,50951,509
Population8,7559,1289,128
Export4,3863,9783,978
Stocks by the end of the period1,4122,3362,336
Source: Ministry of Industry.

Tons of oil equivalent (10,000 Kcal/kg).

Without coking coal.

Source: Ministry of Industry.

Tons of oil equivalent (10,000 Kcal/kg).

Without coking coal.

Table 51.Romania: Primary Supply and Consumption of Petroleum Resources, 1970-97
197019751980198519891990199519961997
Oil(In millions of metric tons)
Domestic production
Crude oil13.414.711.510.79.27.96.46.46.4
Natural gas - liquids0.40.40.40.40.40.40.40.40.4
Subtotal13.615.111.911.19.68.36.86.86.8
Imports - crude oil2.35.116.214.621.816.18.88.88.8
Exports - petroleum products5.46.28.99.112.08.42.32.32.3
Net domestic consumption10.713.919.216.619.616.013.313.313.3
o/w Domestically produced (in percent)127.1108.662.066.949.051.951.151.151.1
Net import (in percent)-29.0-7.938.033.150.048.148.948.948.9
Natural gas(In billions of cubic metres (bcm)) 1/
Domestic production
Non-associated gas20.027.025.531.925.317.512.812.812.8
Associated gas5.36.37.07.07.05.35.35.35.3
Subtotal (bcm)25.331.632.538.932.822.818.118.118.1
Imports0.00.01.61.87.05.87.37.37.3
Exports0.20.20.20.00.00.00.00.00.0
Net domestic consumption (bcm)25.131.436.640.939.828.625.425.425.4
Net domestic consumption (million toe)20.926.230.534.133.223.821.221.221.2
o/w Domestically produced (in percent)100.8100.688.895.182.479.771.371.371.3
Net import (in percent)-0.8-0.63.84.417.620.328.728.728.7
Total net domestic consumption31.640.149.750.552.739.834.535.536.5
(in millions of toe)
Sources: World Bank; and Ministry of Industry.

1 bcm of natural gas is equivalent to 1.2 million tons of oil equivalent (toe).

Sources: World Bank; and Ministry of Industry.

1 bcm of natural gas is equivalent to 1.2 million tons of oil equivalent (toe).

Table 52.Romania: Production, Domestic Consumption, Export and Import of Oil and Oil Products, 1980-97(In thousands of tons)
Crude OilTotal Refined Product
Domestic Production 1/ImportTotal SupplyTotal productionExportDomestic Consumption
198011,86515,96127,82626,9298,75418,175
198112,01212,91524,92724,7778,12416,653
198212,11210,92423,03622,9866,54316,443
198311,97412,39524,36924,0379,11614,921
198411,83513,53425,36924,85910,19314,666
198511,09214,62625,71824,9879,68915,298
198610,52017,04727,56727,08110,37416,707
19879,84621,36631,21230,25011,82918,421
19889,71320,95730,67030,25313,24817,005
19899,57321,80931,38229,82113,37516,446
19908,13516,05824,19322,7905,12017,670
19916,9418,63415,57515,2932,49612,797
19926,7706,57213,34213,0732,56010,513
19936,8307,58113,77113,1112,67610,453
19946,8608,12214,98214,3904,06910,321
19956,9518,65715,60813,7964,6909,106
19966,8527,15614,00813,6023,7309,872
19972/6,7506,17512,92511,7662,5879,179
Source: Data provided by the Romanian authorities.

Includes a small amount of by-products from natural gas wells.

Preliminary data.

Source: Data provided by the Romanian authorities.

Includes a small amount of by-products from natural gas wells.

Preliminary data.

Table 53.Romania: Electric Power Balance, 1995-97(In gigawatt hours)
1995

Actual
1996

Actual
1997

Prel.
Total resources61,54764,52164,521
Domestic production59,22263,35563,355
Thermal power plants42,59146,59246,592
Coal24,18125,02825,028
Hydrocarbons and secondary energy resources18,41021,56321,563
Hydropower plants16,631152,174152,174
Nuclear plants01,5461,546
Import2,3251,1661,166
Total destinations61,54764,52164,521
Gross domestic consumption - total59,51764,03464,034
Population 1/7,0667,7197,719
Export2,030462462
Source: World Bank.

Without public illumination.

Source: World Bank.

Without public illumination.

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