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3.2 Macroeconomy


Academic Research paper and Study of the Economy of Romania and Romanian Business

The following rough outline of the macroeconomic development of the Romanian economy will cover the period from the end of 1989, respectively 1990 until 2006 as much of the definitive data for 2007 (2009) is missing yet. Overall, the database seems satisfying. Most of the data used for the following overview is taken from the Romanian National Institute of Statistics (Institutul Național de Statistică, INS). With the exception of Government financial statistics an IMF assessment (2001) described their data collection and processing as generally meeting, “and in many instances exceed[ing]” recommendations (cf. IMF 2001: 1). For few statistics improvements were recommended.[1] First, five stages of the Romanian transition process will be sketched (chapter 3.2.1 and subchapters) and afterwards reidentified in the different sectors of the Romanian macroeconomy (chapter 3.2.2 and subchapters). The chapter closes with a brief summary of the year 2007, when Romania joined the EU. This will mainly rely on the current business press.

Footnotes

[1] Concerning the used data (national accounts) discrepancies between quarterly and annual estimations were criticized. This chapter relies on the annual estimates.