Romania is located in south east Europe at the strategic crossroads of the European Union (EU), the Commonwealth of Independent States (CIS) and the Middle East. With 19.46 million inhabitants, the country is the seventh most populous EU member state, and its capital and largest city, Bucharest, is the sixth largest city in the EU.
Currently, over 5,000 UK companies operate in Romania. The UK exported €2.4 billion in goods to Romania in 2015 making up 10.6 % of Romanian imports. Bilateral trade was worth €3.95 billion in 2015, the highest level in our bilateral history. The UK is Romania’s 14th largest inward investor with €1.5 billion invested in 2015.
The Romanian economy grew by around 3.8% in 2015. Private consumption was the main source of growth. The pace of growth is forecast to accelerate to 4.2 % in 2016 in response to the significant fiscal stimulus including tax cuts and increases of the minimum wage and public wages. Economic growth is estimated to moderate somewhat to 3.7 % in 2017, but still to remain above potential. In the first quarter, Romania grew 4.3% year-over-year, beating the 3.9% analysts had expected, and up 1.6% from the fourth quarter of 2015. According to Bloomberg, this is the fastest growth pace recorded by the Romanian economy since 2008. Economic growth in Romania is among the highest in the EU and is forecast to remain above potential in 2016 and 2017.
About the guides
The main objective of this Doing Business in Romania Guide is to provide you with basic knowledge about Romania; an overview of its economy, business culture, potential opportunities and to identify the main issues associated with initial research, market entry, risk management and cultural and language issues.
We do not pretend to provide all the answers in the guide, but novice exporters in particular will find it a useful starting point.
This FREE guide is available in 4 formats:
Available on the iTunes App Store and Google play