Agriculture and industry bring Romania's economy to the size of most recent Greece bailout deal

Agriculture and industry were the main drivers of the 2.5 percent GDP growth in Romania last year. Agriculture went up by 11.3 percent, while industry, by 5 percent, according to data from the country's Statistics Institute (INS). Internal demand went up by 1.3 percent compared to 2010. A drop of 3.5 percent in expenses for public administration partially counterbalanced the 1.4 percent increase in consumption for households, keeping overall consumption steady throughout 2011, according to INS. The country's GDP reached EUR 136.3 billion last year, up 2.5 percent on the year before, close to the level in 2008. Romania's GDP in 2011 equals to the most recent bailout approved for Greece (EUR 130 billion) and is below General Motors' EUR 156 billion revenues last year. Earlier in February, Eurozone finance ministers agreed on a new EUR 130 billion bailout for Greece. The International Monetary Fund and the European Commission estimate economic growth between 1.5 and 2 percent for Romania this year. The country's budget for 2012 relies on growth of up to 2.3 percent to balance the books. editor@romania-insider.com