CIA estimates 5% economic growth for Romania in 2016

Romania’s economic growth in 2016 is estimated at 5%, according to the Central Intelligence Agency’s World Factbook. Romania ranks 37th among 225 states included in the list on economic growth. The household consumption is thought to have a share of 69.4% in the country’s GDP, whereas the government consumption has a share of 6.7%. The industrial production growth rate is estimated at 2% for 2016. According to the description posted on the CIA website, Romania began the transition from communism in 1989 “with a largely obsolete industrial base and a pattern of output unsuited to the country's needs”. The economic growth rebounded in 2013-16, driven by strong industrial exports and excellent agricultural harvests. The country’s top vulnerabilities include an aging population, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal policy, according to the CIA’S World Factbook. editor@romania-insider.com