ram, but reform subsequently
has been a stop-and-go process. Restructuring programs include
liquidating large energy-intensive industries and major agricultural
and financial sector reforms. Today, Romania is continuing its
difficult transition to a market-based economy. GDP contracted by an
estimated 7.3% in 1998 after a 6.6% decline in 1997. Tight monetary
policy and slower exchange rate depreciation earlier in 1998 helped
lower inflation to an estimated 41% from 152% in 1997. The large
current account deficit and concerns about meeting debt payments in
1999 contributed to increased pressure on the exchange rate towards
the end of 1998. Replacing the IMF standby agreement (suspended
because of lack of progress on structural reforms), servicing large
debt payments, and bringing the budget under control are key
priorities for 1999.

GDP: purchasing power parity--$90.6 billion (1998 est.)

GDP--real growth rate: -7.3% (1998 est.)

GDP--per capita: purchasing power parity?$4,050 (1998 est.)

GDP--composition by sector:
agriculture: 19%
industry: 41%
services: 40% (1997)

Population below poverty line: 21.5% (1994 est.)

Household income or consumption by percentage share:
lowest 10%: 3.8%
highest 10%: 20.2% (1992)

Inflation rate (consumer prices): 41% (1998 est.)

Labor force: 10.1 million (1996 est.)

Labor force--by occupation: NA%

Unemployment rate: 9% (1998 est.)

Budget:
revenues: $10 billion
expenditures: $11.7 billion, including capital expenditures of $1.3
billion (1997 est.)

Industries: mining, timber, construction materials, metallurgy,
chemicals, machine building, food processing, petroleum production
and refining

Industrial production growth rate: -17% (1998 est.)

Electricity--production: 59.245 billion kWh (1996)

Electricity--production by source:
fossil fuel: 72.11%
hydro: 26.35%
nuclear: 1.54%
other: 0% (1996)

Electricity--consumption: 60.045 billion kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 800 million kWh (1996)

Agriculture--products: wheat, corn, sugar beets, sunflower seed,
potatoes, grapes; milk, eggs, beef

Exports: $8.2 billion (f.o.b., 1998 est.)

Exports--commodities: textiles and footwear 23%, metals and metal
products 18%, machinery and equipment 9%, chemicals 7% (1997)

Exports--partners: Italy 20%, Germany 17%, France 6%, Turkey 4%
(1997)

Imports: $10.8 billion