The country is a regional leader in fields such as IT and motor vehicle production. In the past 20 years Romania has also grown into a major center for mobile technology, information security, and related hardware research. Romania is the largest electronics producer in the region.
The country is a leading destination in Central and Eastern Europe for foreign direct investment: the cumulative FDI since 1989 totals more than $170 billion. Romania's economy ranks 46th in the world by GDP, with a $300 billion nominal annual output.
In 2020, its GDP per capita in purchasing power standards reached 72% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27. The country's economic growth has been one of the highest in the EU since 2010, with the first half of 2022 seeing an unexpected 5.8% increase. The World Bank notes Romania’s efforts are focused on accelerating structural reforms and strengthening institutions to further converge with the European Union. The economy of Romania is a high-income economy with a skilled labour force, ranked 13th in the European Union by total nominal GDP and 8th largest when adjusted by purchasing power parity. All values, unless otherwise stated, are in US dollars.
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