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With a GDP of around $271 billion and a GDP per capita (PPP) of $12,600[140] for the year 2008, Romania is an upper-middle income country economy[141] and has been part of the European Union since January 1, 2007. After the Communist regime was overthrown in late 1989, the country experienced a decade of economic instability and decline, led in part by an obsolete industrial base and a lack of structural reform. From 2000 onwards, however, the Romanian economy was transformed into one of relative macroeconomic stability, characterised by high growth, low unemployment and declining inflation. In 2006, according to the Romanian Statistics Office, GDP growth in real terms was recorded at 7.7%, one of the highest rates in Europe.[142] Growth dampened to 6.1% in 2007,[143] but was expected to exceed 8% in 2008 because of a high production forecast in agriculture (30–50% higher than in 2007). The GDP grew by 8.9% in the first nine months of 2008, but growth fell to 2.9% in the fourth quarter and stood at 7.1% for the whole 2008 because of the financial crisis.[144]
According to Eurostat data, the Romanian PPS GDP per capita stood at 46% of the EU average in 2008.[145] Unemployment in Romania was at 3.9% in September 2007,[146] which is very low compared to other middle-sized or large European countries such as Poland, France, Germany and Spain. Foreign debt is also comparatively low, at 20.3% of GDP.[147] Exports have increased substantially in the past few years, with a 25% year-on-year rise in exports in the first quarter of 2006. Romania's main exports are clothing and textiles, industrial machinery, electrical and electronic equipment, metallurgic products, raw materials, cars, military equipment, software, pharmaceuticals, fine chemicals, and agricultural products (fruits, vegetables, and flowers). Trade is mostly centred on the member states of the European Union, with Germany and Italy being the country's single largest trading partners. The country, however, maintains a large trade deficit, which increased sharply during 2007 by 50%, to €15 billion.[148]


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