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After a series of privatisations and reforms in the late 1990s and early 2000s, government intervention in the Romanian economy is somewhat lower than in other European economies.[149] In 2005, the government replaced Romania's progressive tax system with a flat tax of 16% for both personal income and corporate profit, resulting in the country having the lowest fiscal burden in the European Union,[150] a factor which has contributed to the growth of the private sector. The economy is predominantly based on services, which account for 55% of GDP, even though industry and agriculture also have significant contributions, making up 35% and 10% of GDP, respectively. Additionally, 32% of the Romanian population is employed in agriculture and primary production, one of the highest rates in Europe.[147]
Since 2000, Romania has attracted increasing amounts of foreign investment, becoming the single largest investment destination in Southeastern and Central Europe. Foreign direct investment was valued at €8.3 billion in 2006.[151] According to a 2006 World Bank report, Romania currently ranks 55th out of 175 economies in the ease of doing business, scoring higher than other countries in the region such as the Czech Republic.[152] Additionally, the same study judged it to be the world's second-fastest economic reformer (after Georgia) in 2006.[153]
The average gross wage per month in Romania was 1855 lei in May 2009,[154] equating to €442.48 (US$627.70) based on international exchange rates, and $1110.31 based on purchasing power parity.[155] In 2009 the Romanian economy contracted as a result of the global economic downturn. Gross domestic product contracted 7.2% in the fourth quarter of 2009 from the same period a year earlier,[156] and the budget deficit for 2009 reached 7.2% of GDP.[157] Industrial output growth however reached 6.9% year-on-year in December 2009, the highest in the EU-27.[158]


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