Romania

Romania (Romanian: România) is a country located in Southeastern Europe. It shares borders with Moldova and Ukraine to the northeast, Hungary and Serbia to the west, and Bulgaria to the south.

As a member of the European Union, Romania is one of its largest countries—8th in terms of area and 6th in terms of population among the 27 member states. Its economy ranks 12th within the EU and is the largest in Southeastern Europe. In addition to being part of the European Union, Romania is also a member of NATO.

Romania

Key Data

Capital: Bucharest

Population: 19 million

Currency: Romanian Leu (RON)

Main cities: Bucharest (capital), Cluj-Napoca, Iasi, Brasov, Timisoara, Constanta, Craiova, Galați, Pitesti

Economic Data

Unemployment rate (2023): 2.9%
Inflation rate (2023): 7%
GDP growth (2023): 2.2%
GDP (2023): over 300 billion euros
GDP per capita (2022): over €15,018

Taxes and Wages

VAT rates: 19% (standard rate), 9% and 5%
Minimum wage (2024): 3300 RON gross (approx. 665 EUR)

The economy is driven by domestic consumption, investment, and construction.

High technology, the petrochemical industry, and the automotive sector are also well-developed industries.

Romania is a significant agricultural producer, ranking 4th in wheat production and 5th in corn production within the European Union.

Industrial Parks and Investors

A network of 96 industrial parks provides investors with a range of suitable locations offering access to utilities and service packages.

An increasing number of companies are establishing their research and development centers in Romania - Porsche Engineering, for example, has R&D centers in Cluj-Napoca and Timisoara.

Industry development is closely linked to infrastructure growth.

The Port of Constanta, the largest in Romania, is becoming increasingly significant in the Black Sea region. In 2022, it recorded the third-highest growth in the EU for goods processed, with an increase of 15.2%.

This positions the country as an emerging transport and logistics hub in the Black Sea basin.

The Iconic Dacia

The passenger car manufacturer Dacia contributes 10% to Romania's annual exports, employing approximately 12,000 people at its factory.

In 2023, Dacia ranked as the 10th most popular car brand in Europe, with sales of 562,890 vehicles, reflecting a 17.4% year-on-year growth.

δ 19 mln Population

€ 15 000 GDP per capita

€ 665 Average Salary

% 2,9 Unemployment

What are the taxes for corporate entities in Romania?

When is it mandatory to make a VAT registration in Romania?

How much does it cost to register a company in Romania?

What taxes are applicable to physical persons?

Interesting Facts about Romania

The capital of Romania, Bucharest, is the sixth largest city in the European Union and is known as the "Paris of the East."
In 1889, Timișoara became the first European city to install electric street lights.
Inventor Henry Coandă designed and built the world's first jet-engine plane, the Coandă-1910, which lacked a traditional fin. Bucharest’s international airport is named in his honor.
The Romanian Palace of Parliament in Bucharest is the second-largest building in the world, after the Pentagon in the United States.
Romania has the richest gold reserves in Europe.
Romania is one of the largest wine producers in Europe, with 243,000 hectares of vineyards and an annual production of 500 to 600 million liters of wine.