Introduction: The principalities of Wallachia and Moldavia - for centuries under the suzerainty of the Turkish Ottoman Empire - secured their autonomy in 1856; they were de facto linked in 1859 and formally united in 1862 under the new name of Romania. The country gained recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories - most notably Transylvania - following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the...

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Economic Overview: Romania has a population of 21.4 million (2010 est.), GDP of US$252.2 billion and an estimated GDP per capita of US$11,767 (2010). Principal export destinations are Germany, Italy, and France, while the main import sources are Germany, Italy and Hungary (see Romania - Fact Sheet). Romania's economy is largely based on services, which contribute 52.6 per cent of GDP. Industry constitutes the second largest sector at around 35 per cent, followed by agriculture at 12.4 per cent (which provides employment for about 29.7 per cent of the labour force). Unemployment was estimated at 8 per cent in 2010 with a downward trend. The IMF projection for ...

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