Reports
MARKET REPORT: ROMANIA
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The newly regulated online gambling market opened in Romania a couple of years ago and as such the gambling landscape here has changed significantly. We reappraise the Romanian market, ask what’s happened since and what’s around the corner?
Romania joined the EU in 2007 and is the seventh most populous member of the EU. It is the largest country in south east Europe and the 12th largest in Europe. Te River Danube, which forms a large part of the border in Romania with Serbia and Bulgaria, empties into the Black Sea forming the Danube Delta, whilst the country is almost divided north to southwest by the Carpathian Mountains.
Modern Romania was formed in 1859 via a union of Moldova and Wallachia and was officially renamed Romania in 1866. Te country gained independence from the Ottoman Empire in 1877 and the country began its transition from communism back in 1989 and after a decade of economic instability and decline, it has since moved towards a democratic and capitalist market economy.
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Today it is still a developing country and one of the poorest in the EU. By the early 2000s the economy was transformed and began to boom with high growth and low unemployment. It still has an economy mostly based on services (51 per cent of GDP) and is a producer and net exporter of machines and electric energy.
In the late 1990s it began to go through a series of privatisations and reforms, but in the late 2000s the recession led to a large GDP contraction and budget deficit and Romania borrowed €20bn from the IMF whilst economic conditions led to unrest, which triggered a political crisis in 2012. However by the end of 2013 Romania was once again witnessing a boom period with a 4.1 per cent growth that year.
In 2016 Romania had a GDP of around $441.6bn
and a GDP per capita of $22,348 although it still has one of the lowest net average monthly wages in the EU of around €700. Te unemployment rate is currently about 5.4 per cent.
Te second quarter of 2017 saw Romania become the EU’s fastest growing economies with tax cuts and wage hikes said to play a part. Te country spends around 20 per cent of GDP on state wages, pensions and social assistance leaving little for investment.
Meanwhile with unhindered travel to the EU a great number of Romanians emigrated to Western Europe and North America with large communities in Spain and Italy.
Tourism plays a big part in the Romanian economy and the direct contribution of tourism
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