Bucharest, the capital city, is one of the leading financial and industrial centres in Eastern Europe. The country is a regional leader in fields such as IT and motor vehicle production. In the past 20 years Romania has also grown into a major center for mobile technology, information security, and related hardware research. Romania is the largest electronics producer in Central and Eastern Europe.
Romania is a leading destination in Central and Eastern Europe for foreign direct investment: the cumulative inward FDI in the country since 1989 totals more than $170 billion. In 2020 its GDP per capita in purchasing power standards reached 72% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27. In recent years, Romania enjoyed some of the highest growth rates in the EU: 4.8% in 2016, 7.1% in 2017, 4.4% in 2018, and 4.1% in 2019. Romania's economy ranks 36th in the world, with a $585 billion annual output (PPP). The economy of Romania is a high-income mixed economy with a skilled labour force, ranked 10th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power parity. All values, unless otherwise stated, are in US dollars.
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