Romania's GDP per capita now exceeds that of not only Bulgaria, but also Greece, Slovakia, Croatia and Latvia.
Romania has made significant progress in terms of GDP per capita: according to Eurostat, this indicator has increased from 30.5% in 1995 to 74.2% in 2021.
Over the past decade, Romania has managed to rise from second last in the EU (ahead of Bulgaria) to 22nd in terms of GDP per capita, ahead of Greece, Slovakia, Croatia and Latvia, and only a few percentage points behind Portugal and Poland, European data show.
Romania ranks 22nd in Europe in terms of GDP per capita. Poland is less than three percentage points behind at 77.1% of the EU average and Hungary is 0.8 percentage points ahead at 75% of the EU average. It is less than 2 % points behind Portugal.
It is worth noting that Eurostat data are calculated in purchasing power parities for each country's GDP per capita.
In fact, over the past decade, GDP per capita growth in Romania has been the third highest in the EU average, after Ireland (which has a more atypical situation due to its GDP figures being artificially inflated by the post-Brexit tax presence of large US multinationals) and Lithuania.
Thus, over the period 2011-2021, GDP per capita in Romania grew by 19.6 percentage points, compared to 22.8 percentage points in Lithuania and 87.5 percentage points in Ireland.
At the European level, 13 countries experienced a decline between 2011 and 2021, with the most significant decrease in the periphery, in countries that experienced a sovereign debt crisis.
The largest decline was reported in Greece, where GDP per capita fell by 10.8 percentage points. In Italy, the indicator fell by 10 percentage points and in Spain by 9.3 percentage points, according to calculations by CursdeGuvernare based on official data.
However, Romania stands out negatively because of the huge differences between regions. While Bucharest has twice the national average GDP per capita, the country's poorest county, Vaslui, has 36% of the national average GDP per capita, according to disaggregated data from the European Statistical Office for 2019.
Basically, the development level of the poorest region is 18% of the development level of the richest region, which is the lowest in Europe. Surprisingly, Romania shares this with countries such as Germany and France, which rank third and fourth respectively in terms of the highest regional disparities, with 30% and 33%.
Poland also ranks highly in this ranking, coming sixth with 35%. Hungary, by contrast, performs very well in this respect. GDP per capita in the poorest region is 75% of GDP per capita in the richest region.
According to Eurostat, the Bucharest-Ilfov region's GDP per capita is 164% of the EU average, the 14th highest in the EU. Romania's capital has thus managed to overtake several European capitals, including Budapest, Vienna, Berlin and even Switzerland's total GDP per capita.
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Source: https://cursdeguvernare.ro/
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