Romania’s steadily-evolving economy showed strong growth of 6.3% post-pandemic in 2021, having been one of the EU’s least affected members. Romania’s nominal Gross Domestic Product was 287.3 billion US dollars in 2021, ranked 47th in the world, with per capita GDP of US$14,864, ranking 57th globally. The EU predicts growth of 4.2% for 2022 and 4.5% in 2023.
A member of the EU and EEA since 2007, as part of the EEA Enlargement Agreement, Romania was expected to be integrated into the Schengen Area by the end of 2022 and the European Travel Information and Authorisation System (ETIAS).
Foreign companies planning to hire staff and operate payroll in Romania must establish a subsidiary in the country. However, this is not a trouble-free undertaking and it is essential that foreign companies make the right moves from day one.