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The Convergent Evolution of Romania’s Gross Domestic Product in Relation to the Average Macro-Economic Result of the European Union Countries

Author

Listed:
  • Raluca Necula

    (Academia de Studii Economice din Bucuresti)

  • Mirela Stoian

    (Universitatea de ?tiin?e Agronomice ?i Medicina Veterinara, Bucure?ti)

  • Manea Draghici

    (Academia de Studii Economice din Bucuresti)

Abstract

Romania's economic growth is a target that can be achieved only within the accordance of all the economic sectors with the Europe 2020 Strategy. As provided in the Convergence Programme 2014-2020, this objective entails a series of steps that Romania must rigorously follow in order to be able to ensure a real converge process at the level of developed European Union (EU) countries form the Euro Area. This paper aims an overview presentation of the economy synthetized in its major result, respectively in the dynamics of the total Gross Domestic Product (GDP) /capita and agricultural Gross Domestic Product (GDP) /capita, and it also compares with the level of the EU 28 average and the level of the Euro Area average. There are calculated, using linear and quadratic functions, the Gross Domestic Product GDP trends, and, with the convergence equation, there are calculated the years that separate Romania from the level of other countries, through the application of annual growth rates. The calculations result shows a strong economic boost of Romania, the annual growth rates being high, both for Gross Domestic Product (GDP) / capita (US$) and for agricultural Gross Domestic Product (GDP)/ capita (US$), but also a pretty big gap between its development level and the EU 28 and the Euro Area average level.

Suggested Citation

  • Raluca Necula & Mirela Stoian & Manea Draghici, 2016. "The Convergent Evolution of Romania’s Gross Domestic Product in Relation to the Average Macro-Economic Result of the European Union Countries," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 18(43), pages 575-575, August.
    • Handle: RePEc:aes:amfeco:v:43:y:2016:i:18:p:575
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    References listed on IDEAS

    as
    1. Iancu Aurel, 2007. "Convergenţa reală şi integrarea," Revista OEconomica, Romanian Society for Economic Science, Revista OEconomica, issue 03, September.
    2. Iancu, Aurel, 2008. "Real Convergence and Integration," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(1), pages 27-40, March.
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    More about this item

    Keywords

    Gross Domestic Product (GDP); trend; comparison; convergence; Romania; European Union (EU); Euro Area.;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General

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