Banking in Romania

Services in Romania

In 2003 services constituted 55% of gross domestic product (GDP), and the sector employed 51.3% of the workforce. The subcomponents of services are financial, renting, and business activities (20.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%).

The service sector in Romania is vast and multifaceted, employing some three quarters of Romanians and accounting for two thirds of GDP. The largest employer is the retail sector, employing almost 12% of Romanians. The retail industry is mainly concentrated in a relatively small number of chain stores clustered together in shopping malls. In recent years the rise of big-box stores, such as Cora (hypermarket) (of the France) and Carrefour (a subsidiary of the french), have led to fewer workers in this sector and a migration of retail jobs to the suburbs.

The second largest portion of the service sector is the business services, employing only a slightly smaller percentage of the population. This includes the financial services, real estate, and communications industries. This portion of the economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Bucharest (see Banking in Romania).

The education and health sectors are two of Romania's largest, but both are largely under the purview of the government. The health care industry has been rapidly growing, and is the third largest in Romania. Its rapid growth has led to problems for governments who must find money to fund it.

Romania has an important high tech industry, and also an entertainment industry creating content both for local and international consumption. Tourism is of ever increasing importance, with the vast majority of international visitors coming from the EU, though the recent strength of the Romanian leu has damaged this sector.

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