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Economy of Romania vs Slovakia compared: GDP & Debt

Updated on by Georank team

Romania has a GDP of $383B compared to $142B for Slovakia, ranking 43/197 and 61/197 by economy size, respectively.

Romania has $219B in government debt (61.6% of GDP), compared to $82.3B (60.1% of GDP) in Slovakia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Romania
GDP, current $

GDP, constant 2015 $
Slovakia
GDP, current $

GDP, constant 2015 $
Year GDP
Romania Slovakia
Current $ Constant $ Current $ Constant $
1987 $38,067,567,568 - - -
1988 $40,424,528,302 - - -
1989 $41,450,777,202 - - -
1990 $38,247,882,300 $116,460,149,705 $12,915,046,978 $45,559,569,013
1991 $28,850,634,900 $101,415,582,149 $14,459,924,589 $38,919,807,326
1992 $25,121,666,667 $92,524,246,376 $15,699,327,209 $36,303,816,918
1993 $26,361,160,450 $93,938,788,973 $16,737,973,764 $36,994,071,827
1994 $30,072,805,104 $97,632,408,356 $20,428,139,756 $39,289,750,245
1995 $37,430,162,103 $103,718,335,743 $26,180,022,222 $41,585,644,561
1996 $36,937,074,278 $107,771,339,314 $28,197,790,875 $44,130,510,843
1997 $35,575,214,078 $102,545,439,457 $27,844,628,979 $46,551,440,141
1998 $41,696,091,974 $100,463,958,893 $29,976,207,629 $48,332,548,393
1999 $35,953,156,754 $100,085,550,636 $30,496,272,225 $48,103,809,190
2000 $37,253,739,511 $102,548,872,692 $29,215,726,005 $48,483,456,227
2001 $40,395,116,581 $107,900,062,083 $30,726,659,551 $49,901,675,269
2002 $46,065,502,703 $114,053,593,614 $35,243,658,399 $52,105,958,758
2003 $57,806,384,143 $116,723,756,275 $46,616,149,117 $54,636,588,084
2004 $74,973,656,852 $128,895,841,499 $57,215,475,076 $57,581,226,217
2005 $98,454,380,120 $134,912,890,211 $62,547,753,148 $61,315,329,711
2006 $122,023,735,993 $145,744,791,283 $70,751,813,443 $66,788,144,153
2007 $174,588,782,939 $156,287,689,281 $86,587,749,518 $74,013,706,024
2008 $214,315,932,061 $170,834,114,653 $100,830,060,553 $77,983,340,267
2009 $174,110,532,659 $161,409,698,529 $89,342,984,698 $73,690,093,872
2010 $170,064,350,672 $155,105,339,844 $91,112,160,801 $78,694,079,821
2011 $192,623,977,894 $162,078,238,595 $99,705,104,723 $80,710,556,385
2012 $179,117,323,107 $165,163,587,446 $94,724,394,278 $81,977,043,068
2013 $189,798,603,751 $165,624,017,080 $99,134,277,850 $82,553,606,913
2014 $199,722,319,676 $172,441,103,432 $101,713,075,599 $84,789,118,562
2015 $177,885,131,240 $177,885,131,240 $89,178,548,717 $89,178,548,717
2016 $185,290,759,249 $182,972,525,962 $90,347,173,229 $90,915,584,912
2017 $210,147,385,855 $197,967,999,561 $95,978,130,735 $93,529,165,483
2018 $243,468,683,030 $210,085,482,251 $106,611,673,365 $97,328,432,250
2019 $251,677,082,534 $218,327,690,029 $105,843,498,304 $99,543,529,164
2020 $252,033,792,712 $210,305,491,426 $107,732,602,896 $96,969,818,857
2021 $286,578,196,368 $221,968,423,308 $120,560,912,621 $102,496,703,509
2022 $296,354,358,293 $230,770,154,207 $115,884,262,198 $102,944,982,588
2023 $350,775,856,415 $236,318,495,899 $133,896,931,490 $105,176,983,317
2024 $382,767,571,329 $238,241,389,260 $141,775,733,420 $107,345,393,746

Economic indicators

Romania Slovakia
Gross domestic product
$383B
2024
$142B
2024
GDP rank
43/197
2024
61/197
2024
GDP growth
9.12%
2023-2024
5.88%
2023-2024
GDP per capita
$20,072
2024
$26,148
2024
GDP per capita rank
58/197
2024
46/197
2024
GDP per capita, PPP
$48,712
2024
$47,181
2024
Government debt
$219B
2024
$82.3B
2024
Debt-to-GDP ratio
61.6%
2025
60.1%
2025
Government debt per person
$11,490
2024
$15,170
2024
Government debt per person rank
49/185
2024
40/185
2024
Average annual personal income after taxes
$13,200
2025
$17,365
2025
Market capitalization of domestic companies
$47.4B
2024
$5.38B
2014
Number of billionaires
6
2025
2
2025
Income share by richest 10%
21.8%
2023
18.8%
2023
Income share by poorest 10%
2.4%
2023
3.3%
2023
Government expenditure, % of GDP
39.2%
2025
48.6%
2025
Consumer prices inflation
7.3%
2024-2025
2.76%
2023-2024
Central bank interest rate
6.5%
2024
n/a
Unemployment rate
5.43%
2024
5.34%
2024
Population
18962595
5390674

GDP per capita in Romania vs Slovakia

Romania's GDP per capita is $20,072, ranking 58/197, compared to $26,148 in Slovakia, ranking 46/197. Adjusted for purchasing power (GDP per capita PPP), Romania ranks 46th at $48,712, while Slovakia ranks 50th at $47,181.

Romania
GDP per capita

GDP per capita, PPP
Slovakia
GDP per capita

GDP per capita, PPP
Year Current $
Romania Slovakia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1987 $1,659 - - -
1988 $1,753 - - -
1989 $1,790 - - -
1990 $1,648 $5,277 $2,437 $8,633
1991 $1,254 $4,792 $2,727 $7,618
1992 $1,102 $4,512 $2,959 $7,266
1993 $1,158 $4,696 $3,143 $7,564
1994 $1,323 $4,992 $3,821 $8,173
1995 $1,650 $5,425 $4,883 $8,806
1996 $1,633 $5,744 $5,248 $9,496
1997 $1,577 $5,563 $5,172 $10,135
1998 $1,853 $5,544 $5,561 $10,666
1999 $1,600 $5,596 $5,652 $10,726
2000 $1,660 $5,849 $5,422 $11,368
2001 $1,825 $6,521 $5,712 $12,369
2002 $2,120 $7,162 $6,555 $13,292
2003 $2,679 $7,560 $8,675 $14,090
2004 $3,495 $8,991 $10,650 $15,168
2005 $4,618 $9,602 $11,642 $16,570
2006 $5,758 $11,557 $13,168 $18,910
2007 $8,360 $13,703 $16,110 $21,233
2008 $10,435 $16,782 $18,744 $23,714
2009 $8,548 $16,632 $16,587 $23,065
2010 $8,400 $17,357 $16,899 $25,384
2011 $9,561 $18,804 $18,469 $26,202
2012 $8,930 $19,807 $17,517 $27,023
2013 $9,498 $19,678 $18,313 $28,075
2014 $10,032 $20,633 $18,771 $29,108
2015 $8,977 $21,630 $16,442 $30,156
2016 $9,405 $23,905 $16,636 $29,868
2017 $10,728 $26,943 $17,646 $30,246
2018 $12,502 $29,586 $19,573 $31,510
2019 $12,992 $33,638 $19,406 $33,986
2020 $13,082 $34,386 $19,735 $35,328
2021 $14,987 $37,733 $22,132 $38,346
2022 $15,558 $42,218 $21,335 $41,096
2023 $18,404 $45,777 $24,674 $43,950
2024 $20,072 $48,712 $26,148 $47,181

Spending and national debt comparison

In 2024, Romania's government spending was $152B, accounting for 39.2% of its GDP, while Slovakia's spent $66.6B, or 48.6% of GDP.

Debt-to-GDP ratio is 61.6% in Romania and 60.1% in Slovakia, ranking 74/185 and 80/185, respectively.

Romania
Government spending

Government debt
Slovakia
Government spending

Government debt
Year % of GDP
Romania Slovakia
Government spending Government debt Government spending Government debt
1962 43.4% - - -
1963 23.1% - - -
1964 25.1% - - -
1965 25.6% - - -
1966 27.3% - - -
1967 30.6% - - -
1968 31.8% - - -
1969 32.1% - - -
1970 28.1% - - -
1971 27.2% - - -
1972 29.9% - - -
1973 32.6% - - -
1974 37.6% - - -
1975 40.6% - - -
1976 37.5% - - -
1977 39.9% - - -
1978 42.1% - - -
1979 42% - - -
1980 33.6% - - -
1981 30.4% - - -
1982 28.5% - - -
1983 25.8% - - -
1984 28.6% - - -
1985 41.6% - - -
1986 42.5% - - -
1987 40.7% - - -
1988 36.6% - - -
1989 40.1% - - -
1990 38.4% - - -
1991 38.3% - - -
1992 41.5% - - -
1993 33.5% - - -
1994 33.1% - - -
1995 34.4% 6.91% 47.7% 21.3%
1996 33.5% 11% 52.8% 30.3%
1997 33.5% 15% 48.5% 32.8%
1998 34.7% 16.5% 45.7% 33.8%
1999 35.1% 21.7% 47.9% 47%
2000 35% 29.6% 52.8% 50.5%
2001 33.2% 27.4% 45.4% 51.2%
2002 32.1% 27.4% 45.5% 45.4%
2003 31.8% 24.9% 40.6% 43.5%
2004 33.7% 21.3% 38.1% 41.9%
2005 32.3% 17.8% 39.9% 34.9%
2006 33.9% 12.7% 38.8% 31.4%
2007 34.6% 12.4% 36.4% 30.3%
2008 35.3% 13% 37% 28.6%
2009 36.3% 22.5% 44.4% 36.4%
2010 37.4% 30.2% 42.2% 40.6%
2011 35% 32.6% 41.4% 43.3%
2012 33.5% 36.2% 41.1% 51.7%
2013 34.2% 39.3% 42.4% 54.6%
2014 33.8% 40.5% 43.1% 53.3%
2015 34.2% 39.4% 45.4% 51.5%
2016 31.8% 39.5% 42.4% 52%
2017 31% 37.1% 39.4% 51.3%
2018 31.7% 36.2% 39.5% 49.2%
2019 33.2% 36.5% 40.5% 47.9%
2020 38.1% 49.3% 44.3% 58.3%
2021 37% 51.5% 44.6% 60.1%
2022 37.4% 51.7% 42.2% 57.6%
2023 36.6% 52.1% 47.9% 56%
2024 39.8% 57.2% 47% 58%
2025 39.2% 61.6% 48.6% 60.1%

Government deficit by year

In 2024, Romania's government deficit, the difference between spending and revenue, was -$33.1B, equivalent to -8.65% of GDP. This compares to Slovakia's deficit of -$8.27B, or -5.84% of GDP.

Over the past 30 years, Romania recorded a fiscal deficit in 30 of those years, while Slovakia ran a deficit in 30 years. On average, Romania posted an annual deficit equal to -4.05% of GDP, compared to deficit of -4.6% of GDP for Slovakia.

Deficit/surplus
Romania

Slovakia
Year Deficit/surplus, % of GDP
Romania Slovakia
1962 -4.86% -
1963 -1.61% -
1964 -3.11% -
1965 -1.29% -
1966 0.91% -
1967 1.23% -
1968 1.65% -
1969 0.93% -
1970 0.52% -
1971 0.89% -
1972 1.21% -
1973 1.53% -
1974 0.51% -
1975 0.41% -
1976 0.66% -
1977 0.23% -
1978 0% -
1979 0% -
1980 -1.95% -
1981 0.61% -
1982 0.36% -
1983 9.35% -
1984 15.2% -
1985 6.36% -
1986 5.72% -
1987 2.37% -
1988 8.4% -
1989 -2.87% -
1990 1.03% -
1991 3.23% -
1992 -4.55% -
1993 -0.35% -
1994 -2.2% -
1995 -3.32% -3.43%
1996 -4.74% -9.72%
1997 -5.19% -6.24%
1998 -5.33% -5.28%
1999 -3.58% -7.17%
2000 -3.99% -12.6%
2001 -3.2% -7.23%
2002 -2.59% -8.23%
2003 -2.29% -3.14%
2004 -3.39% -2.32%
2005 -0.69% -2.89%
2006 -1.36% -3.58%
2007 -3.05% -2.05%
2008 -4.6% -2.52%
2009 -6.86% -8.15%
2010 -6.22% -7.48%
2011 -4.14% -4.31%
2012 -2.39% -4.35%
2013 -2.44% -2.87%
2014 -1.76% -3.1%
2015 -1.35% -2.66%
2016 -2.5% -2.56%
2017 -2.86% -0.98%
2018 -2.74% -1.01%
2019 -4.55% -1.21%
2020 -9.54% -5.3%
2021 -6.7% -5.09%
2022 -5.83% -1.63%
2023 -5.61% -5.16%
2024 -8.65% -5.84%
2025 -7.83% -5.24%

Inflation comparison by year

Over the past 29 years, Romania has recorded an average annual inflation rate of 18.2%, compared with 4.5% in Slovakia. In 2024, inflation was 7.3% in Romania and 2.76% in Slovakia.

Inflation
Romania

Slovakia
Year Inflation
Romania Slovakia Romania Slovakia
1996 38.8% 5.78%
1997 154.8% 6.14%
1998 59.1% 6.67%
1999 45.8% 10.6%
2000 45.7% 12%
2001 34.5% 7.33%
2002 22.5% 3.13%
2003 15.4% 8.55%
2004 11.9% 7.55%
2005 9% 2.71%
2006 6.6% 4.48%
2007 4.8% 2.76%
2008 7.8% 4.6%
2009 5.6% 1.62%
2010 6.1% 0.96%
2011 5.8% 3.92%
2012 3.3% 3.61%
2013 4% 1.4%
2014 1.1% -0.08%
2015 -0.6% -0.33%
2016 -1.6% -0.52%
2017 1.3% 1.31%
2018 4.6% 2.51%
2019 3.8% 2.66%
2020 2.6% 1.94%
2021 5% 3.15%
2022 13.8% 12.8%
2023 10.4% 10.5%
2024 5.6% 2.76%
2025 7.3% -

Top exports between countries

Romania
Export category Export value
Machinery & equipment $1.33B
Textiles & consumer goods $276M
Metals $218M
Transport & tourism services $151M
Raw materials & minerals $146M
Chemicals & pharma $91.2M
Processed food, beverages & tobacco $65.1M
Business & finance services $30.3M
Wood & paper products $29.4M
Raw agricultural goods $23.8M
Slovakia
Export category Export value
Machinery & equipment $1.68B
Metals $344M
Textiles & consumer goods $230M
Chemicals & pharma $200M
Raw materials & minerals $188M
Wood & paper products $120M
Processed food, beverages & tobacco $116M
Transport & tourism services $73M
Animal & marine products $29.8M
Miscellaneous $27.5M

Balance of trade

Romania Slovakia
Current account balance
-$32B
2024
-$3.89B
2024
Current account balance ranking
184/189
2024
159/189
2024
Current account balance, % of GDP
-8.36%
2024
-2.75%
2024
Goods imports
$129B
2024
$107B
2024
Goods exports
$93.3B
2024
$107B
2024
Service imports
$30.6B
2024
$13.1B
2024
Service exports
$42.9B
2024
$13.6B
2024
Imports of goods and services, % of GDP
41.7%
2024
85%
2024
Exports of goods and services, % of GDP
35.6%
2024
85.2%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Romania Slovakia
Economic freedom 66.5 68.4
Economic freedom ranking 57/197 48/197
Property rights 81.7 84.3
Government integrity 49.1 57.2
Judicial effectiveness 67 69.9
Tax burden 93.7 76.7
Government spending 59.1 38.7
Fiscal health 36.1 69.8
Business freedom 75.1 77
Labor freedom 67.8 58
Monetary freedom 69.2 64.5
Trade freedom 79.6 79.6
Investment freedom 70 75
Financial freedom 50 70

Economic freedom by year comparison

The Economic Freedom Index for Romania is 66.5, ranking 57/197, compared to 68.4 for Slovakia, ranking 48/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Romania
Slovakia
Year Economic freedom index
Romania Slovakia
1995 42.9 60.4
1996 46.2 57.6
1997 50.8 55.5
1998 54.4 57.5
1999 50.1 54.2
2000 52.1 53.8
2001 50 58.5
2002 48.7 59.8
2003 50.6 59
2004 50 64.6
2005 52.1 66.8
2006 58.2 69.8
2007 61.2 69.6
2008 61.7 70
2009 63.2 69.4
2010 64.2 69.7
2011 64.7 69.5
2012 64.4 67
2013 65.1 68.7
2014 65.5 66.4
2015 66.6 67.2
2016 65.6 66.6
2017 69.7 65.7
2018 69.4 65.3
2019 68.6 65
2020 69.7 66.8
2021 69.5 66.3
2022 67.1 69.7
2023 64.5 69
2024 64.4 68.1
2025 66.5 68.4

More economic indicators

Romania Slovakia
Services, % of GDP
62.5%
2024
60%
2024
Industry, % of GDP
25%
2024
28.5%
2024
Agriculture, forestry, and fishing, % of GDP
3.28%
2024
2.03%
2024
GNI, Atlas method
$336B
2024
$130B
2024
GNI per capita, PPP
$47,420
2024
$46,110
2024
Total reserves including gold
$73.4B
2024
$14.5B
2024
Total reserves ranking
35/177
2024
68/177
2024
Net foreign direct investment
-$6.21B
2024
-$1.27B
2024
Net inflows of foreign direct investment
$7.35B
2024
$3.58B
2024
Net outflows of foreign direct investment
$1.15B
2024
$2.31B
2024
Poverty at national poverty lines
19%
2023
13.7%
2021
Gross capital formation, % of GDP
24.3%
2024
20.1%
2024

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.