Bucharest - Economy

Economy

Bucharest is the centre of the Romanian economy and industry, accounting for around 22.7% (2010) of the country's GDP and about one-quarter of its industrial production, while being inhabited by 9% of the country's population. Almost one third of national taxes are paid by Bucharest's citizens and companies. In 2009, at purchasing power parity, Bucharest had a per-capita GDP of €26,100, or 111% that of the European Union average and more than twice the Romanian average. After relative stagnation in the 1990s, the city's strong economic growth has revitalized infrastructure and led to the development of shopping malls, residential estates and high-rise office buildings. In September 2005, Bucharest had an unemployment rate of 2.6%, significantly lower than the national unemployment rate of 5.7%.

Bucharest's economy is centred on industry and services, with services particularly growing in importance in the last ten years. The headquarters of 186,000 firms, including nearly all large Romanian companies are located in Bucharest. An important source of growth since 2000 has been the city's rapidly expanding property and construction sector. Bucharest is also Romania's largest centre for information technology and communications and is home to several software companies operating offshore delivery centres. Romania's largest stock exchange, the Bucharest Stock Exchange, which was merged in December 2005 with the Bucharest-based electronic stock exchange Rasdaq, plays a major role in the city's economy.

There are international supermarket chains such as Carrefour, Cora and METRO operating in Bucharest. The city is undergoing a retail boom, with supermarkets and hypermarkets opened every year (see supermarkets in Romania). Malls and large shopping centres have been built since the late 1990s, such as AFI Palace Cotroceni, Sun Plaza, Băneasa Shopping City, Plaza Romania, Unirea Shopping Center and Liberty Center. There are traditional retail arcades and markets such as the one at Obor.