The economy of Romania is a complex high-income economy with a skilled labour force, ranked 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power parity. The World Bank notes that Romania’s efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with the first half of 2022 seeing an unexpected 5.8% increase. In recent years, it witnessed growth rates such as: 4.8% in 2016, 7.1% in 2017, 4.4% in 2018 and 4.1% in 2019. In 2020, its GDP per capita in purchasing power standards reached 72% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27. Romania's economy ranks 36th in the world by GDP (PPP), with a Int$731 billion annual output (2022). The country is a leading destination in Central and Eastern Europe for foreign direct investment: the cumulative FDI since 1989 totals more than $170 billion. Romania is the largest electronics producer in the region. In the past 20 years Romania has also grown into a major center for mobile technology, information security, and related hardware research. The country is a regional leader in fields such as IT and motor vehicle production. Bucharest, the capital city, is one of the leading financial and industrial centres in Eastern Europe. The top 10 exports of Romania are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics. Imports of goods and services increased 9.3%, while exports grew 7.6% in 2016, as compared to 2015. Exports of goods and services were expected to grow by 5.6% in 2017, while imports were seen increasing by 8.5%, according to the latest CNP (National Prognosis Commission) projections. The industry in Romania generated 33.6% of the local gross domestic product (GDP) in the first half of 2018. History Before World War II The economy of Romania entered modernity with the Treaty of Adrianople in 1829, ending centuries of Turkish control. Economic growth was stimulated by several milestones: the discovery and industrial exploitation of oil in 1857, the political union between Wallachia and Moldavia in 1859, land reforms, adoption of a local currency, the leu (1867), the state independence (1877), as well as the building of an extensive