Great Depression in Romania
effects of the Great Depression in Romania

The Great Depression (Romanian: Marea Criză Economică or, rarely, Marea Depresie) of 1929–1933, which affected the whole world, had several consequences in the Kingdom of Romania. Romania had been among the winner countries of World War I. It received several new territories (Bessarabia, Bukovina and Transylvania), with many natural resources. However, the war caused heavy human and economic losses to the country. Romania had to fight inflation and the non-convertibility of its currency, the Romanian leu (lei in plural). Romania then had a fundamentally agrarian economy, with agriculture accounting for 63.2% of the national production. The Great Depression affected Romania in several ways. For example, in 1933, the net national income was of 172,614,000,000 lei, only 62% of that of 1929, which was of 275,180,000,000 lei. To fight the economic crisis, the National Bank of Romania carried out various measures and the country took various loans. Help was also called upon from France.
The Great Depression led to a drop of 50% in industrial production and an increase of 300,000 persons in unemployment in Romania.
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