After a series of privatizations and reforms in the late 1990s and 2000s, government intervention in the Romanian economy is somewhat less than in other European economies. In 2005, the government replaced Romania's progressive tax system with a flat tax of 16% for both personal income and corporate profit, among the lowest rates in the European Union. The economy is based predominantly on services, which account for 56.2% of the country's total GDP as of 2017, with industry and agriculture accounting for 30% and 4.4% respectively.