This research aims to analyse the impact that investments can have on economic performance in Romanian agriculture, while also determining their efficiency. The first chapter defines the main concepts of the research topic and identifies the system of indicators for estimating the impact of the investment. The second chapter briefly presents the Common Agricultural Policy, with its two pillars, and the need to study it is based on the fact that a significant share of investment in agriculture is made through the National Rural Development Programme. The third chapter covers the analysis of the volume, dynamics and structure of investment, as well as the analysis of some outcome indicators that may be influenced by the level of investment. Chapter four captures, also at the macroeconomic level, the impact of investments on agriculture, for those investments made through the National Rural Development Programme. The final chapter captured the impact of investment on the agricultural sector from a microeconomic point of view, through a case study involving the establishment of an apple orchard. The investment scenarios carried out in the case study, intensive fruit plantation and super intensive fruit plantation, show that the investments are feasible, provide a return above 100%, with rates of return between 11% and 14%. A risk analysis was also carried out, using three methods, and it was established that the proposed projects bring gains, even taking into account the investment risk.