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Friday, February 15, 2013 5:57:09 AM
The Constitution of Romania is based on the Constitution of France's Fifth Republic and was approved in a national referendum on 8 December 1991. A plebiscite held in October 2003 approved 79 amendments to the Constitution, bringing it into conformity with European Union legislation. The country is governed on the basis of multi-party democratic system and of the segregation of the legislative, executive and judicial powers.
Romania is a semi-presidential republic where executive functions are held by both government and the president. The president is elected by popular vote for a maximum of two terms, and since the amendments in 2003, each term lasts five years.
The unemployment rate in Romania has been relatively low in recent years and stands at around 5% in 2011.Romania is an upper-middle income country economy and has been part of the European Union since 1 January 2007.
From 2000 onwards, the Romanian economy was transformed into one of relative macroeconomic stability, characterised by high growth, low unemployment and declining inflation. In 2006, according to the Romanian Statistics Office, GDP growth in real terms was recorded at 7.7%, one of the highest rates in Europe.
Exports have increased substantially in the past few years, with a 13% annual rise in exports in 2010. Romania's main exports are cars, software, clothing and textiles, industrial machinery, electrical and electronic equipment, metallurgic products, raw materials, military equipment, pharmaceuticals, fine chemicals, and agricultural products (fruits, vegetables, and flowers). Trade is mostly centred on the member states of the European Union, with Germany and Italy being the country's single largest trading partners.
Since 2000, Romania has attracted increasing amounts of foreign investment, becoming the single largest investment destination in Southeastern and Central Europe. Foreign direct investment was valued at €8.3 billion in 2006.
During the first quarter of 2011, the average monthly household income was 2,318 Romanian lei, equating to approximately US$ 867 based on international exchange rates, and US$ 1170 based on purchasing power parity. In 2009, the Romanian economy contracted as a result of the global economic downturn. Gross domestic product contracted 7.2% in the fourth quarter of 2009 from the same period a year earlier, and the budget deficit for 2009 reached 7.2% of GDP. Industrial output growth however reached 6.9% year-on-year in December 2009, the highest in the EU-27
According to the World Travel and Tourism Council, Romania is the fourth fastest growing country in the world in terms of travel and tourism total demand, with a yearly potential growth of 8% from 2007 to 2016.
In 2006, Romania registered 20 million overnight stays by international tourists, an all-time record, but the number for 2007 is expected to increase even more.Tourism in Romania attracted €400 million in investments in 2005.
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