Snapshot
Industrial production expanded 5.6% and the unemployment rate fell to 5.1% in the full year 2011, as the country continues to recover from a two-year long recession. In addition, exports, which drove growth throughout the past year, surged 42.6% in USD terms, well above the 12.2% increase seen in 2010. In the political arena, parliament approved the newly nominated government on 9 February, after President Basescu named Mihai Razvan Ungureanu as the new prime minister in the wake of Emil Boc’s resignation.
