Romania: Decline in Industrial output softens in July
September 14, 2020
Industrial production declined 9.9% on a working-day and seasonally-adjusted year-on-year basis in July, a smaller contraction than June’s 14.3% drop.
Looking at the details of the release, July’s softer drop was driven by a markedly weaker decline in electricity, gas, steam and air conditioning supply production, as well as a more moderate drop in manufacturing and mining and quarrying output.
On a seasonally-and working-day adjusted monthly basis, industrial output continued to increase in July, albeit at a significantly softer pace, growing 3.3% (June: +16.2% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 12.0% in July, down from June’s minus 11.6%.