Romania Industry February 2021

Romania

Romania: Industrial activity drops again in February

April 14, 2021

Industrial production fell 2.6% year-on-year in February (January: -0.3% yoy). February's downturn was chiefly driven by a stronger decline in manufacturing output, as well as in mining and quarrying production.

On a monthly basis, industrial production dropped 1.0% in seasonally-adjusted terms in February, contrasting January’s 0.6% expansion and marking the worst result since April 2020. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 9.4% in February, down from January's minus 9.3% reading.

Lauren Braniff, economist at Oxford Economics, said:

“Similarly to retail, the beginning of 2021 has brought a renewed weakness for local industries, causing manufacturing exports to slow. We forecast the industrial sector will partially recover in 2021 to growth of 6.2%, with external demand playing a vital role in the rebound over the coming year.”

FocusEconomics Consensus Forecast panelists expect industrial output to expand 8.5% in 2021, which is down 0.1 percentage points from last month’s estimate. The panel expects industrial output to increase 5.0% in 2022.


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Romania Industry February 2021 0

Note: Year-on-year and annual average variation of seasonally- and working day-adjusted industrial production index in %.
Source: National Institute of Statistics.


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