Romania: Industrial output drops at softer rate in June
Industrial production dropped 14.3% on a working-day and seasonally-adjusted year-on-year basis in June, a smaller contraction than May’s 27.6% plunge.
Looking at the details of the release, the softer contraction was primarily driven by a weaker drop in manufacturing production, while electricity, gas, steam and air conditioning supply production shrank at a more moderate pace. Meanwhile, the decline in mining and quarrying output remained unchanged.
On a seasonally-and working-day adjusted monthly basis, industrial output continued to increase in June, growing 16.2% (May: +15.6% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 11.6% in June, down from May’s minus 10.8%.