Romania: Industrial production contracts at fastest rate in almost seven years in July
September 14, 2016
Industrial output contracted 3.4% in July over the same month last year, which was the fastest contraction rate in almost seven years and contrasted the 1.1% expansion recorded in June. According to the National Institute of Statistics, two of the three components of the index contracted, while manufacturing grew at a slower pace.
On a seasonally-adjusted month-on-month basis, industrial production slowed from June’s revised 2.2% expansion (previously reported: +2.0% mom) to a 0.7% increase in July. Meanwhile, annual average growth in industrial production tumbled from 2.2% to 1.7%.
Author: Christopher Mc Innes, Economist