Romania: Industrial production decelerates sharply in June
August 8, 2011
In June, industrial output grew only 1.1% over the same month the previous year. The reading represented a strong deceleration over May's 7.5% expansion, owing to slower demand for manufactured products. A month-on-month comparison reflects an even deeper deceleration than suggested by the annual figures. In June, industrial production contracted a seasonally and working-day adjusted 2.2% over the previous month, contrasting to the 0.5% increase in May. As a result, annual average growth in industrial output fell from 7.0% in May to 6.4% in June. The government expects the economy to return to positive growth this year, expanding 1.5% in 2011, before accelerating to 4.5% in 2012.