Romania: Industrial production drops to lowest level in more than three years
July 10, 2013
In May, industrial output fell 2.1% over the same month last year, which was well below the 8.5% increase recorded in April. Moreover, the print marked the lowest reading observed since October 2009. According to the national statistics institute, the drop was due to lower production and supply of electricity, gas, steam and air condition, as well as lower manufacturing output.
Compared to the previous month, industrial production dropped 10.7% in seasonally and working-day adjusted terms, which contrasted the revised 4.7% expansion seen in April (previously reported: +1.9%). As a result, the trend has now turned to face downwards, with annual average growth in industrial production dropping from 4.7% in April to 4.1% in May.
FocusEconomics Consensus Forecast panellists expect industrial production to expand 2.0% which is unchanged from last months estimate. Next year, the panel estimates industrial output to increase 4.0%.