Romania: Industrial production grows at weakest rate in six months
May 23, 2013
In March, industrial output grew 1.3% over the same month last year, which was well below the 6.8% increase recorded in February, marking the slowest rate in six months. According to the national statistics institute, the slowdown in growth was driven by a contraction in mining and quarrying as well as in manufacturing.
Compared to the previous month, industrial production increased 0.4% in seasonally and working-day adjusted terms, which followed the revised 0.7% increase recorded in February (previously reported: +1.0% month-on-month). Building on the weak annual reading, the trend has flattened, with annual average growth in industrial production stable at February's 3.1%.
Latest government forecasts published on February 2013 see industrial production growth at 0.7% this year and rising to 1.5% in 2014. Consensus Forecast panellists expect industrial production at 2.0% which is unchanged from last months estimate. Next year, the panel estimates industrial output to increase 4.0%.