Romania: Industrial production in May records first contraction in two years
July 10, 2015
Industrial output shrank 0.5% in May over the same month last year, which marked the first contraction since May 2013 and contrasted the previous month’s 1.9% expansion. According to the National Institute of Statistics, May’s deterioration resulted from a steep drop in mining and quarrying and a mild contraction in electricity, gas, steam and air conditioning supply. Conversely, manufacturing output grew at a faster rate in May than in April.
On a month-on-month basis, industrial production contracted 0.1% in May, which came in marginally above the 0.2% drop tallied in the previous month. Annual average growth in industrial production fell from 4.5% in April to 3.4% in May.