Romania: Industrial output contracts at sharpest pace on record in April
Industrial output fell 38.6% year-on-year in April (March: -14.5% yoy) marking the sharpest contraction on record.
April’s figure was largely driven by a significant deterioration in manufacturing output. Moreover, mining and quarrying output dropped markedly, while electricity, gas, steam and air conditioning fell at a softer rate.
On a monthly basis, industrial production plummeted 27.7% in seasonally-adjusted terms in April, which was well below March’s 12.4% fall. The reading marked the worst result on record. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 8.6%, down from March’s minus 5.4% reading.