Industrial Production in Romania
The Romanian economy recorded an average growth rate of 2.6% in industrial production in the decade to 2022, below the 3.2% average for Eastern Europe. In 2022, industrial production growth was -2.0%. For more industry information, visit our dedicated page.
Romania Industry Chart
Romania Industry Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | -2.6 | -9.2 | 6.5 | 0.9 | -2.5 |
Industrial output contracts at sharpest rate in three years in May
Industrial output collapsed 6.2% month on month in calendar and seasonally adjusted terms in May (April: -1.8% mom c.a. s.a). The result marked the worst reading since May 2021. The figure was largely driven by a bigger fall in manufacturing output, as it recorded the weakest reading in three years. In addition, mining and quarrying output deteriorated. On a seasonally and calendar-adjusted annual basis, industrial production plummeted 6.5% in May, which was notably below April’s 3.0% expansion and marked the worst result since July 2020. Moreover, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.6% in May, down from April's minus 1.2%.
Our panelists expect industrial production to recover from 2023’s decline this year as external demand—particularly from the broader EU—strengthens. In turn, this should support an acceleration in GDP growth over 2024 as a whole.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Romanian industry projections for the next ten years from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Romanian industry.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Romanian industry projections.
Want to get access to the full dataset of Romanian industry forecasts? Send an email to info@focus-economics.com.
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