Romania: Industrial output dips in November
Industrial output slid 3.4% compared to the same month of the previous year in November, which contrasted October’s 0.7% increase. The result marked the worst reading since April. The notable deterioration came on the back of a drop in manufacturing activity. Moreover, the energy sector continued to weaken substantially. That said, a rebound in mining and quarrying activity added support.
On a monthly basis, industrial output dropped 1.2% in seasonally adjusted terms in November, which was greater than Octobers 0.4% fall and marked the worst result since June. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.5% in November, down from October’s minus 1.3% reading.
On the outlook, Eugen Sinca, analyst at Erste Group, painted a somewhat downbeat picture:
“Fragile Eurozone economic growth and limited competitiveness for local manufacturing due to, among other things, strong real appreciation of the leu and infrastructure bottlenecks should weigh on industrial production in 2023.”