Romania: Industrial output rebounds steeply in June
Industrial output expanded 4.0% month on month in seasonally and working-day adjusted terms in June, which contrasted May’s 6.2% decrease. June’s reading marked the joint-sharpest increase since April 2021. The rebound was largely due to a notable recovery in manufacturing output, alongside a stronger expansion in energy production. In contrast, mining and quarrying output fell at the sharpest rate since March.
On an annual basis, industrial production increased 0.4% in June, contrasting May’s 6.5% fall. Accordingly, the trend improved, with the annual average variation of industrial production coming in at minus 1.4%, up from May’s minus 1.6%.
Commenting on the reading, Eugen Sinca, analyst at Erste Bank, stated:
“Industrial production could turn positive in 2024 after a contraction of -2.5% in 2023. Domestic and external confidence indicators for manufacturing were weak in July, suggesting a difficult recovery for industrial production. On a positive note, German industrial production rose above expectations in June and factory orders came in strong.”