Romania: Industrial activity contracts at sharpest pace on record in March
Industrial production slid 14.5% year-on-year in March (February: -2.0% yoy). March’s reading marked the sharpest drop since current records began in January 2006.
March’s figure was largely driven by a sharp deterioration in manufacturing output. In addition, mining and quarrying output fell markedly.
On a seasonally-adjusted monthly basis, industrial production fell 12.4% in March (February: +1.4% mom). The reading marked the worst result on record. Meanwhile, the trend pointed down, with the annual average change of industrial production coming in at minus 5.4%, down from February’s minus 4.1%.