The industrial production volume in Romania decreased by 2.2% in January - November last year compared to the same period of 2018, in gross terms, the statistics office INS reported.
Under the latest forecast in November, the state forecasting body CNSP estimated 1% industrial output contraction for 2019 and projected growth rates around 3% per annum for the coming years (2.8% in 2020).
In November alone, the production volume in local industry contracted by 5.6% compared to the same month in the previous year and by 0.2% compared to the previous month (October).
In workday and seasonally adjusted terms, the industrial output dropped even more: by 3.3% year-on-year in the eleven months and by 7.7% year-on-year in November alone.
Romania’s industrial production has already decreased (in year-on-year terms) for the sixth month in a row and had one of the weakest performances in the European Union, where on average the production decreased by 1.3% year-on-year (1.5% in the euro area), in November. Industry contributes by about a quarter to Romania’s gross domestic product (GDP).
Romania’s industrial production index contracted by 4.5% in October 2019 compared to the same month of 2018 and...