Romania’s industrial output contracted by 4% y/y in January, with a similar decline in the manufacturing sector, according to data published by the statistics office INS. 

The mining and quarrying activity contracted 7.5% y/y, and the decline marked by the utility companies was milder (-2.5% y/y).

The automobile industry (motor vehicles production) contracted by 11.6% y/y, INS announced, despite the industry association's announcement of a new production record. The combined production of Ford Otosan and Dacia automobile plants in Romania rose by 26% y/y to a new record of 48,728 units in January, according to data from the Romanian Automobile Manufacturers Association (ACAROM).

The production of non-metallic mineral products (construction materials, mainly) also contracted by 13.1% y/y, according to the statistics office INS. The tobacco industry marked an annual decline of over 20% y/y.

On the upside, the output of the food companies increased by 8.6% y/y. 

With no explicit warning included in the press release, the statistics office INS re-based the industrial output index (2021=100), which resulted in significant backward adjustments for the past years.

Thus, Romania’s industrial output contracted by only 3.0% y/y in 2023 under the revised data, compared to -4.9% y/y previously announced (under 2015=100 based series). The manufacturing activity contracted by only 2.5% y/y in 2023, according to the revised data, compared to -4.6% y/y previously.

Furthermore, the industrial activity actually increased (+0.4% y/y) in 2022 compared to 2023 – and it didn’t contract by 1.8% y/y as previously calculated by the statistics office.

iulian@romania-insider.com

(Photo source: Silviu Matei/Dreamstime.com)