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The industrial production index, seasonally adjusted, dropped by 0.6% m/m in November (-1.0% m/m for the core manufacturing industries), resulting in an overall annual decline of the gross output index by 4.7% y/y (-5.2% y/y for manufacturing), according to data published by the statistics office INS.
Only the automobile industry (+4.6% y/y), the manufacturing of electronic and optic devices (car parts mainly, +8.5% y/y) marked significant advance among the manufacturing industries while the manufacturing of food, beverages and tobacco products edged up by 1%-2% y/y, in the first eleven months of 2023.
The extractive sector (oil and gas) posted a 2.7% y/y advance in the same period, as BSOG’s Midia offshore project came into full operations and OMV’s Neptun Deep offshore project was unblocked.
Romania’s industry has lost momentum since before the pandemic. The government expects a certain improvement (+0.8% y/y) in 2024, followed by a more robust advance (+3.5%) in 2025. Programs such as the grant scheme for the construction materials producer, lower interest rates and the infrastructure projects financed under the Resilience Facility are expected to drive the growth.
However, the economic slowdown across Europe poses a question mark over the government’s optimistic expectations.
(Photo source: Silviu Matei/Dreamstime.com)
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