Romanias industrial production up 0.1% y/y in Jan-Nov.

By bne IntelliNews January 11, 2013
Romania's industrial production edged up a mere 0.1% y/y in Jan-Nov, the country's statistics office reported, and this suggests the output for the full year will remain virtually flat. In Oct-Nov alone, the production index increased 1.5% on year meaning that the quarters' annual performance remained most likely in the positive territory, reversing the 0.8% y/y decline in Q3. Yet, this does not significantly change the pattern of the industrial activity, which has broadly stagnated for more than a year. Further growth depends on the resumption of investments at home and the re-orientation of exports to more fast-growing markets [compared to 70% exports to the EU currently]. The seasonally-adjusted index [in the chart] remained roughly steady since the spring of 2011 - at a level that is close to the pre-crisis peak level. In Oct-Nov, the index was 0.6% below the previous quarter's average therefore the full-quarter's performance versus Q3 has probably remained negative. In November alone, the industrial production index decreased by 1% y/y and by 0.8% m/m, when expressed in seasonally-adjusted terms. In the sector brake, Jan-Nov industrial production decreased 0.6% in the manufacturing area with the sharpest decline in the rubber and plastics [10.9% down y/y] - prompted by petrochemical plant Oltchim's running at low capacity. The sectors of food processing and vehicles production, with important shares in total, featured positive yet moderate growth rates of 2.6% y/y and 1.3% y/y.

Romanias industrial production up 0.1% y/y in Jan-Nov.

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