Russia’s CBR maintains key rate at 16%
1 day ago
Industrial activity has deteriorated in Romania, with the overall industrial output index (chart) contracting by 4.9% y/y in 2023 according to data published by the statistics office INS.
Romania’s industry has been losing ground since before the COVID-19 crisis in 2020.
In its latest forecast dated November 2023, the state forecasting body envisaged small but positive industrial growth this year and more consistent strengthening in the following years – but such expectations are clearly on the optimistic side. An update published on February 12 revised downwards the magnitude but not the broad profile of the expected industrial recovery.
The activity of the utility companies contracted by 9.2% in 2023, while the core manufacturing industries posted a more moderate 4.6% decline.
Very few industries still posted positive growth rates for the entire year, while others saw deep double-digit contraction.
The textile/apparel industries, furniture production and metallurgy posted double-digit contraction rates. In contrast, food and beverage production, tobacco manufacturing, electronic and optic devices/parts manufacturing, and car production posted positive growth.
The mining and quarrying sector posted a positive 1.9% growth in 2023, despite the deep plunge in coal mining.
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Russia’s CBR maintains key rate at 16%
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