Romania’s seasonally-adjusted industrial production index increased by 2.9% m/m in January, marking the fourth month of positive dynamics, according to the latest data released by the statistics office INS.
The mild recovery is expected to come under pressure starting March, as the effects of the war in Ukraine are emerging. Elevated energy prices will also negatively impact industrial activity.
Industrial activity dwindled during most of 2021, with the seasonally-adjusted activity index decreasing from April to September dragged down by the automobile industry (hit by the semiconductors crisis) and oil refining (impacted by the outage of the largest refinery Petromidia subsequent to an accident).
In annual terms, the industrial activity index in January was positive (+1% y/y) for the third month in a row. The automobile production index was still 8% down in y/y terms, but the oil processing activity was 12% y/y stronger.