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December 9, 2022
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Business Economy Romanian News

Romania Faces Major Industrial Production Drop

Romania’s industrial production decreased the most in June compared to May and third compared to June 2021, as production climbed above forecasts at the level of the EU.

Photo source: Eurostat

According to Eurostat, Romania experienced the third-largest decline in industrial production in June 2022 compared to June 2021 (-3.7%). Only Slovakia (-5.7%) and Belgium (-11.6%) surpassed it. The industrial output of Bulgaria increased by 17.4%. In contrast, Romania experienced the largest drop in industrial production from May to June 2022 (-3.9%), followed by Belgium (-2.2%), Italy, and Latvia (all by -2.1%).

Photo Source: Eurostat

Industrial production (measured in working days) rose by 3.2% compared to June 2021 at the level of the European Union, or 0.6% from May to June. The Euro Zone’s growth from May to June was 0.7%.

Separately, the production of capital goods (machines, tools, and equipment) increased in the EU by 7.5% compared to June 2021, as did the display of items for immediate consumption by 2.6%, durable goods by 2.6%, and energy by 2.4%.

Furthermore, according to the National Institute of Statistics, the production of electricity and thermal energy, gas, hot water, and air conditioning (-6.3%), the extractive industry (-4, 4%), and the manufacturing industry (-1.6%) all saw declines in their respective industrial output.

However, the extractive industry’s (+136%) and the manufacturing industry’s (+23.9%) expansion led to an increase in the industry’s overall turnover. According to the National Institute of Statistics, gains in turnover were seen in the following sectors: energy (+109.3%), intermediate goods (+30%), consumer goods (+24.7%), durable goods (+12.9%), and capital goods (+13.3%) on the main industrial groupings.

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