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 broa…