Romania
Romania: Strong industrial production in November
Industry was up 9.5% YoY (vs. 9.9% in October), with manufacturing accelerating to 11.4% YoY (from 10.4% in October) backed by robust external demand
Good prospects for Romanian exports
With industry confidence reaching its post-crisis high in December-17, driven by export orders and expected production, the solid performance is likely to persist in 2018. Still, with relatively low capacity utilisation it is unlikely that large investments will kick-in.
Good prospects for the industrial sector bodes well for our above-consensus 2018 GDP growth call of 4.7% versus 4.1% Bloomberg median.
Industrial confidence
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