Financial crisis lowers industry orders

The volume of new orders received by companies operating in industry increased less year-on-year in August, according to data released by the National Institute of Statistics (INS). The annual increase was 16.1 percent, compared to a 29.2 percent year-on-year growth in July. Furthermore, industrial orders declined 12.1 percent in August compared to July 2008.

Analysts indicated that the decline is due to the international financial crisis. Entrepreneurs are being more cautious and are waiting to see what impact the crisis will have and whether it will reach Romania. "Industrial production declines against this background," according to a statement for Business Standard by Florin Pogonaru, President of the Association of Romanian Businesspeople (AOAR).

Business Standard