The outcome of the business survey conducted by the NBR shows little likelihood of industrial sector recovery in May as well. Looking further ahead, a moderate improvement is however possible. Construction works will be positively influenced by seasonal factors both this month and the next”, the central bank found.

Thus, the upturn of the factory output will be less sharp and the relatively modest balance of answers (+3%, about five times lower than in April) hints at a possible stagnation.

Nevertheless, total order portfolio dynamics appear set to pick up in industry, with the balance of answers almost quadrupling month over month to stand at 17%. It should however be noted that the speed of this process does not appear to be pronounced, considering the large share of expectations pointing to a stabilization (59%).

“Personnel redundancies in the industrial sector are set to carry on in May, as reflected by the balance of answers standing at -22%. Favorable weather conditions might further boost hiring in construction, with the balance of answers standing at +56%.