Bulgaria: Decline in industrial output softens in August
October 9, 2020
Industrial production declined 5.7% in year-on-year, calendar-day adjusted terms in August, a more moderate contraction than July’s 6.1% fall. August's result marked the best reading since February.
Looking at the details of the release, August’s result was largely driven by a strong rebound in mining and quarrying output. Meanwhile, manufacturing output and electricity, gas, steam and air conditioning supply dropped at a faster pace than in July.
On a monthly basis, industrial output grew 0.7% in seasonally-adjusted terms in August, which was below July’s 2.1% expansion. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.8% in August, down from July's minus 4.5% reading.
Author: Hanna Andersson, Economist