Bulgaria Industrial production August 2020

Bulgaria

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.

FocusEconomics Consensus Forecast panelists see industrial production growing 4.5% in 2020, which is down 0.5 percentage points from last month’s forecast. In 2021, panelists see industrial production growing 3.4%.


Author:, Economist

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Bulgaria Industry August 20 20

Note: Year-on-year and annual average variation of working-day adjusted industrial production index in %.
Source: National Statistical Institute (NSI).


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