Bulgaria: Decline in industrial output softens in July
September 10, 2020
Industrial output fell 6.0% in year-on-year, calendar-day adjusted terms in July, a softer decline than June's 7.7% drop. July’s reading marked the best result since February.
Looking at the details of the release, July’s softer drop was driven by a smaller decline in manufacturing production. That said, mining and quarrying output swung to contraction, while electricity, gas, steam and air conditioning supply dropped at faster pace than in June.
On a monthly basis, industrial output grew 2.3% in seasonally-adjusted terms in July, markedly below June’s 6.1% expansion. Nonetheless, the trend continued to deteriorate, with the annual average variation of industrial production coming in at minus 4.5% in July, down from June’s minus 4.0%.