Bulgaria: Growth in industrial production drops for the first time in 19 months
July 8, 2016
In May, industrial production fell 3.3% over the same month last year in working-day adjusted terms. This represented the first decline since October 2014 and the sharpest fall since June 2013. May’s result reflected a decrease in mining and quarrying, manufacturing and energy supply. Energy supply, which consists of electricity, gas, steam and air conditioning, registered the ninth consecutive contraction.
On a month-on-month basis, industrial production fell a seasonally-adjusted 2.0% in May, which was steeper than the revised 0.4% drop registered in the preceding month (previously reported: -0.1% year-on-year). Meanwhile, annual average growth in industrial production dropped from 3.0% in April to 2.3% in May.
Author: Luis Lopez Vivas, Economist