Bulgaria: Industrial activity falls at sharpest rate since September 2009 in May
July 9, 2020
Industrial output dived 16.1% in year-on-year terms in May, which was a larger contraction than April's 15.9% plunge. May's result marked the steepest fall since September 2009.
Looking at the details of the release, May's downturn was largely driven by a fall in manufacturing output. In addition, production also contracted in both the mining, and other manufacturing sub-sectors.
On a seasonally-adjusted monthly basis, industrial production fell at a notably more moderate rate of 0.1% in May (April: -11.7% mom). Moreover, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.7% in May, down from April's minus 2.3% reading.