Bulgaria Industrial production May 2020

Bulgaria

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.

FocusEconomics Consensus Forecast panelists see industrial production contracting 6.1% in 2020, which is down 0.1 percentage points from last month’s forecast. For 2021, panelists see industrial production growing 4.1%.


Author: Massimo Bassetti, Senior Economist

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Bulgaria Industrial production Chart


Bulgaria Industry May 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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