Bulgaria Industrial production May 2021


Bulgaria: Industrial output growth wanes in May

July 9, 2021

Industrial output expanded 16.5% compared to the same month a year earlier in May, which followed April's 22.1% increase. These high readings were partly driven by base effects owing to the deterioration in manufacturing output witnessed in early 2020 following the onset of the pandemic. Looking at the subsectors, manufacturing output growth slowed in May, while mining production gained steam.

On a seasonally-adjusted monthly basis, industrial output fell at a more pronounced rate of 1.2% in May (April: -0.4% mom), the worst result since November 2020. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at plus 0.6% in May, contrasting April's minus 2.2% reading.

FocusEconomics Consensus Forecast panelists see industrial production growing 4.7% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, panelists see industrial production growing 3.6%.

Author:, Economist

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Bulgaria Industrial production Chart

Bulgaria Industry May 2021

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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