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.
Author: Hanna Andersson, Economist