Bulgaria: Industrial output records slowest expansion since October 2021 in September

Industrial output expanded 11.0% compared to the same month a year earlier in September, which followed August's 18.4% increase. The outturn marked the weakest reading since October 2021. The slowdown was largely driven by a deterioration in manufacturing production growth. In contrast, mining output fell at a softer pace.

On a monthly basis, factory output dropped 1.7% in seasonally adjusted terms in September, contrasting August’s 0.2% uptick and marking the worst result since April 2020. Meanwhile, annual average growth of industrial production was unchanged coming in at August's 15.6% in September.

Our panelists see industrial production growing 1.6% in 2023, which is down 0.4 percentage points from last month’s forecast, and 1.9% in 2024.