Bulgaria: Industrial output decelerates notably in June
August 8, 2011
In June, industrial production expanded 2.2% in working-day adjusted terms over the same month last year, the slowest pace of expansion since May 2010, as contractions in both the mining and quarrying as well as the utilities sectors partially offset the expansion in manufacturing. The result was below the revised 7.6% rise recorded in May (previously reported: +7.8% year-on-year). A month-on-month comparison points to a steeper deceleration than implied by the annual figures, as industrial production contracted 1.5% over the previous month in seasonally adjusted terms, which follows the 1.2% drop in May. As a result, annual average variation in industrial production edged down from 6.7% in May to 6.5% in June, breaking the upward trend in place since January 2010. The government expects the economy to expand 3.6% this year and 4.1% in 2012.