Bulgaria: Industrial output growth eases in May
July 7, 2011
In May, industrial production expanded 7.8% in working-day adjusted terms over the same month last year, mainly reflecting resilient growth in mining and quarrying. The result was below the revised 9.8% rise recorded in April (previously reported: +9.4% year-on-year). A month-on-month comparison points to a steeper deceleration than implied by the annual figures, as industrial production contracted 0.5% over the previous month in seasonally adjusted terms, which contrasted a 1.7% increase in April. In spite of the drop, the trend continues to improve, with the annual average variation in industrial production rising from 6.1% in April to 6.7% in May. The government expects the economy to expand 3.6% this year and 4.1% in 2012.