Bulgaria: Industrial production contracts for fourth consecutive month in June
August 7, 2013
In June, industrial output dropped 4.4% over the same month last year in working-day adjusted terms. The print marks a slight improvement over the revised 5.3% fall observed in May (previously reported: -6.0% year-on-year) and represents the fourth consecutive contraction. The result was mainly driven by a drop in the mining and quarrying industry.
A month-on-month assessment points to a stronger improvement than seen in the annual data; industrial production increased a seasonally adjusted 0.8% in June, contrasting the 2.2% contraction in May. Nevertheless, the trend deteriorates, with annual average growth in industrial production declining from 0.6% in May to zero in June.
FocusEconomics Consensus Forecast participants expect industrial production to expand 2.3% this year, which is up 0.7 percentage points from last month's Consensus. Next year, panellists see industrial output growing 2.3%.
Author: Dirina Mançellari, Senior Economist