Bulgaria: Industrial production contracts the most in over three years
July 8, 2013
In May, industrial output dropped 6.0% over the same month last year in working-day adjusted terms. The print marks a sharp deterioration over the revised 1.2% fall observed in April (previously reported: -1.3% year-on-year) and represents, in fact, the steepest decline observed since February 2010. The result was mainly driven by a strong drop in the manufacturing output.
A month-on-month assessment corroborates the deterioration pointed out by annual data, as industrial production fell a seasonally adjusted 2.7% in May, which contrasts the 0.3% rise recorded in April. As a result of the annual decline, the trend is now pointing downwards, with annual average growth in industrial production declining from 1.1% in April to 0.5% in May.
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 the industrial output growing 2.3%.