Bulgaria: Industrial production deteriorates further in November
January 9, 2013
In November, industrial output fell 2.1% over the same month last year in working-day adjusted terms. The print followed the 4.4% contraction observed in October and was driven by a sharp drop in the mining and quarrying sector. That said, the all-important manufacturing sector contracted at a softer pace.
A month-on-month assessment, however, does not corroborate the deterioration suggested by the annual figures, as industrial production expanded a seasonally adjusted 0.9% over the previous month, which contrasted the 0.4% drop recorded in October.
As a result, the trend remains in negative territory, with annual average growth in industrial production dropping from 0.9% in October to minus 1.2% in November, the lowest level in over two years.