Bulgaria: Industrial production falls for sixth consecutive month
October 9, 2013
In August, industrial output dropped 2.4% over the same month last year in working-day adjusted terms, according to the National Statistical Institute. The reading marks the sixth consecutive decrease; however, it represents a slight improvement over the 2.6% fall observed in July. The result was backed by an expansion in the production of mining and quarrying as well as in electronics and optical products.
On a month-on-month basis, industrial production increased a seasonally-adjusted 0.9% in August, which was well below the 1.9% increase recorded in July. Nevertheless, the trend continues to decrease, with annual average growth in industrial production declining from minus 0.2% in July to minus 0.7% in August.
FocusEconomics Consensus Forecast participants see industrial production expanding 2.3% this year, which is up 0.7 percentage points from last month's Consensus. Next year, panelists see industrial output growing 2.3%, which is down 0.1 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist