Bulgaria: Industrial production gains momentum in May
July 6, 2012
In May, industrial output added 0.9% over the same month last year in working-day adjusted terms. The print was up from the revised 0.5% increase observed in April (previously reported: +0.3% year-on-year) and marked the second consecutive positive reading after three consecutive contractions. The expansion was underpinned by healthy growth in manufacturing production, while the energy production sector contracted, yet at a slower pace. A month-on-month assessment, however, does not confirm the acceleration suggested by the annual figures, as industrial production grew a seasonally adjusted 0.9% over the previous month, which was well below the 2.1% expansion observed in April. The trend, however, continues to suggest a slowdown in the industrial sector, with annual average growth in industrial production falling from a 1.6% in April to a 1.0% in May.