Bulgaria: Industrial output slows in August
October 7, 2011
In August, industrial production expanded a subdued 1.0% in working-day adjusted terms over the same month last year. The result came in well below the revised 6.6% rise recorded in July (previously reported: +6.2% year-on-year), as all sub-sectors decelerated and energy production contracted. A month-on-month comparison points to an even deeper deceleration than implied by the annual figures, as industrial production contracted 2.0% over the previous month in seasonally adjusted terms, contrasting the 1.1% increase in July. As a result, the annual average variation in industrial production edged down from 6.9% in July to 6.7% in August. The government maintains its 3.6% growth forecast for this year. However, on 11 October, Finance Minister Simeon Djankov cut next year's economic growth forecast from 4.2% to 2.5% amid depressed conditions in western Europe.