Bulgaria: Industrial production accelerates in November
January 7, 2011
In November, industrial production expanded 5.6% in working-day adjusted terms over the same month last year which was above the 4.0% rise recorded in October. The acceleration reflects stronger growth in manufacturing as well as an improvement in mining and quarrying, while electricity, gas, steam and air contracted. Manufacturing surged 11.3% annually (October: +5.6% year-on-year) while mining and quarrying improved from an 8.6% contraction in October to a 0.7% drop in November. However, electricity, gas, steam and air conditioning supply swung from a 4.2% expansion in October to a 7.4% contraction in November, thus mitigating the positive developments in manufacturing and mining. A month-on-month comparison corroborates the improvement suggested by the annual figures, with industrial production rising 1.3% over the previous month in seasonally adjusted terms (October: -0.6% month-on-month). Moreover, the trend continues to improve, with the annual average variation in industrial production stepping up from minus 1.2% in October to plus 0.4% in November, which marks the first positive reading since January 2009. The government expects the economy to expand between 2.0% and 3.6% this year. However, Finance Minister, Simeon Djankov, stated that the economy could expand at 3.7%.