Bulgaria: Industrial production records in March its worst contraction in 13 months
May 9, 2013
In March, industrial output dropped 3.6% over the same month last year in working-day adjusted terms. The print contrasted the revised 2.7% increase observed in February (previously reported: +5.1% year-on-year) and marks the worst contraction since February 2012. The result was mainly driven by a drop in the manufacturing sector, as well as a lower production of energy, gas, steam and air conditioning supply.
A month-on-month assessment further corroborates the deterioration pointed out by annual data, as industrial production fell a seasonally adjusted 2.3% in March, marking however an improvement from the revised 4.6% drop recorded in February. Despite the March deterioration, the trend is flattening, with annual average growth in industrial production moderating from 1.1% in February to 1.0% in March.
FocusEconomics Consensus Forecast participants expect industrial production to expand 2.0% this year, which is down 0.3 percentage points from last month's Consensus. Next year, panellists see the industrial output growing 3.5%.