Bulgaria's industrial production expanded for the fifth straight month in May with growth quickening to 4.9% y/y from 3.7% in April, driven by a solid rise in utilities output, according to calendar adjusted data from the statistics office. Production of the utilities sector grew 7.4% y/y in May, speeding from a 5.5% increase in the previous month.
In seasonally adjusted terms, output fell 0.7% m/m in May, reversing a monthly rise of 0.2% in April.
The annual growth in industrial production was also underpinned by the booming car manufacturing sector, which expanded by 32.8% y/y in May, following a 30.8% gain the month before. Moreover, the production of base metals recovered from a zero growth in April to a 9.1% y/y expansion in May.
Other sectors that contributed positively to the pick up in industrial output were the manufacture of other transport equipment (up 24.9% y/y), the textile industry (up 8.8% y/y) and the production of clothes (up 7.4% y/y), furniture (up 8.1% y/y), computer and electronic products (up 9.4% y/y), and non-metallic mineral products (up 7.3% y/y).
Nevertheless, the overall growth in manufacturing eased to 2.8% y/y in May from 3.9% the month before. In addition, output in mining and quarrying climbed 10.5% y/y in May, slowing from an 11.7% y/y growth in April.
Related Articles
Bulgargaz files claim against Gazprom over lost gas supply
Gazprom faces another compensation claim for lost gas supply from a former European customer – this time Bulgaria’s state gas company Bulgargaz. Bulgaria was one of a number of European ... more
Bulgaria's BACB to acquire 99.94% of Tokuda Bank
The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more
bne IntelliNews Southeast Europe Outlook 2024
This Southeast Europe Outlook 2024 has been prepared by bne IntelliNews as part of a series of annual reviews providing updates on the geopolitical, macroeconomic and commercial state of ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
19 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago