Bulgaria's industrial output growth strengthens to 4.9% y/y in May 2014

By bne IntelliNews July 8, 2014

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.

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