Bulgaria's industrial output rises 2.8% y/y in November 2013
Bulgaria's calendar-adjusted industrial production index increased 2.8% y/y in November 2013, according to a release by the statistics office. Revised data showed that output grew 3.6% y/y in October, down from preliminary 4.1%. In monthly terms, the seasonally-adjusted industrial output edged up 0.2% in November.
Manufacturing output rose 4.7% y/y in November, slowing down from 5.6% annual growth in the previous month. The data breakdown showed that the sub-index was supported by the production of goods that are predominantly designated for export - basic metals, metal products, equipment and machinery, automobiles, pharmaceuticals, clothing and paper.
Meanwhile, mining and quarrying output surged 28.4% y/y in November, breaking off the negative trend of declining production for the first time in two years. The reverse in trend was due to a 25.4% annual rise in coal production (probably linked to the increasing use of the commodity in Western Europe for electricity generation) and a 43% y/y jump in iron ore output (likely due to China's move to boost stockpiles of the resource in the last quarter of 2013, which pushed the price of iron ore to a two-month high in November).
Gas, heat and electricity production declined 11.4% y/y in November, following a 1.7% drop in October.
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