Bulgaria's industrial output swings to 1% y/y decline in December 2013

By bne IntelliNews February 7, 2014

Bulgaria's calendar-adjusted industrial production index decreased 1% y/y in December 2013, following a 3.2% annual growth in November (revised up from the 2.8% preliminary estimate), according to statistics office data. Seasonally-adjusted industrial output also fell 1% in monthly terms in December.

In the twelve months of 2013, the index averaged a negative 0.2%, pulled down by declines in mining and quarrying (-5.8%) and gas, heat and electricity production (-2.1%).

Manufacturing output rose 1.9% y/y in December, slowing down from a 4.7% annual growth in the previous month. The reading was influenced by a decrease in the production of metal products, electrical equipment, computer devices, vehicles (autos excluded), textile, tobacco and food. 

Mining and quarrying output climbed 12.8% y/y in December after surging 28.4% y/y in November when it came out of a two-year declining trend. In December, coal production rose 11.9% y/y, while iron ore output jumped 17.4% y/y. In 2014, the sector might be negatively affected by falling  iron ore prices due to an expected increase of supply, while demand from China is seen declining. Moreover, the price of coal is also seen dropping this year due to an increased use of natural gas.

Gas, heat and electricity production tumbled 11.5% y/y in December, following a 9.5% drop in November.

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