Industrial output in Bulgaria continues to sink - for 17 consecutive months

In May 2024, the index of industrial production in Bulgaria decreased by 6.3% on an annual basis. This decrease, reported by the country’s National Statistical Institute (NSI), reflects serious declines in various key economic sectors.

However, some sub-sectors, such as the production of chemical products, basic metals and medicinal substances, registered significant growth, which partially offset the overall negative trends.

This represents the latest major decline in industrial production in Bulgaria, with the trend starting as early as the beginning of 2023. For 17 consecutive months, manufacturing has been sinking, almost completely erasing the recovery after the COVID pandemic.

Details by sectors and sub-sectors in May 2024

Extractive industries: 15.6% decrease compared to May 2023.

Production and distribution of electricity, heat and gas: decrease by 1.1%.

Manufacturing industries: 6% decrease compared to the same period of the previous year.

Declines in key sub-sectors:

• Production of vehicles (excluding cars): down 29.9%;
• Leather processing and shoe manufacturing: down 26.9%;
• Production of computer and communication equipment, electronic and optical products: decrease by 25.2%;
• Manufacturing not classified in other categories: decrease by 24.5%;
• Electrical equipment manufacturing: down 21.9%;
• Production of general and special purpose machinery and equipment: 21% decrease.

Some sub-sectors of the manufacturing industries recorded growth, however:

• Production of chemical products: increase by 27.5%;
• Production of base metals: up 19.1%;
• Production of medicinal substances and products: increase by 11.7%.

Translated by Tzvetozar Vincent Iolov