Decline in Industrial Production in the EU in March but Increase in Bulgaria

Bulgaria Production

Industrial production in the Eurozone and across the EU contracted sharply in March as a result of the negative effects of the war in Ukraine, according to the latest Eurostat data.

Within Bulgaria, however, production in March marked a solid rebound, placing our country at the forefront of the EU.

It should be borne in mind that these are the first production data that reflect the real negative effects of the Russian military invasion of Ukraine on February 24, as well as the impact of Western sanctions on Moscow.

EU industrial production fell 1.2% in March from a 0.6% increase in February, while within the euro it fell 1.8% after rising 0.5% a month earlier.

The production of capital goods in the EU and the euro area decreased by 2.6% and 2.7%, respectively, of non-durable consumer goods – by 1% and 2.3%, respectively, while the production of durable goods increased by 0, respectively, 7% and 0.8% compared to the previous month. EU energy production rose 1.3 percent in March but fell 1.7 percent within the Eurozone.

The strongest production decline on a monthly basis was reported in Slovakia (by 5.3%), Germany (by 5%) and Luxembourg (by 3.9%), while the largest growth was recorded in Lithuania (by 11.3%). %), Estonia (by 5.1%), Bulgaria (by 5%) and Greece (also by 5%).

Industrial production in Bulgaria increased by 5% in March compared to February, when it increased by 0.3%, maintaining the trend of sustainable production growth for the tenth consecutive month.

Compared to March 2021, euro area production contracted by 0.8% after growing by 1.7% in February, and across the EU industrial production increased by 0.7% in March 2022 after growing by 2%, 8% a month earlier.

On an annual basis, industrial production in Bulgaria increased by 19.1% in March after an increase of 14.8% in February, with stronger growth being reported only in Lithuania (by 25.9%). The largest decline on an annual basis was reported in Slovakia (by 7.3%), followed by Ireland (by 5.5%) and Germany (by 4.1%).



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