In May, the Bulgarian industry reported another record in industrial production – again the highest production index was reported since data has been available. It is about real production, not turnover.
There is also an acceleration of the real growth of production, which reaches 20.2% on an annual basis. All industries reported growth in May. The manufacturing industry grew by 21.1% on an annual basis, the mining industry by 18.5%, and the energy industry by 14.1%.
In the sub-sectors of the processing industry, practically all report growth. The highest growth was recorded in the manufacture of electronics, beverages, clothing, vehicles, repair and installation of machinery and equipment, etc. The production of investment products, energy products, consumer non-durable products as well as durable products is growing rapidly.
In the month of May, construction recorded growth both on a monthly and annual basis. 5.8% is the growth of construction on an annual basis, mostly due to building construction. Retail trade continues to report solid real growth on an annual basis (5%), which is remarkable given inflation.
Wholesale prices rose by 0.4% in May compared to April, but all of the increase was in exports. Wholesale prices for the domestic market are practically unchanged on a monthly basis.
INDEXES OF INDUSTRIAL PRODUCTION IN MAY 2022
According to preliminary data, in May 2022 the seasonally adjusted2 index of industrial production3 increased by 1.4% compared to April 2022.
In May 2022, the calendar-adjusted index4 of industrial production increased by 20.2% compared to the corresponding month of 2021.
Fig. 1. Indices of industrial production
In May 2022, an increase compared to the previous month was registered in the mining industry – by 13.0%, and in the processing industry – by 1.6%, and a decrease was recorded in the production and distribution of electricity and heat energy and gas – by 5.5%.
Significant growth in the processing industry was observed in: repair and installation of machinery and equipment – by 27.4%, production of vehicles, excluding cars – by 11.0%, production of basic metals – by 8.9%.
A more significant decline was registered at the production of metal products, without machinery and equipment – by 15.0%, the processing of leather; the production of shoes and other products from treated skins without hair – by 6.6%, the production of textiles and textile products, excluding clothing – by 6.1%, the production of beverages – by 5.5%.
Fig. 2. Change in the index of industrial production compared to the previous month (Seasonally adjusted)
On an annual basis, an increase in industrial production, calculated from calendar-adjusted data, was recorded in: manufacturing industry – by 21.1%, mining industry
– by 18.5%, and the production and distribution of electric and heat energy and gas – by 14.1%.
More significant growth in the processing industry compared to the corresponding month of the previous year was observed in: production, not classified elsewhere – by 96.7%, production of computer and communication equipment, electronic and optical products – by 41.2%, production of beverages – by 37.5%, the production of vehicles, excluding cars – by 37.1%.
A decrease was reported in the processing of skins; the production of shoes and other products from treated skins without hair – by 1.0%.
Fig. 3. Change in the index of industrial production compared to the corresponding month of the previous year