Bulgaria's Industry Shrinks as European Economy Weakens

Business » INDUSTRY | June 11, 2024, Tuesday // 13:57
Bulgaria: Bulgaria's Industry Shrinks as European Economy Weakens @Pixabay

The industry in Bulgaria is feeling the effects of the declining European economy, with reports indicating a contraction in various sectors. In April, calendar-adjusted data showed a 0.3% decrease compared to the previous year.

Notably, the mining industry experienced a significant decline of 7.7%, while the processing industry also saw a contraction of 1.9%. However, there was growth in the production and distribution of electricity, heat energy, and gas, with an increase of 10.6%.

Within the processing industry, certain sectors witnessed notable decreases over the year. For instance, there was a substantial decline in the processing of skins, shoe manufacturing, etc., which decreased by 23.5%. Additionally, production in areas such as vehicles (excluding cars), electrical equipment, and other non-classified sectors also saw declines ranging from 22.2% to 23.1%.

Despite these contractions, there were pockets of growth in specific sectors. The production of basic metals, for example, experienced a significant increase of 34.7%. Additionally, there was growth observed in drug production during the same period.

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Tags: industry, Bulgaria, European

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