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

Business » INDUSTRY | May 13, 2022, Friday // 14:02
Bulgaria: Decline in Industrial Production in the EU in March but Increase in Bulgaria @Pxhere

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.

Graphs of industrial production in the EU and the euro area

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%).

EU industrial production in January (compared to a year earlier)

Bulgaria's exports in March broke all-time records probably due to the export of arms to Ukraine through intermediaries.

Follow Novinite.com on Twitter and Facebook

Write to us at editors@novinite.com

Информирайте се на Български - Novinite.bg

/BNR

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Industry » Be a reporter: Write and send your article
Tags: production, Eurozone, Bulgaria, EU
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria