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cannot influence — food and energy prices. The NBS estimates that
inflation will reach its peak in late 2021 and early 2022, and that from
mid-2022 inflation will begin to calm down.

2.10.4 Industrial production

In the first nine months of 2021, the volume of industrial production
grew by 7.3%, according to the Ministry of Finance.

Activation of new production capacities primarily as a result of FDI
maintained activity in the processing industry despite the pandemic,
which with a low base from the same period of 2020 led to an increase
in production of 6.4% in the first nine months of 2021.

All three sectors of industry expanded, with two thirds of the
contribution coming from the increase in manufacturing production of
6.4%, with growth in 17 of 24 segments in this sector.

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