Bulgaria's Economy Did Slightly Better Than Expected in Q2 2011

Bulgaria’s economy performed slightly better in the second quarter than was originally estimated, according to seasonally adjusted data of the National Statistical Institute.

Latest NSI data released Tuesday indicated that Bulgaria’s GDP grew by 0.3% in the second quarter of 2011 compared with the first quarter – an improvement compared with the 0.1% growth for Q2 that was originally announced in August. The average Q2 growth of EU 27 compared with the first quarter was 0.2%.

The year-on-year growth figure for the Bulgarian economy in the second quarter has also been revised up to 2.0%, from 1.9% announce earlier according to the flash estimates.  The EU 27 y/y growth in the second quarter was 1.7%.

In spite of the slight positive revision, Bulgaria’s economy still registered a slowdown of its growth in the second quarter, after in Q1 2011 it grew by 0.7% compared with the last quarter of 2010, and by 3.3% year-on-year.

In the second quarter of 2011, Bulgaria’s GDP amounted to BGN 18.804 B, or EUR 9.614 B, which translates into a per capita GDP of EUR 1 284.

In April-June 2011, Bulgaria’s industrial and agricultural sectors increased their relative share in the added value of the economy, while the share of the services declined. The industry saw its share grow by 2.3% y/y reaching a share of 33.4%, and the agriculture’s increased by 1.1% reaching 5.8%. The share of the services declined by 3.4% down to 60.8%.

A total of 3.492 million people were employed in Bulgaria in the second quarter, a decrease by 3.5%. The gross added value per employed person increase by 6.1% in the second quarter year-on-year.

In the second quarter of 2011, individual consumption constituted 70.1% of Bulgaria's GDP. Investments accounted for another 21.1%. The country's external balance (exports-imports) was negative BGN 414 M, or 2.2% of the GDP.

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