Bulgaria's Economy Expands by 0.3% in 3rd Quarter

Bulgaria's economic growth data for the third quarter of 2011 has been revised slightly in a positive direction after preliminary estimates indicated that the Bulgarian economy stagnated on quarterly basis.

According to the institute's seasonally adjusted data, the GDP growth rate in the third quarter of 2011 was 0.3% compared with the second quarter of 2011 and 1.6% compared with the same quarter of the previous year.

The 0.3% quarterly growth is identical to the growth in the second quarter when Bulgaria's seasonally adjusted GDP edged up by only 0.3% compared with the first quarter.

The 1.6% growth on yearly basis is a further slowdown as the Bulgarian economy expanded by 2% in the second quarter, and by 3.3% in the first quarter of 2011 year-on-year, which marked the first considerable increase in economic growth since the country plunged into a recession.

Thus, Bulgaria's Gross Domestic Product at current prices reached a little over BGN 21 B in the third quarter of 2011, according to the country's National Statistical Institute.

In the third quarter of 2011, Bulgaria's GDP per capita amounted to BGN 2 832.8. At an average quarterly exchange rate of BGN 1.3833 per dollar, the GDP amounted to USD 15.192 B or USD 2 047.8 per person. In Euro terms, the GDP amounted to EUR 10.745 B or 1 448.4 euro per person.

Bulgaria's gross value added (GVA) at current prices in the third quarter of 2011 amounted to BGN 17.939 B.

As compared with the third quarter of 2010,  the industrial sector increased its share in the gross value added in the economy by 1 percentage point to 30.7% in the third quarter of 2011. The share of services was 58.7 %, down by 1.9 percentage points as compared with the respective period of the previous year.

In the third quarter of 2011, individual consumption constituted 60.9% of the GDP in Bulgaria's economy. Investments (gross fixed capital formation) accounted for 17.8% of the GDP. The external balance (exports-imports) was positive amounting to BGN 2 329 M and accounted for 11.1% of the GDP.

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