Bulgaria: Economic growth accelerates in the fourth quarter
February 15, 2011
In the fourth quarter, GDP expanded 1.7% over the previous quarter in seasonally and working-day adjusted terms, according to the flash estimate published by the National Statistical Institute on 15 February. The fourth quarter reading represents an acceleration compared to the 0.3% expansion observed in the third quarter. Compared to the same period the previous year, GDP rose 2.1%. The acceleration over the third quarter was mainly driven by a strong rebound in private consumption, which expanded 4.3% quarter-on-quarter (Q3: -4.0% qoq). Meanwhile, gross fixed investment improved from growth of 1.0% in the third quarter to a 2.9% expansion in Q4. However, the net contribution from the external sector to overall economic growth deteriorated, as imports expanded and exports declined. Exports of goods and services contracted 3.9% over the previous quarter, contrasting the 9.1% expansion in the third quarter. Meanwhile, imports rebounded from a 2.2% contraction in the third quarter to expand 2.3% in the fourth.