Bulgaria: Economic growth remains steady despite slower exports
November 15, 2012
In the third quarter, GDP expanded 0.5% over the same period the year before, according to the preliminary estimate released on 15 November, which matched the expansion seen in the previous two quarters. The quarterly expansion mainly reflected firm growth in private consumption, which expanded 2.9% year-on-year, matching the expansion recorded in the previous quarter. Meanwhile, gross fixed capital formation expanded 1.0%, which contrasted the 2.1% decline recorded in the second quarter. The external sector slowed somewhat. Exports of goods and services slowed to a 3.5% expansion over the same period last year (Q2: +3.9% yoy), while imports decelerated notably to a 3.0% increase from the strong 8.6% expansion seen in Q2. On a quarter-on-quarter basis, GDP added 0.1% in seasonally and working-day adjusted terms, which came in below the 0.3% growth seen in the previous quarter.