Bulgaria: Economy rebounds on strong exports
June 8, 2011
In the first quarter, GDP increased a seasonally and working-day adjusted 3.4% over the same period the previous year, according to revised data published by the National Statistical Institute on 8 June. The reading came in above the 13 May preliminary estimate of a 2.5% rise and contrasted the 2.0% contraction registered in the first quarter of 2010. On a quarterly basis, GDP rose 0.6%, up from the 0.4% expansion reported in the previous estimate. The quarterly reading reflected a strong improvement in the external sector, while domestic demand recovered less notably. Private consumption rose 0.8% year-on-year (Q4 2010: +0.3% yoy) and gross fixed investment rebounded from a 1.0% contraction in Q4 2010 to a 1.6% increase in Q1. The net contribution from the external sector to overall economic growth improved markedly, as exports outpaced imports. Exports of goods and services accelerated from a 15.1% expansion to a 20.1% increase. Meanwhile, imports deteriorated from a 10.7% expansion in the fourth quarter to an 8.6% increase in Q1.