Bulgaria: Private consumption drives growth in the first quarter
June 6, 2012
In the first quarter, GDP expanded 0.5% over the same period the year before, which is in line with the 15 May preliminary estimate. The reading came in below the 0.9% expansion seen in the fourth quarter. The quarterly reading reflected a notable deterioration in the external sector, which was partially offset by a stronger private consumption. Private consumption rebounded to a 1.0% expansion over the same quarter the previous year, from a 0.4% contraction in the previous quarter. Meanwhile, gross fixed capital formation dropped 5.4% year-on-year, which nonetheless represents an improvement from the 10.5% decline recorded in the fourth quarter.