Bulgaria: Economy rebounds in third quarter
December 9, 2010
According to revised data published by the National Statistical Institute on 9 December, gross domestic product increased a seasonally adjusted 0.5% annually in the third quarter. The reading came in above a 12 November preliminary estimate of a 0.2% annual rise and contrasted the 0.3% decline registered in the second quarter. On a quarterly basis, GDP rose 0.7% over Q2, up from the 0.3% expansion reported in the previous estimate. The result reflected a step up in investment, which improved from a 15.6% contraction in the second quarter to a 5.3% decline in the third. In contrast, private consumption dropped further from a 3.7% contraction in the second quarter to a 5.9% drop in the third. The net contribution from the external sector to overall growth improved, as exports expanded at a faster rhythm than imports. Exports of goods and services grew 18.5% in the third quarter, up from a 12.6% expansion in the second. Meanwhile, imports increased less markedly from a 0.3% rise in the second quarter to a 3.0% expansion in the third.