Bulgarian Economy Performs Better Than Expected in 2010 Q3

Bulgaria's economy registered slightly better results in the third quarter of 2010 that the initial data sets of the National Statistical Institute (NSI) indicated last month.

Thus, final NSI data showed on Thursday that in the third quarter Bulgaria's GDP grew by 0.7% compared with the second quarter, and by 0.5% compared with the same quarter of 2009. (The initial forecasts were for 0.3% and 0.2% respectively.)

In July-September 2010, Bulgaria's GDP amounted to BGN 19.4 B (BGN 2 581.2 per capita) estimated in current prices, or EUR 9.921 B (EUR 1 319.8 per capita). Calculated in US dollars based on an average exchange rate of USD 1 = BGN 1.516360 in the third quarter, the figure is USD 12.8 B (USD 1 702.3 per capita).

In comparison, in the third quarter of 2009, Bulgaria's GDP amounted to BGN 18,056 B (EUR 9.232 B).

In the first nine months of 2010, Bulgaria's GDP amounted to BGN 50.664 B. In comparison, in the first nine months of 2009 Bulgaria's GDP amounted to BGN 48.339 B – or EUR 24.715 B (fixed exchange rate of EUR 1 = BGN 1.95583) - or USD 33.723 B (at an exchange rate of USD 1 = BGN 1.433396).

The added value generated by the Bulgarian economy in the third quarter of 2010 amounted to BGN 16.480 B in current prices. The total added value of the goods and services that Bulgaria produced in the same period of 2009 was BGN 15.2 B.

The industrial sector's share in the added value, however, is down by 1.7 percentage points, to 29.4%. The share of the services is 60.1%, up by 0.5 percentage pints, and the share of agriculture is BGN 10.5%, up by 1.2 percentage points.

In the third quarter of 2010, the added value of the Bulgarian economy is down by 0.4% compared with the second quarter.

Bulgaria's export grew by 8.9% in the third quarter compared with the previous three-month period, while the domestic demand declined by 2.7%. The import of goods and services declined by 1.3% quarter-on-quarter.

Compared with the third quarter of 2009, the added value of the Bulgarian economy remains the same. However, the added value share of the agriculture sector grew by 3%, while that of industry declined by 1.3%, and of services – by 1.4%.

Bulgaria's export grew by 18.5% while the import dropped by 3% in the third quarter of 2010 year-on-year. The collective demand, however, is down by 7.8%, while individual demand dropped by 5.9%.