Bulgaria Sees 2.1% y/y GDP Growth 4th Quarter 2010

Bulgaria's GDP growth rate in the fourth quarter of 2010 is 2,1%, year on year and 1,7% compared to the previous quarter, according to the National Statistical Institute's flash estimates.

In the fourth quarter of 2010, the GDP at current prices amounted to BGN 19 924 B. The GDP for 2010 in monetary terms amounted to BGN 70 568 B.

Compared to the third quarter of 2010, gross value added of the total economy increased by 0.4%. According to flash estimates of GDP by final expenditure, in the fourth quarter of 2010 for the first time during the year final consumption expenditure and gross capital formation recorded an increase by 4.1% and 2.8% respectively.

Unlike the first three quarters of the year, exports of goods and services in the fourth quarter decreased by 3.9% compared to the previous one. During the same period, imports of goods and services increased by 2.3% over the previous quarter.

On an annual basis, during the fourth quarter of 2010 gross value added increased by 0.8%. The indicator's movement is determined mainly by the increase recorded in the agricultural sector (4.8%) and industry (3.6%). Services have a negative contribution to value added with a decline of 1.8% over the period.

As for the expenditure component of GDP, a major contributors to registered positive economic growth of 2.1% are collective consumption and exports of goods and services, which increased by respectively 11.3% and 10.7% year on year. Final consumption and gross capital formation recorded a decline compared to the corresponding quarter of previous year by 1.3% and 2.1%respectively