Bulgaria’s Q3 2009 GDP Sees Smaller Drop than Expected
Bulgaria’s economy shrank by 5,4% in the third quarter of 2009 compared to the same period of 2008.
This has been announced by the National Statistical Institute, which released Thursday its 2009 Q3 data about the economy.
The new figure is better than the 5,8% drop forecast in the preliminary data set of NSI.
Bulgaria’s GDP amounted to BGN 18,056 B (EUR 9,232 B) in the third quarter of 2009. The total added value of the goods and services that Bulgaria produced in that period is BGN 15,2 B.
Bulgaria’s industrial sector registered a 6% decline in July-September 2009 (instead of the previously forecast 10%) compared to the third quarter of 2008, whereas the drop in the services is 5,1% (compared to the forecast of 5,7%). The agriculture is the only sector which registered actual growth – of 2,3% (which is smaller than the forecast growth of 3%).
Even though Bulgaria’s economic decline in the third quarter of 2009 is 0,4% smaller than previously forecast, it is still worsening as the country’s economy shrank by 3,5% in the first quarter year-on-year, and by 4,9% in the second quarter year-on-year.
A second data set released by the NSI Thursday shows that 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 per capita GDP figures for January-September 2009 are as follows – BGN 6 374 – or EUR 3 259 – or USD 4 447.
The total added value generated by the Bulgarian economy in the first three quarters of 2009 amounts to BGN 40,671 B, which is a 3,2% drop year-on-year.
The industrial sector created 31,1% of Bulgaria’s total added value in that period; yet, the total added value of Bulgaria’s industry dropped by 8,3% year-on-year.
The services sector is responsible for 62% of Bulgaria’s added value in the first nine months of the year (this is an increase from 60,4% in the first nine months of 2008). Its added value in Q1-Q3 of 2009 dropped by 0,7 year-on-year.
In the first three quarters of 2009, Bulgaria’s import declined by 23%, whereas its export decline by 12,8%. In that period Bulgaria had a negative trade balance of - BGN 3,649 B.
Earlier this week, Bulgaria’s Finance Minister Simeon Djankov announced that the Bulgarian economy would decline by 4,9% in 2009, a smaller drop than the previous government estimate of 6,3%.
Text source: novinite.com
Image souce: stroitelstvo.bg
To see the presentation of the company, please follow the link:
(10.12.2009)