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Bulgaria Q1 growth seen at 0.5% - report

Sun, May 10 2009 18:47 CET

byAlex Bivol

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Bulgaria Q1 growth seen at 0.5% - report

Photo: Krassimir Yuskesseliev

Bulgaria's economy was expected to grow by 0.5 per cent in the first quarter of 2009, three percentage points lower than the figure posted in the last quarter of 2008, Reuters reported on May 9.

"The forecast for the first quarter is for a drop of trhee percentage points from the previous three months, mainly because of a slowdown in industry," the news agency said an economy ministry spokesman quoted Dimitrov as saying during a trip in the countryside.

Bulgaria's National Statistical Institute is due to release the first data on first-quarter economic growth on May 15.

Dimitrov said he expected the global downturn to have had its worst impact in the first quarter and that an expected pick-up in construction and a good crop this summer should ease the economic slowdown in the second and the third quarter, Reuters said.

Analysts and international financial institutions, however, project a strong recession for 2009 and a small decline in 2010, provided that the European Union, Bulgaria's biggest export market, recovers from its own economic malaise.

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Comments

Anonymous Georgi Kantchev Sun, May 10 2009 21:10 CET
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Bulgarian media quoted Dimitrov as saying that bulgarian GDP declined by 3%. Now Reuters reports a 0,5% growth. What did Dimitrov actually say? Maybe he meant the difference between the Q4 2008 growth (3,5%) and the Q1 2009 growth (0,5%) he forecasts.


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