advertisement
Sat, May 26 2012
Bulgarian economy shrinks by 1.5% in Q2 - official estimate
Photo: Valentina Petrova
Bulgaria's economy shrank by a real 1.5 per cent year-on-year in the second quarter of 2010, the lowest figure recorded since the country entered a recession in the first quarter of 2009, Bulgaria's National Statistics Institute (NSI) said in a flash estimate on August 13.
In absolute terms, second-quarter gross domestic product (GDP) was estimated to reach 16.38 billion leva, NSI said in a statement.
The agriculture sector posted an increase of 1.6 per cent year-on-year, while the services and industrial sectors declined by 1.7 per cent and 0.3 per cent, respectively.
Consumption, which was one of the main drivers of economic growth in recent years, was down an annual 7.6 per cent for the quarter and investment was 1.4 per cent lower. Despite an increase in exports and continued decline of imports, the trade gap for the first quarter was expected to be 4.2 per cent of GDP.
For the first half of the year, the economy was expected to shrink by 2.5 per cent compared to the same period of 2009, 30.43 billion leva.
NSI's flash estimates, which were launched in 2008, are based on limited data and are subject to revision. The statistics board is scheduled to publish detailed data for the second quarter of 2010 on September 9.
In absolute terms, second-quarter gross domestic product (GDP) was estimated to reach 16.38 billion leva, NSI said in a statement.
The agriculture sector posted an increase of 1.6 per cent year-on-year, while the services and industrial sectors declined by 1.7 per cent and 0.3 per cent, respectively.
Consumption, which was one of the main drivers of economic growth in recent years, was down an annual 7.6 per cent for the quarter and investment was 1.4 per cent lower. Despite an increase in exports and continued decline of imports, the trade gap for the first quarter was expected to be 4.2 per cent of GDP.
For the first half of the year, the economy was expected to shrink by 2.5 per cent compared to the same period of 2009, 30.43 billion leva.
NSI's flash estimates, which were launched in 2008, are based on limited data and are subject to revision. The statistics board is scheduled to publish detailed data for the second quarter of 2010 on September 9.
-
Print
-
Send via email
- Translate to
-
Share:
Comments
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
Bulgaria’s GDP sees slight increase in Q3 – Eurostat
GDP increased by 0.4 per cent in both the euro area and the EU27 during the third quarter of 2010, compared with the previous quarter, according to flash estimates published on November 12 2010 by Eurostat, the statistical office of the European Union.
Euro zone, EU GDP up by one per cent in Q2 2010
GDP increased by one per cent in both the 16-member euro area and the EU27 during the second quarter of 2010, compared with the previous quarter, according to first estimates released by Eurostat, the statistical office of the European Union.
Faltering steps
Stimulated by vigorous economic growth in Germany, the EU also has registered growth – but in Bulgaria, the economy still seems more to be recuperating than recovering
More in this category
Bulgaria secures one-year extension on Belene loan - minister
The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.
Euro zone unemployment at record high
The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.
Sale of Bulgarian telecom BTC faces cancellation – report
Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.
Raiffeisen takes over Polbank
Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.
Global jobs crisis to continue for some time, ILO report says
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.
Appointments
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
© 2000-2012, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo
ECONOMY-RISE
i recommend that you do not invest into turkey, because investing into turkey may be easy, but getting the expenses back plus profit is more than hard impossible.
export increasingly ready-made BULGARIAN products for sale into turkey, and transfer your win as euros promptly into BULGARIA. do not take any other currency or anything else than euros. let turks invest into BULGARIA but only in euros, that money flows into BULGARIA. investment is too risky and very easy. but profit is very difficult in some cases impossible like in turkey.
do not allow [...]
Read the full comment turks to import any turkish products into BULGARIA, they will export BULGARIAN-euros into turkey.
do not allow and DO harden BULGARIANS to go turkey, because the euros need to stay in BULGARIA.
allow turks to come to BULGARIA to bring euros into BULGARIA.
do not invest into foreign countries, especially turkey.
do not import anything from any non-euro-country.
ECONOMY-RISE
i recommend that you do not invest into turkey, because investing into turkey may be easy, but getting the expenses back plus profit is more than hard impossible.
export increasingly ready-made greek products for sale into turkey, and transfer your win as euros promptly into greece. do not take any other currency or anything else than euros. let turks invest into greece but only in euros, that money flows into greece. investment is too risky and very easy. but profit is very difficult in some cases impossible like in turkey.
do not allow [...]
Read the full comment turks to import any turkish products into greece, they will export greece-euros into turkey.
do not allow and harden greeks to go turkey, because the euros need to stay in greece.
allow turks to come to greece to bring euros into greece.
do not invest into foreign countries, especially turkey.
do not import anything from any non-euro-country.
"this has nothing todo with EU the deep and long lasting recession in BG is homegrown. "
what are you smoking expat?
You are right - it's not EU caused recession, but it has MADE IN USA all over it...
BG is such a small economy, that it is a miracle that it has held up as well as it has, given what the big economies have been up to...
this has nothing todo with EU the deep and long lasting recession in BG is homegrown.
Now is a good time for every BG citizen to start making homework...
more delightful BG "european development" progress I see....