Bulgaria’s economy shrank by 0.1 per cent in the second quarter of the year, compared to the first three months of 2013, the National Statistical Institute (NSI) said in a flash estimate on August 14. Compared to the same period of 2012, the country’s gross domestic product (GDP) was 0.2 per cent higher.
In real terms, GDP in the second quarter was 19.3 billion leva, or 9.88 billion euro.
The economic decline comes after three consecutive quarters of minimal 0.1 per cent growth.
The flash estimate data showed domestic consumption rise by one per cent in the second quarter, after two quarters of decline, but gross fixed capital formation shrank by two per cent.
Exports in the second quarter were flat compared to the first three months of the year, while imports rose by 1.5 per cent. The trade balance in the second quarter showed a deficit of 873 million leva.
The negative growth data for Bulgaria comes on the same day that European Union statistics office Eurostat announced that the 17-country euro zone has emerged from recession after 17 months.
GDP rose by 0.3 per cent in both the euro zone and the 27 members of the European Union during the second quarter of 2013, compared with the previous quarter, according to flash estimates published by Eurostat. In the first quarter of 2013, growth rates were -0.3 per cent and -0.1 per cent, respectively.