Bulgaria's Economy Grows by 1.7% in 2011

Bulgaria's Economy Grows by 1.7% in 2011

Bulgaria's gross domestic product (GDP) grew by 1.7% last year, following a 0.4% increase in 2010, the statistics office said.

In nominal terms, last year's GDP amounted to 75.265 billion levs ($50.87 billion/38.48 billion euro), the National Statistics Office (NSI) said in a statement on Tuesday. It did not provide comparative figures.

In the last quarter of 2011, the country's economy expanded by 0.3% from the previous three months after staying flat in the third quarter, according to seasonally-adjusted preliminary data.

GDP grew by 1.6% year-on-year in the fourth quarter, after posting a 1.3% annual increase in the third quarter.

In the fourth quarter alone, the country's GDP reached 19.465 billion levs in nominal terms.

The government in Sofia had projected real economic growth of 3.6% in the 2011 state budget.

It expects the country's economy to grow by between 3.6% and 4.4% annually in the 2012 - 2014 period.

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