Bulgaria sees 2 % GDP growth in second quarter of 2011, experts claim

Bulgaria sees 2 % GDP growth in second quarter of 2011, experts claim

The growth of the Bulgarian economy for the second quarter of 2011 is some 2 % on a yearly basis, the regular three-month report of the Center of Economic Development shows. Bulgarian economy is definitely moving to a state of growth but it is still feeble and unequal.

Economic experts expect a certain acceleration of the total economic growth on a yearly basis in the third quarter of 2011. The GDP growth for 2011 will reach 2.5 to 3 %. The invigoration of the global economy lies at the heart of the ongoing dynamic development of Bulgaria's foreign trade. Exports during the first 5 months of the year amount to 8 billion euro, an increase of 47.2 % compared to the same period in 2010.

Imports increase at a slower rate of 25.6 % and have reached 8.9 billion euro. The EU is still the main market for the Bulgarian economy, accounting for 60.7 % of the total exports. Bulgaria's major commercial partners are Germany, Italy, Romania and Greece. The first 5 months of the year have seen a flow of resources outside the country instead of increasing foreign investments (27 million euro, or 0.1.% of the GDP have been exported). The inflation rate in 2011 will not exceed last year's inflation of 4.5 % in case fuel prices remain relatively stable. According to the experts from the Center of Economic Development, unemployment will reach 9.5 % by the end of the year. (Source: BNR)

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