S&P Sees Bulgaria's Economy Contracting 1.0% in 2010, Growing 2.0% in 2011

S&P Sees Bulgaria's Economy Contracting 1.0% in 2010, Growing 2.0% in 2011

Bulgaria's economy will contract by a real 1.0% this year before growing 2.0% in 2011, global rating agency Standard&Poor's (S&P) said in report.

"[Gross domestic product] GDP contracted by 5% in 2009 and we expect it to fall by about an additional 1% this year, given further downside risk related to the EU's current fragile recovery," the agency said in a report which Bulgaria's Finance Ministry made available to SeeNews on Monday. "The contraction is broad-based, however, given that past growth stemmed mainly from increased investment and less from consumption, in contrast with some peers," the agency added.

In 2012 Bulgaria's economy will grow by 2.5%, according to S&P.

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