SOFIA, BULGARIA - During the second quarter of 2011, Bulgaria’s GDP increased by 0.2%, according to Eurostat’s flash estimates.
Eurostat and the Bulgarian National Statistics Institute (NSI) define flash estimates as "the earliest picture of the economy according to national accounts concepts, which is produced and published as soon as possible after the end of the quarter, using a more incomplete set of information than that used for traditional quarterly accounts."
According to Eurostat's and NSI's flash estimates of GDP by final expenditure, in the second quarter of 2011 final consumption expenditure and gross fixed capital formation recorded increases of 1.3% and 4.4%, respectively. Exports of goods and services in the second quarter decreased by 0.5% compared to the previous one. During the same period, imports of goods and services increased by 2.4%. During the second quarter of 2011, the gross value added increased by 1.2% compared to the same quarter of the previous year. The indicator's movement is determined mainly by the increase recorded in industry (3.3%) and services (1.3%). During the same period, the agricultural sector declined 7.4%.
Regarding the expenditure component of GDP, the export of goods and services by members of the Bulgarian Chamber of Commerce and Industry (BCCI) increased by 11.6%. Imports of goods and services increased 7.9%. Final consumption and gross fixed capital increased by 0.9% and 9.5% compared to the corresponding quarter of the previous year.
Bulgarian banks have seen a significant growth in deposits over the last two months thanks to Greek and Romanian nationals, officials and bankers say. In June, foreign deposits in local banks have increased by BGN 67 million, according to figures cited by the local newspaper 24 Hours Daily and confirmed by BCCI analysts. According to bankers, the stability of the Bulgarian banks, and their desirable interest rates, are the main factors that attract foreigners. Meanwhile, a survey has shown that over the last five years, only 45% of Bulgaria's population disposed of sufficient incomes to be able to put aside regular savings, predominantly small sums of BGN 100 per month.
For additional information on this article, please write to Vassil Chobanov of the Bulgarian Chamber of Commerce and Industry’s public relations department at