bulgaria economy pops head out of recession in q3
News Posted On: 15 November 2010
The Bulgarian economy finally popped its head out of one of the ugliest recessions caused by the international financial crisis with a 0.2% year on year growth in the third quarter, according to a flash estimate from the national statistics institute last week.
While this being the first year on year growth we have seen is very positive indeed, it is tempered by the fact that quarterly growth slowed from 0.5% in the second quarter to 0.3% in the third, and is also below the forecast of 0.4%.
The statistics confirm the forecasts of the economists surveyed last week by Dnevnik, which said that while the Bulgarian economy is bouncing off the trough its recovery will be slow and painful.
The data also shows that the growth was mainly fuelled by the agricultural sector, which saw a quarter on quarter growth of 1.2% in Q3.
This is the latest in what is becoming a line of positive news about the Bulgarian economy. Recently analysts have been pointing out the potential for the low labour costs in Bulgaria to make it a services outsourcing hub.
On top of that the largest Russian language overseas property portal 1-property.ru recently said that Bulgaria is the most popular country among its clientele of Russian buyers. Because Russian buyers are currently thought to be a prevalent force in overseas property, with potentially millions of active buyers, this was hailed as very positive for the property market, which has been among the worst affected by the crisis.
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