The monthly analysis of the current development of the Bulgarian economy as of end-November has been published on the website of the Ministry of Finance. The key macroeconomic indicators dynamics is presented. The issue also includes a government debt overview.
Bulgarian GDP growth accelerated to 0.7% yoy (s.a. data) in Q3 2013 boosted by the exports growth, up 8.5%. Even as demand from export oriented industries led to acceleration in imports’ growth, up by 7.4%, net exports sustained their positive contribution. GFCF also increased, up 1.2%, and according to data on expenditures for fixed assets acquisition, growth came mainly from the manufacturing sector. Households’ expenditures, on the other hand, declined for a second quarter in a row, this time down by 0.5%, possibly reflecting the further decline in consumer confidence and worsened assessment of the financial situation of households as reported by recent consumer surveys. Nevertheless, the slump in private consumption was offset by the public expenditures growth.
On the supply side, GVA increased by 0.5%. Growth in manufacturing accelerated to 3%, driven by external demand with foreign turnover returning to positive territory after slight decrease in the second quarter. Most of the activities in services’ sector like trade; transport; accommodation, information and communication, financial and insurance activities had positive contribution to the economic performance. Growth in the agricultural sector decelerated compared to the previous quarter and reached 3.8% yoy. The decline of VA in construction slowed down to 5.4%, being up 0.2% qoq.
You can find the text of the analysis here.