Bulgaria Returns to Growth Despite Political Turmoil
Bulgaria's economy returned to growth in the third quarter despite ongoing political tensions in the EU's poorest country, official preliminary data showed on Thursday.
Helped by a modest recovery in the eurozone that has boosted other central and eastern European emerging economies, gross domestic product (GDP) grew 0.6 percent after shrinking 0.1 percent in the last quarter.
Exports rose 1.8 percent and household consumption edged up 0.2 percent. On a 12-month basis, GDP grew by 0.8 percent in the third quarter, boosted by a 6.5-percent rise in exports and a 5.0-percent increase in imports.
Bulgaria's fragile economy grew 0.8 percent in 2012 but in the first quarter of 2013 it expanded only 0.1 percent before shrinking by the same amount in the second. The government has slashed its 2013 forecast to 0.6 percent.
The previous right-wing government resigned in February after nationwide protests against poverty and corruption, and the new administration has also braved months of demonstrations since taking office in May.
Economists have warned that further political turmoil could do serious damage to business confidence and put off foreign investors as deflation hits household consumption.
Source: Agence France Presse
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