Bulgaria GDP Grows 0.5% in Q2, Spells End of Recession

Bulgaria’s seasonally adjusted GDP marked an increase of 0.5% in the second quarter compared to the first three months of the year thanks to a rise in exports, pulling the country out of recession, the prime minister, Boyko Borisov, announced on 1.10.2010. This is the first time that Bulgaria’s GDP grows since the recession set in at the end of 2008 and the beginning of 2009 and it is due mainly to a rise in exports. The statistics show that Bulgaria’s recession has bottomed out. The average Bulgarians however are still bearing the brunt of the economic crisis and more efforts will be needed for their living standards to rise.

Source: Novite