Bulgaria's economy to grow by 2% in 2013 - local think-tank.

By bne IntelliNews February 7, 2013
Bulgaria's economy posted a growth of around 1% in Q4 2012 and in 2013 the gross domestic product is likely to expand by 2%, according to the latest forecast of the Centre for Economic Development (CED). GDP growth stayed at 0.5% in Q3, the same as in Q1 and Q2, according to seasonally-adjusted data by the statistics office. The think-tank sees economic growth for the whole 2012 at 1%, slightly lower compared to its previous estimate due to worse than expected performance of the industrial sectors. The manufacturing, which was one of the best performing industries in 2011, with contribution to GDP close to 21%, has likely remained flat in 2012 and the growth rate of the value-added of the sector is estimated to be below 1% y/y. The financial services and real estate sectors are also seen decelerating in Q4. CED estimates a marginal increase of the services sector in 2012 due to strong declines in real terms recorded in Q4. According to the latest forecast of the EBRD and the government, Bulgaria's GDP will grow by 1.9% in 2013.

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