National Statistical Institute said that Bulgaria's gross domestic product has registered a double growth in the third quarter of 2010 as compared with the flash estimates of the National Statistical Institute published in November 2010.

In nominal terms, the country's GDP came in at BGL 19.4 billion or BGL 2,581 per capita. The country continues to occupy the last positions in terms of GDP per capita ratio among EU states. The increase, however, was not accompanied by an improvement in household segment, as consumption continued to contract in the quarter. Furthermore, local companies' investment activity also deteriorated in the reported period.

According to NSI's latest data, the country's GDP edged up 0.7% in quarterly terms and 0.5% on an annual basis for July to September. The statistics bureau's flash seasonally-adjusted estimate in November showed that the country's economy had expanded by 0.3% QoQ and by 0.2% YoY.

The main driver of the country's GDP growth was the rebound in exports, which registered an annual rise of 18%. Sales abroad, however, make the Bulgarian economy dependent on developments in the international markets. Despite the improved figures, households continued to refrain from spending in the third quarter, with individual and collective consumption falling 5.9% and 7.8%, respectively.

Mr Tsvetoslav Tsachev, an analyst at Sofia based Elana Trading, told Dnevnik that the growth in economy can not be considered a success if the internal market is still stuck in the crisis.

He added that "Overall, foreign trade is a generator of growth, unlike the domestic market. The impoverishment of the population makes exports more important to business, but while the internal component and consumption are still troubled, the fact that the economic growth registers growth, would not be a great achievement. Another concern is the lack of agile lending, which further impedes the improvement of turnovers in the economy."

(Sourced from Dnevnik)