Bulgaria Q1 Economic Contraction Confirmed

Bulgaria's economy contracted at a slower pace in the first quarter of the year and remained stuck in a severe recession, latest data from the statistical office confirmed Tuesday.

Gross domestic product decreased a seasonally adjusted 1.8 percent year-on-year following a 3.8 percent fall in the fourth quarter.

Consumption, investments and imports grew, while exports dropped sharply.

Compared to the previous quarter, GDP rose 2.5 percent in the first quarter after a 2.2 percent gain in the previous three months.

The flash estimates were thus confirmed.

The gross value added decreased 1.7 percent, revised from 1.6 percent, after a 3.9 percent drop in the previous quarter.

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