Bulgaria's economy shrank by a real 5.9 per cent year-on-year in the fourth quarter of 2009

Bulgaria's economy shrank by a real 5.9 per cent year-on-year in the fourth quarter of 2009 and five per cent for the full year, the country's National Statistics Institute (NSI) said on March 11 2010. In absolute terms, the gross domestic product (GDP) in 2009 was 66.3 billion leva, including 17.9 billion leva in the fourth quarter.

In 2008, the Bulgarian economy grew by six per cent, buoyed by the momentum accumulated during years of cheaply-available credit. The country officially entered a recession in the first quarter of 2009.

The biggest decline was posted by the industry, which shrank by 8.1 per cent for the year, NSI said in a statement. Agriculture declined by 3.3 per cent and the services sector posted an annual drop of 1.7 per cent.

Consumption, which was one of the main drivers of economic growth in recent years, was down an annual 6.2 per cent. Investment was down 26.9 per cent.

Exports shrank by 9.8 per cent year-on-year, while imports were down by an annual 22.3 per cent. The trade gap was 7.7 per cent of GDP.