According to preliminary data, Bulgaria’s GDP rose 3.6% y/y in 4Q08. Growth during the quarter was driven by the agricultural sector (+20.6% y/y). The industrial sector contracted by 0.1% y/y while services increased by 3.2% y/y. According to the preliminary figures, GDP increased by 6% y/y in full-year 2008.
The sharp deceleration of economic growth in 4Q08 had been expected by most economists and analysts.