Thu, Feb 09 2012

Bulgaria's economy shrinks by 5% in 2009

Thu, Mar 11 2010 16:10 CET

byThe Sofia Echo staff

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Bulgaria's economy shrinks by 5% in 2009

Photo: Assen Tonev

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.

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Appointments

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British Council

Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.

CEZ

CEZ

Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.

Rompetrol Bulgaria

Rompetrol Bulgaria

Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.

BASF Bulgaria

BASF Bulgaria

Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.

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