According to a flash estimate for Q1 2011 issued by the Statistical Office, real GDP growth, at last year’s prices, came at 3%, which is in line with NBS expectations stated in the February Inflation Report.

Industrial output fell 0.1% s-a in March 2011, while recording a 7.1% y-o-y increase. The y-o-y growth in industrial output is attributable primarily to the upturn in the production of base metals, electricity, non-metallic mineral products, and motor vehicles and trailers.

Manufacturing lost 1.3% s-a, but gained 4.2% y-o-y.

Retail trade turnover decreased 14.2% y-o-y.

The Statistical Office’s seasonally-adjusted data for March point to a 1.4% decline in exports and a 5.5% growth in imports. Y-o-y, euro-denominated commodity exports and imports rose 29.4% and 22.8%, respectively.

The largest share in exports is that of base metals and cereals and cereal products, while imports are dominated by energy and motor vehicles.