Bulgaria reports 0.9% economic growth in Q1 2017

Written by on June 7, 2017 in Bulgaria - Comments Off on Bulgaria reports 0.9% economic growth in Q1 2017

Bulgaria’s economy grew by 0.9 per cent in the first quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on June 7. The figure was marginally higher than the 0.8 per cent in last month’s flash estimate.

Compared to the same period of 2016, economic growth in the first quarter was 3.5 per cent. In real terms, gross domestic product (GDP) in Bulgaria in January-March was 20.07 billion leva, or 10.26 billion euro.

NSI’s preliminary data showed domestic consumption grow by 1.9 per cent compared to the last quarter of 2016 (and was up 4.3 per cent compared to the first quarter of last year), while gross fixed capital formation shank by 0.6 per cent (as well as being down 4.6 per cent on an annual basis).

Exports in the first quarter were 0.9 per cent up, while imports rose by 1.9 per cent, resulting in a trade deficit of 811 million leva, or four per cent of GDP. Compared to the first quarter of last year, exports were up 5.8 per cent and imports were 7.1 per cent higher.

Bulgaria’s Cabinet has set a 2.5 per cent economic growth target this year in the Budget Act macro-economic framework, but Finance Minister Vladislav Goranov said last month that recent estimates put growth closer to three per cent this year. The European Commission’s latest estimate, in the spring forecast, was for 2.9 per cent growth in 2017.

(Photo: svilen001/sxc.hu)

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