Bulgaria records 0.9% economic growth in Q3 2017 – flash estimate

Written by on November 14, 2017 in Bulgaria - Comments Off on Bulgaria records 0.9% economic growth in Q3 2017 – flash estimate

Bulgaria’s economy posted 0.9 per cent growth in the third quarter of the year, the National Statistical Institute (NSI) said in a flash estimate on November 14. In real terms, gross domestic product (GDP) in Bulgaria in July-September was 27.3 billion leva, or 14 billion euro.

In annual terms, economic growth was 3.9 per cent, up from the 3.6 per cent annual growth figure recorded in the second quarter. NSI is due to announce preliminary growth figures for the third quarter of 2017 on December 5.

The flash estimate’s seasonally-adjusted data showed an increase of 1.1 per cent in domestic consumption during the third quarter, offsetting a 0.5 per cent decline in gross fixed capital formation. Exports were 3.2 per cent higher and imports increased by 2.3 per cent.

In annual terms, domestic consumption was up 4.6 per cent, while gross capital formation increased by 4.2 per cent. Compared to Q3 2016, exports were 4.4 per cent up and imports increased by 6.2 per cent.

Bulgaria was one of 19 EU countries to record economic growth during the third quarter, with the EU economy as a whole and the euro zone both posting growth of 0.6 per cent, according to a flash estimate by EU’s statistics body Eurostat. In the previous quarter, the EU28 and the euro zone’s economy both expanded by 0.7 per cent, Eurostat said.

Among the 20 EU member states to report GDP figures, Bulgaria ranked in the top half, tied for fifth with Cyprus, while Romania had the strongest growth at 2.6 per cent, followed by Latvia (1.5 per cent), Poland and Finland (1.1 per cent ech).

Only Denmark reported economic decline (-0.3 per cent), while eight countries were yet to report first-quarter data (Croatia, Estonia, Ireland, Greece, Luxembourg, Malta, Slovenia and Sweden).

In annual terms, the EU economy and the euro zone both grew by 2.5 per cent compared to the third quarter of 2016, Eurostat said.

(Photo: Michael Faes/sxc.hu)

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