Bulgaria records 1.7% economic growth in 2014
Bulgaria’s economy grew by 1.7 per cent last year, based on preliminary data, the country’s National Statistics Institute (NSI) said on March 6. In real terms, gross domestic product (GDP) in 2014 was 82.2 billion leva, or 42 billion euro. The figure narrowly missed the government’s target of 1.8 per cent.
In the fourth quarter, Bulgaria’s economy grew by 0.4 per cent compared to the previous quarter and 1.3 per cent compared to the last quarter of 2013. In real terms, GDP in the last three months of 2014 was 22.7 billion leva or 11.6 billion euro.
NSI’s data gave a breakdown by key growth components only for the last quarter of 2014, not the full year. Fourth-quarter figures showed domestic consumption increase by 1.1 per cent compared to the previous three months and were 0.9 per cent higher than in the fourth quarter of 2013.
Gross fixed capital formation increased by 0.6 per cent and was 3.3 per cent higher on an annual basis. Exports in the fourth quarter rose by 8.3 per cent, while imports increased by 4.6 per cent, but NSI gave details on any trade surplus or deficit.
(Photo: Alessandro Paiva)