Bulgaria reports 0.9% economic growth in Q1 2015
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 5. The figure remained unchanged compared to last month’s flash estimate, which also put the year-on-year economic growth in the first quarter at two per cent.
In real terms, gross domestic product (GDP) in Bulgaria in January-March was 17.25 billion leva, or 8.8 billion euro.
NSI’s preliminary data showed domestic consumption remain unchanged compared to the last quarter of 2014 (but was up 1.1 per cent compared to the first quarter of last year), while gross fixed capital formation shank by 0.1 per cent (although it was 2.1 per cent higher on an annual basis).
Exports in the first quarter rose by 4.8 per cent, while imports increased by 4.7 per cent, resulting in a trade deficit of 698 million leva. Compared to the first quarter of last year, exports were up 12.9 per cent and imports were 9.7 per cent higher.
Bulgaria’s Cabinet has set a conservative 0.8 per cent economic growth target this year, set in the Budget Act macro-economic framework. The European Commission is more optimistic, raising its overall growth estimate for 2015 to one per cent in the spring forecast last month, or 0.2 percentage points higher than its previous estimate.