Bulgaria’s economy grew by 0.5 per cent in the second quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on September 4, which was marginally higher than last month’s flash estimate 0.4 per cent. In annual terms, economic growth in the second quarter was 2.2 per cent compared to the same period of last year.
In real terms, gross domestic product (GDP) in Bulgaria in April-June was 21.07 billion leva, or 10.8 billion euro.
NSI’s preliminary data showed domestic consumption rise by 0.1 per cent compared to the first (but was up 1.5 per cent compared to the second quarter of last year), while gross fixed capital formation expanded by 0.4 per cent (and was 1.5 per cent higher on an annual basis).
Exports in the second quarter shrank by 3.9 per cent, while imports were down by 1.6 per cent, resulting in a trade surplus of 48 million leva. Compared to the second quarter of last year, exports were up 6.1 per cent and imports were 8.5 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 its spring forecast, or 0.2 percentage points higher than its previous estimate.