Bulgaria’s economy grew by 0.7 per cent in the third quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on December 4, in line with last month’s flash estimate. In annual terms, economic growth in the third quarter was 2.9 per cent compared to the same period of last year.
In real terms, gross domestic product (GDP) in Bulgaria in July-September was 23.49 billion leva, or 12.01 billion euro.
NSI’s preliminary data showed domestic consumption rise by one per cent compared to the second quarter (it was also up one per cent compared to the third quarter of last year), while gross fixed capital formation expanded by 0.6 per cent (but was 0.4 per cent lower on an annual basis).
Exports in the third quarter shrank by 1.9 per cent, while imports were down by 0.8 per cent, resulting in a trade surplus of 2.44 billion leva. Compared to the third quarter of last year, exports were up 5.2 per cent and imports were 3.3 per cent higher.
Bulgaria’s Cabinet initially set a conservative 0.8 per cent economic growth target for this year in the Budget Act macro-economic framework, although that figure has been raised upward to two per cent in the Budget revision passed alongside the 2016 Budget earlier this week.
The European Commission also revised its growth estimate for 2015 upward in the autumn forecast last month, to 1.7 per cent from one per cent in its earlier forecast in spring.