Bulgaria’s economy posted 0.9 per cent growth in the second quarter of the year, the National Statistical Institute (NSI) said in a flash estimate on August 16. In real terms, gross domestic product (GDP) in Bulgaria in April-June was 24.3 billion leva, or 12.4 billion euro.
In annual terms, economic growth was 3.6 per cent, up from the 3.5 per cent annual growth figure recorded in the previous quarter. NSI is due to announce preliminary growth figures for the second quarter of 2017 on September 5.
The flash estimate data showed an increase of 0.4 per cent in domestic consumption during the second quarter, along with a 2.4 per cent increase in gross fixed capital formation. Exports were 1.7 per cent higher and imports increased by 0.4 per cent.
In annual terms, domestic consumption was up 4.2 per cent, while gross capital formation declined by 0.9 per cent. Compared to Q2 2016, exports were 6.1 per cent up and imports increased by seven per cent.
Bulgaria was one of 20 EU countries to record economic growth during the second 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 0.5 per cent, Eurostat said.
Among the 21 EU member states to report GDP figures, Bulgaria ranked in the middle of the pack, tied for seventh with Austria, Cyprus, Hungary and Spain, while the Czech Republic had the strongest growth at 2.3 per cent, followed by Sweden (1.7 per cent) and Romania (1.6 per cent).
Only Finland reported economic decline (-0.5 per cent), while seven countries were yet to report second-quarter data (Croatia, Estonia, Ireland, Greece, Luxembourg, Malta and Slovenia).
In annual terms, the EU economy grew by 2.3 per cent compared to the second quarter of 2016, while the euro zone economy was up by 2.2 per cent.