Bulgaria reports 0.9% economic growth in Q1 2018
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 7. The figure was marginally higher than the 0.8 per cent in last month’s flash estimate.
Compared to the same period of 2017, economic growth in the first quarter was 3.6 per cent. In real terms, gross domestic product (GDP) in Bulgaria in January-March was 21.48 billion leva, or 10.98 billion euro.
NSI’s preliminary data showed domestic consumption grow by 0.5 per cent compared to the last quarter of 2017 (and was up 3.3 per cent compared to the first quarter of last year), while gross fixed capital formation expanded by 4.6 per cent (as well as being up seven per cent on an annual basis).
Exports in the first quarter were 1.1 per cent up, while imports shrank by 2.2 per cent, which resulted in a trade deficit of 1.2 billion leva, or 5.6 per cent of GDP. Compared to the first quarter of last year, exports were up 4.4 per cent and imports were 4.6 per cent higher.
Bulgaria’s Cabinet has set a 3.9 per cent economic growth target this year in the Budget Act macro-economic framework, after recording 3.6 per cent growth in 2017. The European Commission’s latest estimate, in the spring forecast, was for 3.8 per cent growth in 2018.
(Photo: svilen001/sxc.hu)
