Bulgaria reports 0.8% economic growth in Q2 2018
Bulgaria’s economy grew by 0.8 per cent in the second quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on September 7, matching last month’s flash estimate released by the statistics body.
Compared to the same period of 2017, economic growth in the second quarter was 3.4 per cent. In real terms, gross domestic product (GDP) in Bulgaria in April-June was 25.91 billion leva, or 13.25 billion euro.
NSI’s preliminary data showed domestic consumption grow by two per cent compared to January-March, speeding up from 0.5 per cent growth rate recorded in the previous quarter. Year-on-year, domestic consumption was 4.8 per cent higher in April-June (up from the 3.3 per cent annual growth rate recorded in the first quarter).
Gross fixed capital formation rose by 0.3 per cent in the second quarter, compared to 4.6 per cent growth registered in the first three months of the year. In annual terms, gross capital formation in April-June rose by 4.6 per cent compared to the same period of 2017 (lower than the seven per cent annual growth rate registered in the previous quarter).
Exports in the second quarter shrank by 1.3 per cent, while imports were up by 0.9 per cent, resulting in a trade deficit of 422 million leva, or 1.6 per cent of GDP. Compared to the second quarter of last year, exports were up 1.7 per cent and imports were 4.3 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 its summer forecast, was for 3.8 per cent growth in 2018.