Bulgaria reports 0.8% economic growth in Q2 2019
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 5, higher than last month’s flash estimate of 0.6 per cent released by the statistics body.
Compared to the same period of 2018, economic growth in the second quarter was 3.5 per cent. In real terms, gross domestic product (GDP) in Bulgaria in April-June was 29.11 billion leva, or 14.88 billion euro.
NSI’s preliminary data showed domestic consumption decline by 0.1 per cent compared to January-March, down from the 1.3 per cent growth rate recorded in the previous quarter. Year-on-year, domestic consumption was 2.6 per cent higher in April-June (down from the 4.5 per cent annual growth rate recorded in the first quarter).
Gross fixed capital formation rose by 0.7 per cent in the second quarter, compared to 0.2 per cent growth registered in the first three months of the year. In annual terms, gross capital formation in April-June rose by 2.2 per cent compared to the same period of 2018 (which was lower than the 2.5 per cent annual growth rate registered in the previous quarter).
Exports in the second quarter shrank by 2.9 per cent, while imports were down five per cent, resulting in a trade surplus of 1.29 billion leva, or 4.4 per cent of GDP. Compared to the second quarter of last year, exports were up 3.7 per cent and imports shrank by two per cent.
Bulgaria’s Cabinet has set a 3.7 per cent economic growth target this year in the Budget Act macro-economic framework, after recording 3.1 per cent growth in 2018. The European Commission’s latest estimate, in the summer forecast, was for 3.3 per cent growth in 2019.