Bulgarian economy grew by 1.1% in Q2 2022 – flash estimate

Bulgaria’s economy grew by 1.1 per cent in the second quarter of the year, the National Statistical Institute (NSI) said in a flash estimate on August 17. In real terms, gross domestic product (GDP) in Bulgaria in April-June was 38.3 billion leva, or 19.6 billion euro.

In annual terms, the economic growth in the second quarter was 4.8 per cent, compared to the same period of 2021. NSI is due to announce preliminary growth figures for the second quarter on September 7.

The flash estimate’s seasonally-adjusted data showed domestic consumption rise by 1.1 per cent during the second quarter, and it was 5.3 per cent higher on an annual basis. Gross fixed capital formation declined by 2.4 per cent in April-June and was 7.3 per cent down compared to the second quarter of 2021.

Exports rose by 3.3 per cent compared to the first quarter of the year and were 11.8 per cent higher compared to the second quarter of last year, while imports rose by 2.3 per cent on a quarterly basis and were 18 per cent higher year-on-year.

Bulgaria recorded a trade surplus of 246.3 million leva in the quarter, the equivalent of 0.6 per cent of GDP, NSI said.

NSI’s statistics releases do not, as a rule, include analysis of trends and its GDP flash estimate made no mention of the impact that the Covid-19 pandemic or the Russian invasion of Ukraine had on Bulgaria’s economy.

Bulgaria’s economic growth in the second quarter of 2022 was higher than the figure recorded for the EU as a whole, according to data from the bloc’s statistics body Eurostat. The EU27 economy and the euro zone both grew by 0.6 per cent in April-June.

On an annual basis, Bulgaria’s growth was also higher, with the EU economy expanding by four per cent compared to the second quarter of 2021, while the euro zone economy was up by 3.9 per cent.

(Photo: Steve Ford/sxc.hu)

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