Bulgarian economy grew by 0.4% in Q1 2023 – flash estimate

Bulgaria’s economy grew by 0.4 per cent in the first quarter of the year, the National Statistical Institute (NSI) said in a flash estimate on May 16. In real terms, gross domestic product (GDP) in Bulgaria in January-March was 37.3 billion leva, or 19.05 billion euro.

In annual terms, the economic growth in the first quarter was two per cent, compared to the same period of 2022. NSI is due to announce preliminary growth figures for the quarter on June 8.

The flash estimate’s seasonally-adjusted data showed domestic consumption decline by 0.5 per cent during the first quarter, but it was 2.8 per cent higher on an annual basis. Gross fixed capital formation rose by 1.9 per cent in January-March, and was 5.2 per cent higher compared to the first quarter of 2022.

Exports fell by 0.9 per cent compared to the fourth quarter of 2022 and were three per cent higher compared to the first quarter of last year, while imports were down 3.9 per cent on a quarterly basis and 4.3 per cent lower year-on-year.

The country recorded a trade surplus of 421.7 million leva in the quarter, the equivalent of 1.1 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 recovery from the Covid-19 pandemic or the Russian invasion of Ukraine had on Bulgaria’s economy.

(Photo: Steve Ford/sxc.hu)

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