Bulgarian economy grew by 0.4% in Q3 2023 – flash estimate

Bulgaria’s economy grew by 0.4 per cent in the third quarter of the year, the National Statistical Institute (NSI) said in a flash estimate on November 14. In real terms, gross domestic product (GDP) in Bulgaria in July-September was 47.73 billion leva, or 24.41 billion euro.

In annual terms, the economic growth in the third quarter was 1.7 per cent, compared to the same period of 2022. NSI is due to announce preliminary growth figures for the quarter on December 7.

The flash estimate’s seasonally-adjusted data showed domestic consumption increase by 1.6 per cent during the third quarter, and it was 6.1 per cent higher on an annual basis.

Gross fixed capital formation was 7.9 per cent higher in July-September compared to the previous quarter and 9.4 per cent higher year-on-year.

Exports fell by 3.4 per cent compared to the second quarter and were 7.8 per cent lower compared to the third quarter of last year, while imports were down 0.1 per cent on a quarterly basis and 7.5 per cent lower year-on-year.

The country recorded a trade surplus of 1.94 billion leva in the quarter, the equivalent of 4.1 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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