Bulgaria reports 0.4% economic growth in Q3 2023

Bulgaria’s economy grew by 0.4 per cent in the third quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on December 7, in line with NSI’s earlier forecast.

Compared to the same period of 2022, Bulgaria’s economy grew by 1.8 per cent in the second quarter, above the 1.7 per cent figure in last month’s flash estimate.

In real terms, gross domestic product (GDP) in July-September was 48.47 billion leva, or 24.78 billion euro, NSI said.

NSI’s seasonally-adjusted preliminary data showed domestic consumption grew by 0.6 per cent during the third quarter, and was 4.3 per cent higher on an annual basis. Gross fixed capital formation grew by 7.9 per cent in July-September, and it was 9.6 per cent up compared to the third quarter of 2022.

Exports in the third quarter were 0.2 per cent higher, while imports rose by 1.5 per cent, with the trade balance showing a surplus of 3.62 billion leva, or 7.4 per cent of GDP. Compared to the third quarter of last year, exports were down 3.1 per cent and imports were 5.5 per cent lower.

NSI’s statistics releases do not, as a rule, include analysis of trends and its third-quarter GDP announcement made no mention of the impact that Russia’s war against Ukraine has had on Bulgaria’s economy.

Bulgaria’s growth target for 2023 is 1.8 per cent, while the European Commission projected two per cent growth for Bulgaria’s economy in its autumn forecast last month.

(Photo: Steve Ford/sxc.hu)

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