Bulgaria reports 0.4% economic growth in Q1 2024

Bulgaria’s economy grew by 0.4 per cent in the first quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on June 7. The figure was in line with last month’s NSI flash estimate.

Compared to the same period of 2023, Bulgaria’s economy grew by 1.8 per cent in the first quarter, slightly higher the 1.7 per cent figure in the NSI flash estimate.

In real terms, gross domestic product (GDP) in January-March was 43.28 billion leva, or 22.13 billion euro, NSI said.

NSI’s seasonally-adjusted preliminary data showed domestic consumption rose by 0.9 per cent during the first quarter, and was 3.4 per cent higher on an annual basis. Gross fixed capital formation grew by 1.7 per cent in January-March, and it was 7.9 per cent up compared to the first quarter of 2023.

Exports in the first quarter were 2.1 per cent lower, while imports declined by 1.9 per cent, with the trade balance showing a surplus of 845.2 million leva, or two per cent of GDP. Compared to the first quarter of last year, exports were down 2.1 per cent and imports were 3.7 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 2024 is 3.2 per cent, while the European Commission projected 1.9 per cent growth for Bulgaria’s economy in its spring forecast last month.

(Photo: Steve Ford/sxc.hu)

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