Bulgaria’s economy showed notable growth in the final quarter of 2024, with a 3.4% increase in GDP compared to the same period the previous year, surpassing the initial estimate of 3.1%. This marks the highest economic expansion since the third quarter of 2022 and continues a year-long acceleration. In the earlier quarters of 2024, GDP grew by 2%, 2.4%, and 2.8%, respectively. Compared to the previous quarter, Bulgaria’s GDP increased by 0.9%, slightly higher than the initial 0.8% estimate. The total value of the economy in the fourth quarter reached 57,587.2 billion leva, with 8,942 leva per capita.
The gross value added (GVA) in the economy’s sectors for the fourth quarter amounted to 49.97 billion leva, showing a 3.1% rise year-on-year. On a full-year basis, Bulgaria’s GDP increased by 2.8% in 2024 compared to 2023, with nominal GDP totaling 202.86 billion leva, or 31,479 leva per capita. Final consumption also contributed significantly to economic growth, rising by 4.7% from the same period in 2023, with household consumption up 5.3%. Government spending, however, grew more modestly by 1.8% year-on-year, reflecting a 1.2% quarterly decline.
Despite the overall positive performance, external trade negatively impacted GDP growth in the fourth quarter. Exports of goods and services fell by 1.4% compared to the previous quarter, though they rose by 0.2% compared to the same period in 2023. Imports, on the other hand, grew by 2.2% on a quarterly basis and by 1.5% compared to the fourth quarter of 2023. Additionally, investment in fixed assets contracted by 0.1% from the previous quarter, marking the third consecutive quarterly decline.
In comparison to other EU countries, Bulgaria’s economic performance in the fourth quarter was one of the best. The EU’s overall GDP growth was 0.4%, with the eurozone expanding by 0.2%. While Bulgaria’s growth rate of 0.9% was higher than the EU and eurozone averages, only five EU nations recorded better performance. Ireland led with a 3.6% growth, followed by Denmark, Portugal, Croatia, and Poland. On the other hand, countries like Malta, Austria, Germany, and Finland experienced economic contractions during the same period.
Source: https://m.novinite.com/
