Bulgaria’s economy grew by 1.2 per cent in the first quarter of the year.
Bulgaria’s economy grew by 1.2 per cent in the first quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on June 6. The figure was marginally higher than the 1.1 per cent in NSI’s flash estimate released last month.
Compared to the same period of 2018, economic growth in the first quarter was 3.5 per cent. In real terms, gross domestic product (GDP) in Bulgaria in January-March was 24.66 billion levs or 12.61 billion euro.
NSI’s preliminary data showed domestic consumption grow by 1.3 per cent compared to the last quarter of 2018 (and was up 4.5 per cent compared to the first quarter of last year), while gross fixed capital formation expanded by 0.2 per cent (as well as being up 2.5 per cent on an annual basis).
Exports in the first quarter were 1.9 per cent up, while imports rose by 1.5 per cent, which resulted in a trade surplus of 46.6 million leva, or 0.2 per cent of GDP. Compared to the first quarter of last year, exports were up 5.1 per cent and imports were 3.9 per cent higher.
Bulgaria’s Cabinet has set a 3.7 per cent economic growth target this year in the Budget Act macro-economic framework, after recording 3.1 per cent growth in 2018. The European Commission’s latest estimate, in the spring forecast, was for 3.3 per cent growth in 2018.