Bulgaria’s GDP growth speeds to nearly 4-year high of 2% y/y in Q1 – flash estimate

By bne IntelliNews May 13, 2015

Bulgaria’s real GDP growth quickened to 2% y/y in the first quarter from 1.3% in the last quarter of 2014, data from the statistics office's flash estimate released on May 13 showed. The Q1 growth rate is the highest since Q2 2011.

On a seasonally-adjusted quarterly comparison basis, the economy expanded by 0.9% in Q1, following a 0.4% growth in Q4, and reaching its highest level since Q3 2010.

The statistics office will publish detailed GDP data on June 5.

The available breakdown across expenditure components shows that the acceleration of real GDP growth in Q1 was driven by net exports. Exports increased 9.1% y/y, speeding from a 5.4% y/y rise in the previous quarter, while the annual growth of imports decelerated to 4.9% from 7.5%. On the other hand, both final consumption and gross fixed capital formation slowed down - from 1.4% to 0.6% and from 3.3% to 2.6%, respectively.

Nominal GDP amounted to BGN17.14bn (€8.76bn) in Q1. Final consumption, gross capital formation and net exports accounted for 85.8%, 20% and -5.8% of the total. Exports and imports were equal to 71% and 76.8% of nominal Q1 GDP, respectively.

Bulgaria's government has projected a GDP growth of 1.4% for 2015, while the IMF and the European Commission see it at 1.2% and 1.0%, respectively. Last year, the southeast European country's economy expanded by 1.7%, supported by public investment and some recovery in private consumption, which suffered a significant drop in 2013.

GDP, % y/y real (flash estimate)        
  Q2'14 Q3'14 Q4'14 Q1'15
GROSS DOMESTIC PRODUCT 1.8 1.5 1.3 2.0
Final consumption 1.2 0.8 1.4 0.6
Gross fixed capital formation 5.1 4.4 3.3 2.6
Exports of goods and services 3.0 -2.8 5.4 9.1
Imports of goods and services 3.7 2.6 7.5 4.9
Source: NSI        

Related Articles

Bulgarian prosecutors file indictment against defence minister

The Sofia city prosecutor’s office filed indictment with Sofia city court against outgoing Defence Minister Nikolay Nenchev over his alleged failure to ensure aviation safety and the ... more

Bulgaria’s former justice minister launches anti-corruption party

Bulgaria’s former Justice Minister Hristo Ivanov will lead the newly formed Yes Bulgaria party as it prepares to compete in the upcoming general election on an anti-corruption platform.  ... more

Belgium’s KBC buys United Bulgarian Bank and Interlease for €610mn

Belgian-based KBC Group said on December 30 that it is acquiring United Bulgarian Bank (UBB) and Bulgarian leasing ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss