Bulgaria’s GDP growth at 2.3% y/y in 1Q23

Bulgaria’s GDP growth at 2.3% y/y in 1Q23
/ bne IntelliNews
By bne IntelliNews June 9, 2023

Bulgaria’s seasonally adjusted GDP expanded by 2.3% y/y in the first quarter of 2023 (chart), according to preliminary statistics office data released on June 8.

In the previous three months, the economy posted a revised 2.2% y/y growth. Compared to the previous quarter, the economy expanded by 0.5% in Q1.

The statistics office's latest figure is better than the flash estimate that showed a growth of 2% y/y.

Final consumption (78.5% of the total in the quarter) increased by 2.1% y/y in Q1, after going up by revised 5.2% y/y in the previous quarter. The dynamics of gross fixed capital formation were positive at 1.8% y/y, after expanding by revised 0.5% in the previous quarter. Imports decreased (-2.3% y/y), while exports moved up (+2.3% y/y) in the first quarter.

GDP expanded mainly due to the improving performance of the construction (+7% y/y).