Flash estimate shows Bulgaria’s GDP growth at 1.8% in 2Q23

Flash estimate shows Bulgaria’s GDP growth at 1.8% in 2Q23

/ bne IntelliNews

By bne IntelliNews August 16, 2023

Bulgaria’s economy grew by 1.8% year on year in the second quarter of 2023 and by 0.4% quarter on quarter, according to the latest flash estimate from the National Statistics Institute (NSI) released on August 16 (chart).

The annual growth figure shows a slowdown compared to the previous five quarters, amid the growing impact on the economy from Russia’s invasion of nearby Ukraine. Growth is expected to slow further amid soaring inflation. The European Commission expects that Bulgaria’s economy will grow by just 1.5% this year and 3.4% in 2024.

GDP at current prices stood at €20.9bn (BGN40.96bn) in Q2. Gross value added increased by 1.9% in the second quarter, according to the NSI.

Final consumption was up by 1.3%, while gross fixed capital formation rose by 3.4% y/y, seasonally adjusted.

Exports of goods and services fell by 0.8% and imports of goods and services decreased by 6.7%.

#Bulgaria #bneChart #macro

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