Bulgaria’s economy grew by one per cent in the first quarter of the year, the National Statistical Institute (NSI) said in a flash estimate on 17 May. In real terms, gross domestic product (GDP) in Bulgaria in January-March was BGN 30.4 billion, or EUR 15.54 billion.
In annual terms, the economic growth in the first quarter was 4.5 per cent, compared to the same period of 2021. NSI is due to announce preliminary growth figures for the quarter on 8 June.
The flash estimate’s seasonally-adjusted data showed domestic consumption rose by 1.7 per cent during the first quarter, and it was 6.6 per cent higher on an annual basis. Gross fixed capital formation grew by 0.7 per cent in January-March, but was 6.1 per cent down compared to the first quarter of 2021.
Exports rose by 5.3 per cent compared to the fourth quarter of 2021 and were 11.8 per cent higher compared to the first quarter of last year, while imports rose by 3.8 per cent on a quarterly basis and were 13.6 per cent higher year-on-year.
The country recorded a trade deficit of BGN 721.2 million in the quarter, the equivalent of 2.4 per cent of GDP, NSI said.
NSI’s statistics releases do not, as a rule, include analysis of trends and its GDP flash estimate made no mention of the impact that the Covid-19 pandemic or the Russian invasion of Ukraine had on Bulgaria’s economy.
Bulgaria’s economic growth in the first quarter of 2022 was higher than the figure recorded for the EU as a whole, according to data from the EU’s statistics body Eurostat. The EU27 economy grew by 0.4 per cent in Q1, while the euro zone economy was up by 0.3 per cent.
On an annual basis, Bulgaria’s growth was lower, with the EU economy expanding by 5.2 per cent compared to the first quarter of 2021, while the euro zone economy was up by 5.1 per cent.