Bulgaria experienced economic growth of 0.5% in Q2 2024
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Loading... - Marzell Keller
- 05 Sep 2024
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Bulgaria's economy grew by 0.5% in the second quarter of 2024, according to preliminary data released by the National Statistical Institute (NSI) on September 5. This growth rate aligns with the NSI's earlier flash estimate. When compared to the same quarter in 2023, the economy showed a year-on-year growth of 2.1%, slightly above the initial flash estimate of 2%.
In real terms, the gross domestic product (GDP) for the period of April to June 2024 was 47.68 billion leva, equivalent to 24.38 billion euros.
The NSI's seasonally-adjusted data highlighted a 0.9% increase in domestic consumption during the second quarter, with an annual increase of 3%. However, gross fixed capital formation—reflecting investment in physical assets—declined by 1.3% in the quarter, though it was still 3.6% higher compared to the same period in 2023.
Exports grew by 1.4% in the second quarter, while imports increased by 2%, resulting in a trade balance surplus of 1.23 billion leva, or 2.6% of GDP. Despite the quarterly growth in exports, there was a slight 0.3% decrease compared to the same period last year, whereas imports rose by 4.9% year-on-year.
Bulgaria has set a growth target of 3.2% for 2024, while the European Commission's spring forecast projected a more modest growth rate of 1.9% for the country's economy.
