Sofia Globe

Bulgaria’s economy grew by 3.4 per cent last year, based on preliminary data, the country’s National Statistics Institute (NSI) said on March 5. In real terms, gross domestic product (GDP) in 2019 was 118.7 billion leva in current prices, or 60.7 billion euro.

In the fourth quarter, Bulgaria’s economy grew by 0.8 per cent compared to the previous quarter and 3.1 per cent year-on-year. In real terms, GDP in the last three months of 2019 was 32.6 billion leva or 16.7 billion euro.

NSI’s preliminary data gave a breakdown by key growth components only for the last quarter of 2019, not the full year.

Fourth-quarter figures showed domestic consumption showed domestic consumption grow by 1.1 per cent on a quarterly basis. Year-on-year, domestic consumption was 6.3 per cent higher

Gross fixed capital formation in the fourth quarter increased by 1.3 per cent and was three per cent higher on an annual basis.

Exports in the fourth quarter shrank by 0.5 per cent, while imports declined by 3.1 per cent. Year-on-year, exports were 0.4 per cent lower compared to the last quarter of 2018, while imports were down 0.2 per cent.

In real terms, the fourth-quarter trade surplus was 176 million leva, while the full-year trade balance showed a surplus of 4.06 billion leva, the equivalent of 3.4 per cent of GDP.