Bulgaria recorded 4.8% real economic growth
The Bulgarian economy continues to accelerate its growth despite the complex international situation, they note real gross domestic product growth of 4.8% in the second quarter of the year compared to the same period of 2021, according to the express data of the National Statistical Institute (NSI)
This is the real increase in GDP after excluding the effect on inflation. Together with the inflationary component, the nominal GDP growth was 22.9%.
The growth achieved at this stage is ahead of forecasts. The official forecast of Ministry of Finance for 2022 laid down in the budget update is for 2.9% real growth of the economy in 2022. Forecast of BNB is even more pessimistic – 1.9% GDP growth for the year. On this background European Commission I expect 2.8% economic growth in Bulgaria.
Statistics show that the main drivers of growth are deficit consumption and imports. Considerable at this time decline in investment – with 7.3%. One of the reasons is likely to be the poor implementation of the ambitious capital expenditure program set out in the budget.
“Final consumption registered growth from 5.3%, while gross fixed capital formation decreases with 7.3% in the second quarter of 2022 compared to the second quarter of the previous year on seasonally adjusted data. The export of goods and services increases with 11.8%, a the import of goods and services increases with 18.0%”, statistical institute reports.
In the April-June period, the economy grew by 1.1%. ahead in the first three months of the year show the seasonally adjusted data on NSI express estimates. Previous research shows that Bulgaria is in first place in the EU in terms of industrial production growth during this period.
According to express estimates, GDP in nominal terms reached BGN 38.302 billion for the second quarter. A year ago, for the same period, GDP was BGN 31.167 billion.
If these trends continue until the end of the year, the size of the Bulgarian economy will reach 80 billion dollars for the first time in history, despite the decrease in population. In the last year, the GDP reached nearly BGN 133 billion.
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