Bulgaria's Economy Grows by 1.8% in 2023

The National Statistical Institute (NSI) has released preliminary data revealing that Bulgaria's gross domestic product (GDP) experienced a modest growth of 1.8% in real terms in 2023. This expansion marks a slowdown compared to the 3.9% growth recorded in the previous year, according to aggregated quarterly data.

In 2023, Bulgaria's GDP reached a nominal value of BGN 183.7434 billion (EUR 93.947 billion), with BGN 28,516 (EUR 14,580) per capita. The gross added value amounted to BGN 161.1947 billion, indicating a 0.8% increase compared to 2022, as per NSI data.

The composition of the economy saw notable shifts, with the agricultural sector's share in the added value decreasing to 3.5% while the industrial sector's contribution increased to 28.9%. The services sector also saw growth, accounting for 67.6% of the added value, up from 67.0% in 2022.

In the fourth quarter of 2023, Bulgaria's economy expanded by 0.5% compared to the previous quarter and by 1.6% year-on-year. Final consumption in the same period increased by 0.8% from the previous three months and by 2.6% from the end of 2022.

However, the trade balance presented mixed results, with merchandise exports rising by 1.4% from the third quarter but falling by 1.9% year-on-year. Imports increased by 4.1% quarter-on-quarter but contracted by 4.4% compared to the previous year.