Bulgaria's GDP Shows Modest Growth in Early 2024

In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year.

The primary drivers of economic growth during the first three months of the current year were a 1.3% uptick in final consumption and a 1.6% increase in gross capital formation of fixed capital.

Comparatively, GDP saw a 1.7% rise in the January-March 2024 period compared to the same quarter in 2023, indicating a slight improvement over the 1.6% growth recorded in the final quarter of the previous year.

However, exports of goods and services experienced a 1.3% decline at the onset of 2024 following a 1.2% growth at the close of 2023, while imports of goods and services contracted by 1.9%, a downturn from the 2.9% increase observed in the final quarter of the previous year.

Year-on-year, final consumption registered a 4.1% growth in the first quarter of 2024, a notable acceleration from the 2.6% increase recorded at the end of 2023. Similarly, gross fixed capital formation surged by 7.7%, a significant rise from the 4.6% increase noted in the final quarter of the preceding year.

Conversely, exports of goods and services witnessed a 1.0% decline on an annual basis, while imports of goods and services decreased by 3.8%, contrasting with their respective declines of 2.0% and 4.5% at the close of 2023.

According to NSI's express assessment for the initial quarter of 2024, GDP in nominal terms totaled BGN 40.6253 billion, with realized added value reaching BGN 35.6811 billion.

Final consumption remained the largest component of GDP, accounting for 84.4% and totaling BGN 34.2723 billion....