National accounts

According to Eurostat data, Bulgaria's tax-to-GDP ratio is among the lowest in the European Union. In 2023, the overall tax-to-GDP ratio for the EU, which includes the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), was recorded at 40.0%. This figure represents a decrease from 40.7% in 2022.

BELGRADE - Serbia's GDP was up by 3.1 pct y-o-y in real terms in Q3 2024, the Serbian national statistical office RZS said in a flash estimate released on Thursday.

The RZS also said a more detailed GDP calculation for Q3 2024, performed at lower aggregation levels, would be published on December 2.

New data released yesterday highlights the growth in the Greek economy, suggesting more benefits for everyone. Last year, the economy grew by an additional $5 billion, leading to a real growth rate of 2.3% for 2023, compared to the previously estimated 2%. Along with this updated GDP estimate for 2023, several other economic indicators are also being revised upward.

Türkiye recorded a current account surplus of $4.32 billion in August, according to data from the Central Bank on Oct. 11.

This marked the largest current account surplus since 2019 and was in line with market expectations.

The Istanbul Chamber of Industry's (İSO) headline Türkiye Manufacturing PMI dropped to 44.3 in September from 47.8 in August.

Any figure greater than 50 indicates overall improvement in the sector.

The latest reading signaled a marked slowdown in the sector and one that was the most pronounced since May 2020, the survey said.

In the second quarter of 2024, Bulgaria's gross domestic product (GDP) grew by 2.1% compared to the same period in the previous year, according to preliminary data from the National Statistics Institute. A flash estimate from August 14 had predicted 2% growth. Both assessment methods indicate that quarterly growth stands at 0.5%.

BELGRADE - Serbia's GDP was up by 4.2 pct y-o-y in real terms in Q2 2024, the Serbian national statistical office RZS said in a flash estimate released on Wednesday.

The RZS also said a more detailed GDP calculation for Q2 2024, performed at lower aggregation levels, would be published on September 2.

For the first time, Bulgaria has been classified among the countries with high national income according to the World Bank's classification, as reported by bTV. The World Bank Group categorizes the world's economies into four income groups: low, lower-middle, upper-middle, and high.

In the first quarter of 2024, Bulgaria's GDP grew by 1.8% compared to the same period in 2023, slightly surpassing the initial forecast of 1.7%, according to data from the National Statistical Institute. The GDP produced amounted to BGN 43.279 billion, or BGN 6722 per person.

BELGRADE - Serbia's GDP was up by 4.6 pct y-o-y in real terms in Q1 2024, the Serbian national statistical office RZS said in a flash estimate released on Tuesday.

The RZS also said a more detailed GDP calculation for Q1 2024, performed at lower aggregation levels, would be published on May 31.