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Bulgaria posts 0.6% economic growth in the third quarter of 2021

The Bulgarian economy grew 0.6% in the third quarter of the year, according to preliminary data announced by the National Statistical Institute (NSI) on December 7, below the flash estimate of 0.9 % of INS published last month.

Compared to the same period of 2020, the Bulgarian economy grew by 4.6% in the third quarter. In real terms, the gross domestic product (GDP) in July-September was 36.13 billion leva, or 18.47 billion euros.

The INS made no reference to the impact of the Covid-19 pandemic, which prompted Bulgaria to declare a state of emergency on March 13, 2020, shutting down parts of its economy as it introduced social distancing and anti-epidemic measures. The restrictions caused the country’s economy to contract by 10% in the second quarter of 2020.

The state of emergency remained in force until May 13, 2020, when it was followed by the declaration of an epidemic, which has been extended several times and remains in effect.

Preliminary data from the INS showed that domestic consumption rose 1.8% from the second quarter of 2021 and was 6.8% higher year-on-year, while gross fixed capital formation was on the rise. by 6.2% compared to the second quarter of 2021 and by 1% more. on an annual basis.

Exports in the third quarter fell 2.2 percent, while imports increased 3.3 percent, but still resulted in a trade surplus of 1.82 billion leva, or 5.1 percent. percent of GDP. Compared to the third quarter of last year, exports increased by 9.8 percent and imports by 12.7 percent.

The Bulgarian government has set an economic growth target of 2.5% this year in the macroeconomic framework of the budget law, with INS data showing a GDP decline of 4.2% in 2020. The autumn forecast of the European Commission projected that the Bulgarian economy would grow by 3.8% this year.

(Photo: Steve Ford / sxc.hu)

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