Bulgarian economy shows upward development trend – 2,5 percent growth in Q1 2021

Bulgaria’s economy grew by 2.5 per cent in the first quarter of 2021, the National Statistical Institute (NSI) said in a flash estimate on May 18. In real terms, gross domestic product (GDP) in Bulgaria in January-March was BGN 26.44 billion, or EUR 13.52 billion.

In annual terms, the economic drop in the first quarter was 1.8 per cent, compared to the same period of 2020. NSI is due to announce preliminary growth figures for the quarter on June 8.

The flash estimate’s seasonally-adjusted data showed domestic consumption rise by 1.6 per cent during the first quarter, and it was 2.6 per cent higher on an annual basis. Gross fixed capital formation rose by 0.3 per cent in January-March, and was 1.2 per cent up compared to the first quarter of 2020.

Exports were a major driver of economic growth, up 6.5 per cent compared to the fourth quarter (but six per cent lower compared to the same period of 2020), while imports rose by 1.4 per cent (0.6 per cent up on an annual basis). The country recorded a trade deficit of BGN 65.5 million in the quarter, the equivalent of 0.3 per cent of GDP, NSI said.