Bulgaria's Economy Slightly Outperforms Initial Growth Forecasts

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.

Final consumption accounted for 80.6% of GDP, while investments, or gross formation in fixed capital, constituted 14.2%. The foreign trade balance of goods and services was positive. Growth was driven by a 3.4% increase in final consumption and a 7.9% rise in gross fixed capital formation. However, exports of goods and services decreased by 2.1%, and imports dropped by 3.7%.

The Treasury's spring forecast projected an annual growth of 3.2% for 2024.