Second Quarter Sees Bulgaria's GDP Rise by 2.1%, Industry and Services Lead Growth

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%.

The value of GDP per person amounts to 7,399 leva, or approximately 3,783 euros. Economic growth was primarily driven by increased final consumption, which rose by 3%, and investment, which saw a 3.6% increase. Meanwhile, exports decreased slightly by 0.3%, while imports grew by 4.9%, resulting in a positive trade balance.

The gross added value (GVA) created by the different sectors of the national economy in the second quarter of 2024 totaled 41.4 billion leva at current prices. The agricultural sector contributed 3% to the total GVA, marking a decrease of 0.7 percentage points compared to the second quarter of 2023.

Conversely, the industrial sector increased its relative share in the economy by 0.7 percentage points, reaching 30.3%. The service sector's contribution to the GVA remained unchanged at 66.7% compared to the same period in 2023.

Final consumption accounted for 78.1% of GDP, while investment (gross fixed capital formation) represented 17.2%. The remainder came from the positive foreign trade balance of goods and services. Regarding the components of final use, the recorded economic growth was largely influenced by a 3% rise in final consumption and a 3.6% increase in investments. However, exports of goods and services decreased by 0.3%, while imports rose by 4.9% during this period.