Bulgaria: Economy Produces 5,216 Euros Per Capita in Q4 2025

Bulgaria’s economy expanded by 3.0% in the fourth quarter of 2025 compared to the same period in 2024, according to preliminary figures from the National Statistical Institute. On a quarterly basis, seasonally adjusted data indicate a growth of 0.8% relative to the third quarter of 2025.

During the last quarter, GDP at current prices reached 33,471.1 million euros, equating to 5,216 euros per person. Using the average exchange rate of 1.681805 leva per US dollar, the GDP translates to 38,925 million dollars, or 6,066 dollars per capita. The gross value added (GVA) produced across all sectors totaled 29,094.9 million euros.

Services Gain Ground in Economic Structure

The composition of Bulgaria’s economy in Q4 2025 shows that agriculture accounted for 1.8% of value added, down 0.2 percentage points from the previous year, while industry represented 21.3%, a decline of 0.5 points. Services increased their share by 0.7 percentage points compared to the same quarter in 2024.

Final consumption remained the main driver, making up 81.8% of GDP, while investments, measured as gross fixed capital formation, contributed 23.3%. The trade balance for goods and services stayed negative.

Key Growth Sectors

On an annual basis in Q4 2025, GDP rose by 3.0% and gross value added grew by 2.3%. Several sectors recorded notable increases in value added: real estate operations (+6.5%), public administration, education, health, and social work (+6.0%), construction (+5.3%), financial and insurance activities (+4.6%), and information, telecommunications, and creative industries (+3.8%). In contrast, industrial activity declined by 3.7%.

Final consumption expanded by 7.8%, and gross capital formation rose by 6.1%. Exports of goods and services edged up by 0.2%, while imports climbed by 11.1%.

Full-Year 2025 Performance

Preliminary data suggest that Bulgaria’s economy grew by 3.1% for the entirety of 2025, reaching a nominal GDP of 116,018.3 million euros, or 18,060 euros per capita. In US dollars, at an average annual exchange rate of 1.734944 leva per dollar, GDP amounted to 131,689.8 million dollars, or 20,500 dollars per capita. Gross value added for the year totaled 100,934.2 million euros, reflecting a real growth of 2.6% compared to 2024.

Business Services and Retail Activity

In December 2025, the total production index in business services fell by 3.1% month-on-month (seasonally adjusted). On a year-on-year basis, the sector grew by 5.6% compared to December 2024.

Retail trade (excluding vehicles) declined by 0.5% in January 2026 compared to December 2025. However, annual growth remained positive, with turnover up 3.9% compared to January 2025. The fastest-growing segments included textiles, clothing, footwear, and leather goods (+19.9%), household appliances and furniture (+15.3%), online trade (+13.0%), and computer and communication equipment (+10.5%).

Bulgaria’s economic data for Q4 2025 and the full year highlight the continued strength of services and consumption as the main drivers of growth, alongside selective gains in construction, finance, and real estate, despite challenges in industrial production.