9.6 percent growth of our economy in the spring

The Bulgarian economy grew by 9.6% in the spring months compared to the same period of the previous crisis year. This is shown by the express estimates of the National Statistical Institute (NSI). In the period April-June 2021, the gross domestic product of our country amounted to nearly BGN 31.086 billion, which is 9.6 percent more than in the same period marked by COVID-19 2020. The realized gross value added within reported GDP in the second quarter of this year is nearly BGN 26.975 billion, which is an increase of 8.2 percent.

The NSI also notes that by elements of final use the largest share in GDP is occupied by final consumption, which accounts for 80.2%, which in value amounts to just over BGN 24.932 billion and increased by 6.7% compared to April. June 2020. In the second quarter of 2021 gross capital formation increased by 4.2 per cent compared to the same period of the previous year, reached over BGN 5.844 billion and accounted for 18.8% relative share of GDP.

Our foreign trade balance is positive. Exports of goods and services increased by 20.3% and imports of goods and services increased by 28.6%.

The NSI also reports GDP growth compared to the first quarter of this year, albeit at a slower pace. During the period April-June compared to January-March, our economy reported an increase of 0.4 percent according to seasonally adjusted data. For the same period the gross value added increased by 0.2%.

According to the express estimates of GDP by elements of final use in the second quarter of 2021, the reason for the registered economic growth according to seasonally adjusted data compared to the previous quarter is the increase in final consumption by 2.5% and gross fixed capital formation by 0.6%.