Bulgaria: Economic activity rebounds in Q2
August 17, 2021
According to a flash estimate, GDP rebounded 9.6% year-on-year in the second quarter, contrasting the 1.7% contraction seen in the first quarter. Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, economic growth slowed to 0.4% in Q2, following the previous quarter's 2.5% increase.
A preliminary breakdown showed that the second quarter’s year-on-year result largely came on the back of an acceleration in total consumption, which grew 6.7% on an annual basis (Q1: +3.1% yoy). Moreover, fixed investment grew at a faster pace in Q2, expanding 4.2% (Q1: +1.0% yoy).
On the external front, exports of goods and services surged 20.3% in Q2, contrasting the 5.9% contraction logged in Q1. In addition, import growth accelerated to 28.6% in the quarter (Q1: +1.9% yoy).
More detailed data will be released on 7 September.
Author: Stephen Vogado, Economist