Bulgaria Economic Outlook
June 7, 2022Annual growth in Q1 2022 decelerated compared to Q4 2021, according to a flash estimate. The moderation was driven by softer growth of private consumption—amid staggeringly high energy and food prices—and was weighed down further by weaker export growth. In Q2, growth is likely slowing further to pre-pandemic levels. Inflation was at a near 14-year high in April and energy insecurity is deepening. As a result, businesses and consumers grew increasingly pessimistic in April–May, with consumer confidence reaching the lowest level since December 2020 in May. That said, on 18 May the government approved a LV 2.0 billion (around EUR 1.0 billion) anti-crisis package to support households. The new measures include a 20.0% boost to pensions, fuel discounts and tax cuts for bread and utilities, among others, which will provide some relief to activity once they enter into force in July.
Bulgaria Economic GrowthIn 2022, growth is projected to slow to slightly above pre-pandemic averages: Weaker household spending growth due to a high base effect and monumentally high inflation will more than offset a rebound in fixed investment. Uncertainty around the country’s energy supply, political instability and the potentially slow absorption of public and European Union funds cloud the outlook. FocusEconomics panelists see the economy expanding 2.6% in 2022, which is down 0.1 percentage points from last month’s estimate, and 3.2% in 2023.
Bulgaria Economy Data
5 years of Bulgaria economic forecasts for more than 30 economic indicators.
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Bulgaria Economic News
June 15, 2022
Consumer prices rose 1.21% in May over the previous month, slowing down from April's 2.46% increase.
June 10, 2022
Industrial production grew 13.2% year on year in April (March: +19.7% yoy).
May 17, 2022
Consumer prices increased 2.46% in April over the previous month, after the 2.22% increase recorded in March.
May 17, 2022
According to a preliminary reading, GDP growth lost momentum, falling to 4.5% in the first quarter, from 5.2% in the fourth quarter of last year.
May 11, 2022
Industrial production expanded 19.5% year-on-year in March (February: +14.8% yoy).