Bulgaria: Economy accelerates to four-year high in Q2
September 4, 2015
In the second quarter, the economy expanded 2.2% over the same period last year, according to more detailed data released on 4 September. The print was in line with the result published in a preliminary estimate and overshot the 2.0% expansion tallied in the previous quarter. Q2’s result came largely on the back of an improvement in private consumption and marked the strongest growth since Q2 2011.
Private consumption recorded a 1.2% expansion in Q2 (Q1: +0.3% year-on-year), while government spending rose 0.3% in the same quarter (Q1: +0.7% yoy). Fixed investment slowed from a 2.1% drop in Q1 to a 1.5% expansion in Q2.
On the external side of the economy, exports slowed from a 12.9% expansion in Q1 to a 6.1% rise in Q2. Imports followed suit and decelerated from a 9.7% increase in Q1 to a 8.5% rise in Q2. As a result of the sharp slowdown in exports, the external sector’s net contribution to the economy swung from plus 1.7 percentage points in Q1 to minus 1.7 percentage points in Q2.