Bulgaria: Growth moderates in Q2
August 14, 2019
Bulgaria’s economy grew 3.3% year-on-year in the second quarter, down from the first quarter 3.5% outturn, according to a preliminary release by the Statistical Institute on 14 August.
A rudimentary breakdown showed that total consumption growth slowed to 2.7% in Q2 (Q1: +4.5% year-on-year) amid downbeat consumer sentiment and meager retail sales in the quarter. Fixed investment also lost steam in Q2, growing 2.2% in annual terms (Q1: +2.5% yoy), marking the slowest pace in over two years. Meanwhile, the external sector deteriorated as well: Export growth decelerated amid the wider European pull-back (Q2: +3.3% yoy; Q1: +5.1% yoy), while imports contracted for the first time in over seven years (Q2: -5.5% yoy; Q1: +3.9% yoy).
On a quarter-on-quarter, seasonally-adjusted basis, growth slowed to an over-five-year-low of 0.6%, from 1.2% in Q1.
More comprehensive data will be released on 5 September.
Author: Nicolás J. Aguilar, Economist