Bulgaria: GDP growth moderates in Q4
According to a flash estimate, GDP grew 4.5% year-on-year in the fourth quarter, moderating from the 5.0% rise seen in the third. However, on a seasonally-adjusted quarter-on-quarter basis, economic growth inched up to 1.0% in Q4, following the previous quarter’s 0.8% increase, hinting at strengthening underlying demand dynamics.
The preliminary breakdown showed that the fourth quarter’s year-on-year result mainly came on the back of a steeper decline in fixed investment (Q4: -12.5% yoy; Q3: -11.7% yoy). Conversely, total consumption growth accelerated on an annual basis to 7.9% in Q4, from 7.1% in Q3, tempering the slowdown somewhat.
On the external front, exports of goods and services rose 12.9% in Q4, quickening from the 10.0% expansion logged in Q3. Meanwhile, import growth eased to 11.2% in the quarter (Q3: +14.3% yoy).
More detailed data will be released on 9 March.