Private Consumption in Bulgaria
Over the past decade until 2022, Bulgaria's economy recorded an average growth rate in private consumption of 2.6%, above the Eastern Europe average of 2.1%. In 2022, Bulgaria's private consumption growth was 3.8%. For more private consumption information, visit our dedicated page.
Bulgaria Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Bulgaria from 2018 to 2024.
Source: Macrobond.
Bulgaria Private consumption Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Private Consumption (ann. var. %) | -0.4 | 8.5 | 3.9 | 1.4 | 4.2 |
GDP growth edges down in the first quarter but remains robust by regional standards
GDP reading: According to a preliminary reading, GDP growth waned to 3.1% year on year in the first quarter from 3.4% in the fourth quarter of last year. On a seasonally-adjusted quarter-on-quarter basis, economic growth ebbed to 0.6% in Q1, compared to the previous period's 0.9% expansion and marking the worst reading since Q4 2023. Both the year-on-year and quarter-on-quarter readings easily outpaced the EU average—partly to be expected given Bulgaria’s relatively low GDP per capita and thus higher potential for catch-up growth.
Domestic demand was key driver: The year-on-year expansion was driven by consumption and investment, while external trade was weak: Exports contracted and imports surged in Q1. Double-digit wage growth, low unemployment and easing financial conditions were likely all factors that aided domestic demand in Q1.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Bulgarian private consumption projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Bulgarian private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Bulgarian private consumption projections.
Want to get access to the full dataset of Bulgarian private consumption forecasts? Send an email to info@focus-economics.com.
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