GDP reading: GDP flatlined on a seasonally adjusted month-on-month basis in July, following a 0.4% increase in the prior month...
Economic Growth in Bulgaria
Bulgaria's economy recorded an average growth rate of 2.7% in the decade to 2024, compared to the 2.8% average for South-Eastern Europe. In 2024, real GDP growth was 2.8%. For more GDP information, visit our dedicated page.
Bulgaria GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Bulgaria from 2014 to 2024.
Source: Macrobond.
Bulgaria GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -3.2 | 7.8 | 4.0 | 1.9 | 2.8 |
| GDP (USD bn) | 70.6 | 84.4 | 90.5 | 102.4 | 112.2 |
| GDP (EUR bn) | 61.9 | 71.4 | 86.1 | 94.7 | 103.7 |
| GDP (BGN bn) | 121 | 140 | 168 | 185 | 203 |
| Economic Growth (Nominal GDP, ann. var. %) | 1.0 | 15.3 | 20.6 | 10.0 | 9.5 |
Q2 GDP growth revised upwards
Economy shifts into a higher gear: According to a second release, GDP growth edged up to 3.4% in Q2 from 3.3% in the first quarter, marking an over two-year high. Q2’s figure was revised upwards from the preliminary estimate of a 3.1% rise. On a seasonally adjusted quarter-on-quarter basis, economic growth gathered momentum, picking up to 0.9% in Q2, from the previous quarter's 0.7% expansion.
Public spending and fixed investment fuel acceleration: Domestically, public spending rose 14.4% in Q2 (Q1: +8.8% yoy), and fixed investment growth accelerated to 10.1% in Q2 from Q1’s 8.8%, spearheading the improvement in annual GDP growth. Meanwhile, private consumption increased 6.8% in the second quarter, which was below the first quarter's 7.2% expansion. On the external front, exports of goods and services fell 4.8% year on year in the second quarter, a sharper drop than the first quarter's 3.3% contraction. In addition, imports of goods and services growth moderated to 0.1% in Q2 (Q1: +4.6% yoy), marking the worst reading since Q1 2024.
Economy to remain resilient by historical standards in 2025: GDP growth should echo its prior 10-year average in 2025 and remain close to 2024’s level. Domestic demand will provide tailwinds as interest rates ease and investor sentiment strengthens thanks to an improving political climate, Schengen membership, EU funds and an expected euro adoption. These factors should buttress public and private spending plus fixed investment, partly offsetting a protracted export slump.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Bulgarian GDP projections for the next ten years from a panel of 20 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 GDP forecast available for Bulgarian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Bulgarian GDP projections.
Want to get access to the full dataset of Bulgarian GDP forecasts? Send an email to info@focus-economics.com.
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