Economic Growth in Bulgaria
Over the past decade to 2022, Bulgaria recorded an average growth rate of 2.4% in real GDP, slightly below the Eastern Europe average of 2.5%. In 2022, real GDP growth was 3.9%. For more GDP information, visit our dedicated page.
Bulgaria GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Bulgaria from 2013 to 2022.
Source: National Statistical Institute, Bulgaria.
Bulgaria GDP Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.6 | 4.0 | -4.0 | 7.7 | 3.9 |
| GDP (USD bn) | 66.3 | 68.9 | 70.2 | 84.0 | 90.2 |
| GDP (EUR bn) | 56.2 | 61.5 | 61.6 | 71.1 | 85.8 |
| GDP (BGN bn) | 110 | 120 | 120 | 139 | 168 |
| Economic Growth (Nominal GDP, ann. var. %) | 7.0 | 9.5 | 0.1 | 15.3 | 20.7 |
GDP growth records slowest increase since Q4 2020 in Q3
According to a preliminary estimate, GDP growth lost steam, falling to 1.7% year on year in the third quarter from 2.1% in the second quarter. Q3's reading marked the softest result since Q4 2020. The moderation came on the back of a sharper annual drop in exports of goods and services, coming in at minus 7.8% (Q2: -2.5%). In contrast, fixed investment rose at a brisker pace of 9.4% (Q2: +0.4%). Similarly, final consumption growth accelerated to 6.1% yoy from 5.7% in the prior quarter. The result was stronger than the Euro area’s 0.1% average rise. Additionally, on a seasonally adjusted quarter-on-quarter basis, economic growth eased slightly to 0.4% in Q3, compared to the previous period's 0.5%. Q3's reading marked the worst reading since Q2 2020. That said, the outturn was above the EU average of +0.1% year on year.
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 23 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.
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