Bulgaria's GDP shrank 8.5 percent from a year earlier in the second quarter of 2020, more than preliminary estimates of an 8.2 percent contraction and following a 2.4 percent expansion in the previous period, as the coronavirus pandemic hit the economy. That was the largest pace of contraction since the last quarter of 1996, as fixed investment declined 1.5 percent (vs 1.2 percent in Q1). Also, household consumption slowed (0.4 percent vs 4.1 percent). Meantime, net external demand contributed positively to the GDP, as exports fell 19 percent (vs 1.9 percent in Q1) while imports dropped at a slightly faster 19.1 percent (vs 1.2 percent in Q1). On a quarterly basis, the economy shrank 10 percent, the most on record and above earlier estimates of a 9.8 percent contraction.
GDP Annual Growth Rate in Bulgaria averaged 2.89 percent from 1996 until 2020, reaching an all time high of 17.20 percent in the first quarter of 1998 and a record low of -14 percent in the third quarter of 1996. This page provides - Bulgaria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Bulgaria GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: National Statistical Institute, Bulgaria
GDP Annual Growth Rate in Bulgaria is expected to be -7.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Bulgaria to stand at 7.90 in 12 months time. In the long-term, the Bulgaria GDP Annual Growth Rate is projected to trend around 4.20 percent in 2021 and 3.20 percent in 2022, according to our econometric models.