Sofia, Bulgaria: The National Statistical Institute (NSI) shared data on June 8, according to which Bulgaria witnessed economic growth of 0.8% in the initial quarter of the year.
The number is still less than the prediction projected by the institute, which was 1%.
This growth is very less as compared to that of 2021, when the European country’s economy grew by 4%, the data shared by the NSI added. Meanwhile, the gross domestic product (GDP) in January-March was 32.81 billion leva or 16.77 billion euros for Bulgaria.
However, the domestic consumption of the country has increased by 1% in the first quarter of the year, as per the preliminary data presented by the NSI.
The exports in the first quarter were 1.9 per cent up, while imports grew by 3.8 per cent. This led to a trade deficit of 295.4 million leva or 0.9 per cent of GDP. On the other hand, the exports during the previous year were up 6.5%, and imports witnessed a hike of 13.5%, NSI further stated in its report.
For the ongoing year, the Bulgarian government has set up a target of 4.8% economic growth in its Budget Act macro-economic framework.
The spring forecast of the European Commission also lowered the growth percentage for 2022 to 2.1 percent, down from 3.7%, the previous month.
Although the report clearly does not highlights the impacts of the COVID-19 pandemic as well as of the Russia-Ukraine war on the economy of the Balkan state.