Bulgaria’s Economy Made Up for Almost Half of the Losses It Suffered This Spring

Business » FINANCE | November 14, 2020, Saturday // 11:53
Bulgaria: Bulgaria’s Economy Made Up for Almost Half of the Losses It Suffered This Spring pixabay.com

The “unlucky day” of Friday 13th brought good news for the Bulgarian economy – in the third trimester of 2020 the economy managed to make up for almost half of the losses it suffered during the second trimester collapse caused by Covid-19 emergency situation, shows the express assessment of the GDP published by the National Statistical Institute. The GDP growth on a three-monthly basis amounts to 4,3%, as the slump in the second trimester set against the first one was 10%.

In practice, the recovery process is running ten times faster than The European Commission prognosticated in its latest analysis – the prognosis was for 0,4% growth in Bulgaria as compared with the second trimester. “If we keep this pace, within a year we will forget that we had a crisis,” economist Georgi Angelov commented on his Facebook page.

It is noteworthy that the key engine of this growth in Bulgaria is the final consumption of goods and services, which has increased by 9,8% set against the previous trimester. It shows 9,3% growth even year-on-year regardless of the fact that in comparison with the third trimester of 2019 the GDP was down by 5,2%, according to express assessments. July, August and September were the months when goods and services consumption started to grow slowly, after dozens of shopping facilities in big cities shut down during the second trimester./Actualno.com


We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: economy
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria