Record Growth of the Bulgarian Economy for 2021
The new data from the National Statistical Institute (NSI) on several main economic indicators are extremely positive. From them, it can be concluded that the Bulgarian economy has already overcome the crisis related to the coronavirus and is entering a period of economic growth.
This can be seen in a very definite way both in the data on the exports of our country and in the data on the industrial production in our country. Leading economic analysts Lachezar Bogdanov and Georgi Angelov published extremely curious charts.
Industrial production, 2000-2021
seasonally adjusted data, 2015 = 100
Exports of goods by months, 2007-2021
Export figures should finally close the hysterical talk of a “crisis” - 2021 is an absolute historical record:
For December the growth on an annual basis is 32.5%;
For the fourth quarter the growth is nearly 27% and reaches BGN 18.2 billion;
For the whole of 2021, exports are 68 billion levs - 24% above the level of 2020, but as much as 16.2% above the level of pre-crisis 2019;
“The trend can be clearly seen from the data on the industry - annual growth of the index of industrial production of 14.3% for December and historically the highest value of the index,” Lachezar Bogdanov wrote on Facebook.
According to him, it is time to stop subsidies, conveniently justified by the pandemic, and it’s time policies to be focused on investment, productivity, structural change and growth.
His colleague Georgi Angelov also stressed that the NSI data are much better than the most optimistic economic forecasts.
In December, industrial production grew by 14.3% in real terms, and the industrial production index reached its highest level since data. Bulgaria's industry has not just recovered to pre-crisis levels - it clearly exceeds them, the economist said.
In nominal terms, with accumulated inflation, the growth of industrial turnover is 59.9%.
According to NSI data, on an annual basis growth of industrial production, calculated from the calendar adjusted data, was reported in the production and distribution of electricity and heat and gas - by 37.0%, in mining and quarrying - by 21.4%, and in manufacturing - by 8.9%. %.
Significant growth in manufacturing compared to the corresponding month of the previous year was observed in: manufacture, not elsewhere classified - by 111.4%, manufacture of vehicles, except automobiles - by 68.6%, repair and installation of machinery and equipment - by 29.0%, manufacture of machinery and equipment – with 29,0%, manufacturing of textiles and textile products, except clothing - by 28.2%.
The largest decrease was reported in: manufacture of tobacco products - by 31.3%, manufacture of beverages - by 17.7%, manufacture of motor vehicles, trailers and semi-trailers - by 9.6%.
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