Bulgaria's Economy Grew by 3.9% in 2022

Business » FINANCE | October 19, 2023, Thursday // 12:35
Bulgaria: Bulgaria's Economy Grew by 3.9% in 2022

Bulgaria's economy grew by 3.9 percent in 2022, according to updated data from the National Statistical Institute, exceeding preliminary data for a 3.4 percent growth.

The upward revision is a result of a better than preliminary data performance of the services sector, but with a weaker performance of the industrial sector. Final consumption is again the main driver of economic growth.

In 2022, Bulgaria's GDP increased in real terms by 3.9% compared to 2021, when it grew by 7.7 percent, while the gross added value of the economy increased by 5.3% on an annual basis.

In 2022, the gross domestic product reached a nominal value volume of 167.809 billion leva (with a preliminary estimate of 165.384 billion leva), and the gross added value amounted to 149.164 billion leva (with a previous estimate of 145.614 billion leva).

In 2022, the industrial sector increased its relative share in the added value of the economy by 4.8 percentage points to 28.6%, but with a preliminary estimate of 29.5%.

The relative share of the added value realized by the activities in the service sector decreased to 67.0% in 2022 from 71.2% in 2021, but the current data is above the preliminary one of 65.5%.

The relative share of the agricultural sector in the added value of the economy in 2022 is 4.4%, which is a decrease of 0.6 percentage points compared to 2021 and a preliminary estimate for a relative share of 5%.

A solid increase of 13.1% last year marked the mining and processing industry, as well as the distribution of electric and thermal energy and gaseous fuels. In financial and insurance activities, the increase was by 8%, and in public administration, education, human health and social work - by 7%.

Construction grew in 2022 by 5.4%, real estate operations - by 4.1%, creation and distribution of information and creative products and telecommunications - by 1.6%, while trade, repair of cars and motorcycles, transport, hotel and restaurant industry rose by only 0.9 percent.

A decrease of 4.4% compared to 2021 was registered in Agriculture, forestry and fisheries.

In 2022, 76.4% of GDP was spent on final consumption. Investments form 17.1% of GDP, and the foreign trade balance of goods and services is positive and forms 0.2% of GDP.

Final consumption increased by 4.2% and gross fixed capital formation by 6.5%, impacting real GDP growth in 2022.

Last year, the export of goods and services increased by 11.6%, and the import of goods and services - by 15% compared to 2021.

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