Bulgaria's economy grew by 0.5% in the third quarter of 2024, compared to the previous quarter’s growth of 0.6%, according to the National Statistical Institute’s preliminary data. The growth was primarily driven by a 1.3% increase in final consumption, which followed a 1% rise in the previous quarter.

When compared to the third quarter of 2023, Bulgaria's GDP grew by 2.2% in July-September 2024, slightly improving from the 2.1% growth recorded in the previous quarter.

Final consumption saw a notable 4.6% increase year-on-year, building on a 4.3% growth in the second quarter. However, gross fixed capital formation showed a decline of 4.9% on an annual basis after falling by 2% in the previous quarter.

Exports of goods and services fell by 1.2% in the third quarter, following a 2.2% rise in the second quarter. In contrast, imports of goods and services remained unchanged from the previous quarter when they had increased by 1.9%. On a year-on-year basis, exports saw a modest 0.1% increase, down from a 0.5% rise in the same period last year, while imports grew by 1.9% after a 4.1% rise in the second quarter.

The preliminary assessment from the NSI estimates the nominal GDP for the third quarter of 2024 at BGN 53.29 billion, with the realized added value amounting to BGN 46.34 billion.

Final consumption continues to account for the largest share of GDP, contributing 74.9%, or BGN 39.89 billion. Gross capital formation amounted to BGN 10.48 billion, representing 19.7% of the GDP.

During the third quarter, Bulgaria’s foreign trade balance recorded a surplus of BGN 2.91 billion, with exports of goods and services totaling BGN 30.56 billion, while imports stood at BGN 27.64 billion.