site.btaBulgaria's GDP Growth Slows Down in 2023

Bulgaria's gross domestic product (GDP) growth slowed down in 2023, according to the National Statistical Institute (NSI).

In 2023, GDP at current prices, calculated as a sum of the quarters, was BGN 183,734.4 million, show NSI preliminary data released on Friday. In real terms, GDP went up by 1.8% in 2023 compared with 2022.

NSI data further shows that GDP grew by 3.4% in 2022 year-on-year, reaching a nominal volume of BGN 165,384 million.

Converted into US dollars at an average annual exchange rate of BGN 1.809307 for USD 1, GDP reached USD 101,555 million in 2023. GDP per capita was BGN 28,516, or USD 15,761. In EUR terms, GDP was EUR 93,947 million, or EUR 14,580 per capita.

The gross value added (GVA) in 2023 was BGN 161,194.7 million. In real terms, GVA increased by 0.8% compared to 2022. It amounted to BGN 145,614 million in 2022, an increase of 3.4% compared with 2021.

In 2023, the agricultural sector’s relative share in the GVA of the national economy was 3.5%, down by 0.9 percentage points compared with 2022. The industry sector accounted for 28.9% of the GVA of the national economy, an increase of 0.3 percentage points compared with 2022. The services sector increased to 67.6%, compared to 67% in 2022.