site.btaBulgaria's GDP Growth Accelerates in Second Quarter of 2024 Both Y/Y and Q/Q

Bulgaria's GDP growth accelerated in the second quarter of 2024 both year on year and quarter on quarter, according to National Statistical Institute data published on Wednesday.

In the second quarter of 2024, the country's GDP increased by 2% compared with the second quarter of 2023 and 0.5% compared with the first quarter of 2024, according to flash estimates based on seasonally adjusted data. Back in the second quarter of 2023, the rates were 1.8% and 0.4%, respectively.

Gross value added (GVA) in the second quarter of 2024 grew by 1.9% compared with the second quarter of 2023, equalling the increase a year earlier.

Final consumption in the second quarter of 2024 showed an increase by 2.8% compared with the second quarter of 2023, gross fixed capital formation rose by 6%, export of goods and services went up by 0.9%, and import of goods and services grew by 2.5%.

In the second quarter of 2024 compared with the first quarter of 2024, GVA increased by 0.3% (down from 0.4% a year earlier).

Quarter-on-quarter GDP growth resulted from a 0.8% increase in final consumption, a 2.3% rise in exports and a 0.1% rise in imports.