site.btaBulgaria's GDP Growth Stands at 1.9% in 2023, Y/Y

In 2023, Bulgaria's gross domestic product (GDP) growth rate was 1.9% compared to 2022, the National Statistical Institute said on Friday. In 2022, the growth rate was 4% compared to 2021. 

Updated quarterly and annual data for 2023 and the first and second quarters of 2024, revised quarterly and annual data for the period 2014-2022 for GDP and annual data for gross national income were presented at a press conference at the National Statistical Institute (NSI) as a result of this year's coordinated harmonized benchmark revision for European Union (EU) Member States, European Free Trade Association countries, and countries participating in the EU enlargement negotiation processes.

GDP for 2023 amounted to BGN 185,233 billion. The Gross Value Added (GVA) generated by the national economy during this year amounted to BGN 162,414 billion.

According to updated data for 2023, the GDP per employee increased in real terms by 0.8% compared to the previous year. Employed in the economy were 3.481 million, and total hours worked was 5.777 billion. The employment structure by economic sector in 2023 compared to 2022 showed an increase in the relative share of the service sector and a decrease in the relative share of the agricultural and industrial sectors. Each employee accounted for BGN 52,206 of current GDP, with each employee generating on average BGN 32.1 of GDP per hour worked.

The President of the National Statistical Institute (NSI), Assoc. Prof. Atanas Atanasov, reminded that the benchmark revision is carried out in accordance with the harmonized European revision policy and is done by the national statistical system and the European System of Central Banks.

The benchmark revision this year focused on the impact of the COVID-19 pandemic in 2020, 2021 and 2022. As a result of the revision, annual GDP data for the period 2018 to 2022 have been updated, as well as its components by end-use elements from 2014. The annual gross national income figures take into account the benchmark revision for the period from 2014 to 2022, Atanasov said, adding that as a result of the benchmark revision, there is now a balance of payments revision by the BNB, which has already been published.

NSI Vice President Svilen Kolev pointed out that the characteristic feature of benchmark revisions is that they are carried out every 5 years by all EU Member States and that they are carried out not only in the area of national accounts and gross domestic product, but also for the balance of payments. He said that the next benchmark revision will be in the autumn of 2029 and the following year, on October 20, there will be updated GDP data for 2024.