Bulgaria's economy grows by 3.1% in the first quarter

The Bulgarian economy recorded annual growth of 3.1% in the first quarter of 2025. The total gross domestic product (GDP) for the period January-March is estimated by the National Statistical Institute (NSI) at BGN 45.61 billion at current prices.

Final consumption continues to be the main driver of growth, accounting for BGN 38.5 billion, or 74.7% of GDP.

Investments – gross fixed capital formation – represent 14.9% of the economy, amounting to BGN 6.8 billion.

An annual growth of 9% was reported.

The domestic trade balance was negative at -1.8%, but showed a slight improvement compared to the first quarter of 2024. In the first quarter of 2025, compared to the corresponding quarter of the previous year, a decrease was reported in exports of goods and services – by 3.2%, while imports of goods and services increased by 4.6%.

Quarterly changes

Compared to the fourth quarter of last year, real GDP growth was 0.6%, according to preliminary data from the National Statistical Institute. They show an increase in final consumption of 2.3% compared to the previous quarter. Exports of goods and services decreased by 2.4%, while imports increased by 0.3%.

Gross value added

The gross value added (GVA) of the economy in the first quarter of 2025 amounted to BGN 39.6 billion at current prices.

The relative share of the agricultural sector in value added was 1.3%, showing no change compared to the first quarter of 2024.

The industrial sector reduced its relative share in the value added of the economy by 1 percentage point to 26.3%.

The share of value added in the services sector was 72.4%, increasing in the first quarter of 2025 by 1 percentage point compared to the first quarter of 2024.

Gross value added in the economy grew by 0.5% on a quarterly basis.

Katerina Naydenova is working on this topic.

Translated with DeepL.