Bulgaria Q1 Economy Growth Revised Higher

Figures

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Bulgaria's gross domestic product (GDP) expanded 2.3% year-on-year in the first quarter of 2023, up from initial estimates of 2% and a 2.2% rise in the previous three-month period, the National Statistical Institute (NSI) said on Thursday.

It marked the ninth consecutive quarter of economic growth, although the second slowest due to the further easing of household consumption (2.1% vs 5.3% in the previous quarter) and government spending (1.1% vs 4%).

On the other hand, fixed investments advanced by 1.8% (vs 0.5%), the steepest rise since the third quarter of 2020.

Additionally, net external demand contributed positively to the GDP, as exports went up 2.3% (vs 8.9%), while imports fell by 2.3% (9.6%).

On a quarterly basis, the economy grew 0.5%, compared to preliminary estimates of 0.4% and the 0.6% expansion in the prior quarter.

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