Investor Presentaiton
Stable GDP growth and continuous convergence
The Bulgarian economy has returned to growth following the pandemic downturn
Bulgaria and EU27 GDP annual growth rates (%)
For the 2010-2019 period, the economy grew on average by over 2.1% per
annum with GDP growth reaching 4.0% in 2019. In 2020, the COVID-19
pandemic led to a GDP decrease of 4.0%. However GDP fully recovered in
2021 with growth of 7.7% on the back of robust private consumption growth
and strong rebound in goods exports.
The Russian-Ukrainian conflict has, since February 2022, changed the global
macroeconomic environment. As a result GDP growth in Bulgaria in 2022
stood at 3.9%. GDP growth for 2023 is expected to fall to 1.8% before
rising back to 3.2% in 2024. Over the medium term the National Recovery and
Resilience Plan aim to increase investment is expected to support GDP growth.
Gross Value Added ("GVA") increased by 3.3% on average in the 2018-2022
period, mainly due to the services sector, particularly in the areas of trade,
transport, accommodation and food service and information and communication
activities.
Structure of Gross value added (GVA) by sector (%)
4.0
2.7
2.1
1.8
-4.0
7.7
6.0
3.9
3.4
-5.6
2018
2019
2020
2021
2022
Bulgaria
EU
Source: Eurostat as of 30 October 2023
Real GDP components (EUR billion)
32.7
30.9
36.6
35.3
32.5
70.2
71.1
70.8
71.2
67.0
9.7
10.1
10.2
9.4
10.0
4.3
3.9
3.8
4.0
8.3
5.0
8.4
9.1
9.2
9.7
3.7
4.2
4.5
4.9
3.8
21.7
20.7
20.3
24.9
-0.3
-0.7
20.1
-2.8
-3.0
2018
2019
2020
2021
-4.6
2022
2018
2019
2020
2021
2022
■Industry (except construction)
■Construction
Agriculture, forestry and fishing Services
Private consumption
Gross fixed capital formation
Government expenditure
Net Exports of goods and services
Source: Eurostat
¹Forecasts are official estimates and there can be no assumption that such figures will be met
Source: Eurostat
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