Bulgaria's GDP increased by 2.4% in the third quarter of 2024 compared to the same period in 2023, according to preliminary data from the National Statistics Office (NSI) released on December 6 (chart). The seasonally adjusted GDP also rose by 0.6% from the second quarter of 2024.

The GDP at current prices for Q3 2024 amounted to BGN53.77bn, equating to BGN8,331 per capita. In euro terms, the total GDP stood at €27.492bn, with €4,260 per person.

The Gross Value Added (GVA) generated by Bulgaria's economy during the third quarter reached BGN46.8bn, reflecting robust performance across sectors. Agriculture’s share in GVA decreased to 3.7%, a decline of 0.9 percentage points compared to the third quarter of 2023. The share of the industrial sector remained unchanged at 25.7%. The services sector maintained its dominant position, with a steady contribution of 70.6%.

In terms of GDP usage, 74% was allocated for final consumption expenditure, while investments (gross fixed capital formation) accounted for 19.5%. The external balance of goods and services remained positive during the quarter.

Seasonally adjusted data indicated that final consumption rose by 1.3% quarter-on-quarter (q/q), while exports of goods and services fell by 1.5%, and imports increased by 0.1%.

On an annual basis, the GVA grew by 2.2%. Key contributors to this increase were public administration and defence (1.6%), which expanded by 6.2%, as well as construction (4.2%), information and communication (3.7%), financial and insurance activities (3.7%), wholesale and retail trade, transportation, and accommodation services (3.4%) and industry (1%).

However, certain sectors faced challenges, with agriculture sector declining by 9.7%. Despite this, the overall economic growth was supported by a 4.6% rise in final consumption and a 7.3% increase in gross capital formation. Exports of goods and services dropped by 0.4%, while imports surged by 3%.