Bulgaria’s economy to see 2.3% growth in 2024: UBB

SOFIA: All sectors of the Bulgarian economy were in effect engines of growth in the first quarter of 2024, confirming a positive forecast of economic growth of 2.3 percent in 2024, a United Bulgarian Bank (UBB) report revealed. According to adjusted statistical data, the Bulgarian economy grew by 1.8 percent in January-March compared with the same period in 2023.

In a statement carried by the Bulgarian News Agency (BTA), UBB’s chief economist Dr. Emil Kalchev said, ‘Growth was mainly driven by the services sector. Although it did not grow the fastest in the quarter – by 1.6 percent (in real terms), it pushed up GDP strongly due to its huge relative share of 60 percent. Against this backdrop, the industry reported a more than two-fold increase in output, at 3.4 percent, but its impact was weaker as it accounted for more than three times smaller relative share, at 19.1 percent. Agriculture grew by 1.4 percent (4.5 percent share in the country’s economy), while the smallest industry, that of construction, accou
nting for only 2.6 percent of GDP, also increased its output by 0.5 percent. However, construction involves a certain part of the industry’s production, which supplies it with many materials and goods, so its importance is not limited to its direct relative share in GDP.’

Source: Emirates News Agency