While Bulgaria’s gross domestic product (GDP) declined by 3.8% in the fourth quarter of 2020 compared to the same period in 2019, it increased by 2.1% compared to the third quarter of 2020, the National Statistical Institute reported.
Although final consumption expenditure during the fourth quarter accounted for 80.4% of Bulgaria’s GDP, compared with the fourth quarter of 2019, the fourth quarter of 2020 saw a decrease in final consumption by 5.7%, according to seasonally adjusted data.
Compared to the fourth quarter of 2019, Bulgaria also recorded a 7.9% decline in gross capital formation, while exports of goods and services saw an 11.2% drop and imports fell by 3.9%.
Preliminary data on the annual decline in GDP for the crisis year 2020 will be announced on 9 March. The annual decline is expected to be around 4%.
In the first quarter of 2020, the gross domestic product grew by 2.3% on an annual basis, however, the second quarter was followed by a sharp 8.6% decline, which was followed by a decline of 5.2% in July-September. The average decline of the economies of the EU countries, which published data as of 16 February, was 4.8% in the fourth quarter of 2020 compared to the same period in 2019. (Krassen Nikolov | EURACTIV.bg)