Bulgarian economy expanded 3% y/y in 2015 to BGN 86.4bn (EUR 44.2bn), highest since 2008 according to preliminary data by the National Statistics Institute. The result is above consensus forecasts by local and international analysts. It is also way above EU28 average of 1.8% and is among the top seven results.
Key growth drivers for Bulgarian economy
Government spending led by higher EU funded investments as well as higher internal demand and exports growth were key growth drivers.
Exports are up 5.9% y/y to EUR 22.3bn while imports grew by 1.7% y/y to EUR 24.2 bn.
FDI added 22.5% y/y to EUR 1.58bn, major part coming from a big Lukoil investment in its Bulgarian refinery in the city of Burgas.